‘The easiest and fastest Korean immigration, the simplest permanent residence in Asia, you just need to deposit’
This is the cover phrase of promotional material for a local immigration brokerage company in China. ‘Younghwan Lee’, a Korean YouTuber who submitted this promotional material, said, “‘Korea installment savings account immigration’ is very popular in China these days.” I was surprised to do it.” In fact, immigration brokers promote ‘installment savings immigration’ to Chinese people online, ▷Usage of Korean health insurance ▷Main investment guarantee ▷Issuance of residence visa after investment, acquisition of permanent residence after 5 years ▷Families can be invited ▷ Exemption from qualification screening ▷The possibility of working is presented as an advantage.
What exactly is ‘savings immigration’? This refers to the ‘Immigration Investment System for Public Works’, one of the ‘Immigration Investment Systems’ operated by the Korean government. The ‘public project investment immigration system’ is called ‘installment savings immigration’ in the sense that ‘you only need to deposit 500 million won in financial products in China’. In fact, it is not a savings account, but a term deposit.
Simply put, if you invest 500 million won for those under 55 and 300 million won for those over 55 in a financial product designated by the Korean government, you will be granted residence status (F-2) , and if you stay for 5 years, you will receive a permanent residence permit (F-5). The Korean government guarantees the principle, and the investment can be recovered after acquiring permanent residency. You can even receive Korean medical insurance benefits, but as long as there is no criminal record, academic background and language are irrelevant. It even applies to your spouse and children under 18.
Through Korea’s investment immigration system, it was noted that 85% of foreigners who received a residence visa (F-2) or permanent residence (F-5) in Korea between 2018 and 2022 were Chinese. It is interpreted that the difficult domestic situation in China after the corona crisis overlaps with Korea’s comfortable living environment and the demand for a social safety net.
◇ Korean, Chinese investment immigration system 85.3%
Introduced in May 2013 for the purpose of revitalizing the economy by attracting foreign capital, the ‘Immigration Investment System’ is implemented not only in Korea but also in most countries.
There are two types of immigration investment system: real estate investment immigration system and public project investment immigration system. In the case of real estate, it is a method of investing a certain amount or more in real estate development in five domestic regions, including Jeju, Incheon, Pyeongchang, Yeosu, and Busan.
So far, the government has issued a domestic resident visa (F-2) to foreigners who invest more than 500 million won in real estate or financial products, and granted permanent residence (F-5) after five years. Foreigners who have obtained permanent residency receive the same public education and medical insurance benefits as Korean nationals.
Last month, the Ministry of Justice raised the minimum investment limit for the real estate investment immigration system from 500 million won to 1 billion won.
People’s Power According to data received by the Ministry of Justice from Representative Jo Soo-jin, a total of 4,784 foreigners have been granted residence status such as residence visas or permanent residence through the investment immigration system over the past five years. By nationality, the number of Chinese is 4,081. 85.3%arrive
During the same period, among foreigners (2,985) who obtained residency status through the real estate investment immigration system, Chinese (2,807) 94%Among foreigners (1,187) granted a resident visa (F-2), Chinese (1,078) 90.8%occupied Among those who obtained permanent residence (F-5) (1,798 people) Chinese (1729 people) 96.2%was very numerous.
Chinese nationals (1274 people) who obtained residency status through the public project investment immigration system (1799 people) 70.8%As a result, it was relatively lower than the real estate investment immigration system. Resident visas (1534 people) are Chinese (1070 people) 69.8%, Permanent residence (265 people) is Chinese (204 people) 77%it appeared as
In fact, specialized businesses that arrange Korean investment immigration are said to be common in China. Since the corona crisis, many Chinese restaurants have been opened in Korea, and it is not uncommon to find places run by Chinese people who cannot speak Korean at all.
◇ Expert “The domestic situation in China overlaps with the demand for a comfortable life in Korea”
What is the reason why the Korean investment immigration system is so popular with Chinese people? Experts analyzed that in the past, Jeju Island was designated as a free international city and attracted an influx of Chinese, but after the corona crisis, the domestic situation in China and the demand for a comfortable living environment and net social security in Korea works. in a complicated way.
Lee Jeong-tae, professor of political science and diplomacy at Kyungpook National University, an expert on China, said, “The three-year gap between the rich and the poor has widened and public sentiment has worsened. It’s not working.” n right, because even though Korea is a capitalist country, the social safety net is good for foreigners and the living environment is pleasant and there are many advantages.”
Professor Lee said, “Especially around the 2008 Beijing Olympics, the number of Chinese students studying abroad in Korea has increased significantly, and now, about 15 years later, they want to work in China, accumulate wealth, and settled down in Korea. In addition, the phenomenon that young people are not obsessed with their hometown or their roots, as in the past, has a compounding effect.”
Because living conditions in China are not good, it is said that there are quite a few defections not only to Korea but also to the United States, Japan, Canada, Australia, and New Zealand. Among them, Korea is an attractive immigration country for Chinese people because of its close emotional distance and various benefits.
◇ Ministry of Justice, improve the immigration investment system
However, along with criticism that the amount of investment is too low compared to the benefits of staying, some pointed out that the real estate investment immigration system does not reflect the rate of increase in land prices in the target area at all.
Other countries abroad have increased the amount of investment immigration investment, and there is a tendency to eliminate it. In fact, the United States, which issues similar investment immigrant visas, requires an investment of 800,000 dollars (about 1 billion won), and Singapore requires 2.5 million Singapore dollars (about 2.4 billion won). New Zealand accepts those who are under the age of 65, have at least 3 years of business experience, and have invested more than 3 million New Zealand dollars (about 2.4 billion won) over 4 years in New Zealand. The Australian Investor Visa requires that you have invested at least 2.5 million Australian dollars (approximately 2.2 billion won) in Australia over the past 4 years. Canada does not currently accept immigrant investors.
In response, the Ministry of Justice prepared improvement measures on the 1st of last month, such as extending the implementation period of the real estate investment immigration system by three years and raising the investment amount to 1 billion won. According to the Ministry of Justice, the implementation period of the real estate investment immigration system in Jeju, Incheon Songdo, Yeongjong, and Cheongna, Gangwon Pyeongchang Alpensia, and Jeonnam Yeosu Gyeongdo, which ended on April 30, has been extended for three years until April 30, 2026. The real estate investment immigration system in Haeundae and Dongbusan, Busan, which ended on May 19, will be extended for three years.
At the same time, the standard for an investment amount of 500 million won or more was raised to 1 billion won or more, and the name was also changed to ‘investment immigration system in tourism and destination facilities’ and published.
It is known that the Ministry of Justice is considering improving the investment immigration system for public projects. In addition, the requirements for permanent residence for investment immigration will be strengthened to improve the problems identified so far, such as the case of immediate recovery of the investment after acquiring permanent residence as investment immigration.
An official from the Ministry of Justice said, “Under the current law, permanent residence status is linked to the right to vote in local elections, but there is concern that permanent residence status can only be obtained with a capital investment for a certain period in easy. of time, so we’ve been reviewing ways to improve it.” We intend to reorganize the system according to eye level.”