Posted : 2013-05-12 20:51
Updated : 2013-05-12 20:51

Busan to open for investment immigration

The Ministry of Justice said Sunday that it will issue an immigrant investment visa to investors in specially-designated hotels and resorts in Busan.

It will issue an F-2 working visa initially, then upgrade it to an F-5 permanent residence visa after five years.

In the case of the Haeundae Tourism Resort, the ministry fixed the amount of visa-eligible immigrant investment at 700 million won. It said that 560 hotel rooms in two hotel buildings will be up for grabs for investors.

The Eastern Busan Tourism Complex, which will consist of theme parks, hotels and condominiums, will require at least 500 million won of investment.

The new designation of the two special zones eligible for immigrant investment will go effective from May 20. It is part of moves to promote foreign investment and to create jobs in the nation's largest port city.

Jeju Island, Pyeongchang in Gangwon Province, some parts of Youngjong Island, Incheon and Yeosu currently operate under the same scheme to attract more investment immigration.

  • 1. Choi lures Japanese actor to 'Tiger'
  • 2. Police seeking to shut down porn site Soranet
  • 3. Force with SM after EXO's 'Star Wars' push
  • 4. 'UFC Seoul will be an exclamation point'
  • 5. Abusive ex-professor gets 12 years in prison
  • 6. Farewell to champion of democracy
  • 7. Ex-President Kim Young-sam's funeral takes place
  • 8. Baseballer gives 110 million won to charity
  • 9. Only Park can clean up mess about Lockheed deal
  • 10. Park skips state funeral due to bad health