More people to be granted permanent residency

The Ministry of Justice said Sunday (Aug. 3) that various immigration rules would be eased to boost foreign investment and retain highly skilled ethnically Korean expatriates currently residing in the Republic.

The ministry said in a media release that the legal status of those who obtain permanent residency would be significantly enhanced by guaranteeing the same rights for them as Korean citizens.

Under the new measure, overseas Koreans with F-4 visas who have lived in Korea for over two years will be given permanent residency status if they meet some requirements, beginning this month.

To apply for permanent residency, the applicants must have an income that is twice the per-capita gross national income, or their property tax levied here must be 500,000 won ($495) or more. Those aged 60 or older, who live on pension payments equal to per-capita GNI, are eligible for permanent residency, according to the ministry.

The government is also granting permanent residency to ethnic Chinese who were born in Korea.

Beginning in September, permanent residency is to be immediately offered to non-Koreans once they invest over $500,000 in the country and hire more than five locals. Currently, those who wish to obtain permanent residency are required to invest over $2 million and hire over five locals, or invest $500,000, reside here for over three years and hire more than three Korean nationals.

By the end of this year, the government plans to offer permanent residency to foreign spouses and to those who seek to restore their Korean nationality after having lost it due to the country's ban on dual citizenship. The ministry will also set up measures to allow them to invite their overseas relatives to Korea.

This article appeared on www.Korea.net

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