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.