By Park Si-soo
Staff Reporter

Foreigners who purchase a condominium worth $500,000 on Jeju Island and live there for five years will be given the right of permanent residency or an F-5 visa, the Ministry of Justice announced Thursday.

It said the Cabinet is expected to endorse a revision of the existing immigration rule for big foreign investors as early as December.

Those with an F-5 visa can enjoy almost the same social status as Korean citizens. They can stay in the country for as long as they wish unless they commit a crime. Any company, except those in the gambling business, can employ permanent residents. They can participate in elections for provincial assembly members but are not allowed to vote in presidential or parliamentary elections.

The island province is in talks with the central government to set details of what they call a "Buy Jeju" campaign, which includes this incentive for foreign investors. Jeju plans to offer information on properties including locations, prices and surrounding environments through its Web site.

Aggressive promotional campaigns overseas, particularly targeting neighboring countries such as Japan and China, will be made next year, Jeju authorities said.

At least two overseas presentations targeting people in China and Southeast Asian countries will be held, it added.

Meanwhile, the central government is moving to allow foreign nationals to have dual citizenship on a selective basis as part of efforts to attract more global talent.

The ministry is seeking legislation that would allow talented foreigners to obtain Korean citizenship without giving up their other nationality. The bill is now pending.

Under the current law, non-Koreans must stay in Korea for five years in a row to be eligible to apply for Korean citizenship. They must also relinquish their nationality.

Once this revision is enacted, however, a non-Korean evaluated by the government as a "talented person with ample potential to contribute to the nation's development" can become a naturalized Korean, retaining his or her nationality.

pss@koreatimes.co.kr