South Korea is considering giving permanent resident status to foreigners who buy empty apartments or houses worth more than the equivalent of $500,000. There are about 61,000 unsold homes in South Korea.
The current investment immigration system is restricted to five free economic zones and resort areas, like the popular southern island of Jeju.
At the moment, investors in such things as resort condominiums are eligible only for the F-2 “resident” visa. The ministry plans to extend the program to cover the whole country and to offer the F-5 “permanent resident” visa.
