Jeju Island will extend its immigrant investor program, which grants long-term residency in exchange for sustained investment in the island’s leisure and tourism facilities, through the end of 2027, the island's provincial government said Tuesday.
The program had been set to expire in April. Officials said the extension is aimed at securing overseas investment and preventing potential disruptions to Jeju Island’s investment climate.
Under the program, foreign nationals who invest at least 1 billion won ($690,000) in designated leisure facilities are eligible for an F-2 resident visa. Those who maintain the investment for five years may apply for an F-5 permanent resident visa, commonly referred to as a green card.
The F-2 visa allows holders to reside in Korea for up to five years with relatively few restrictions on economic activity. F-5 visa holders are granted permanent residency and become eligible to vote in local elections after holding the status for three years.
Since its introduction in 2010, the program has drawn significant foreign capital to Jeju Island, contributing to infrastructure development and service-sector job creation.
The minimum investment threshold was initially set at 500 million won, then raised to the current level in 2023.
Data from the Ministry of Justice show that Jeju Island’s program has been the most active among Korea’s investment immigration initiatives, which have otherwise recorded modest participation nationwide, particularly in attracting Chinese investors.
Of 116 participants in Korea’s investment immigration programs between 2019 and 2023, 79 percent were Chinese nationals investing on Jeju Island.
Jeju Island also accounted for 87.3 percent of the total 91.1 billion won secured through such programs nationwide during the period. Other participating regions include tourist areas in Busan, Yeosu in South Jeolla Province, and Pyeongchang and Gangneung in Gangwon Province.
The Jeju program peaked at 406.7 billion won in investment in 2014, accounting for more than half of all foreign investment for Jeju Island that year. After plunging to single-digit billions following the outbreak of COVID-19, the figure recovered to more than 20 billion won in both 2023 and 2024.
Amid concerns that heavy participation by Chinese nationals could lead to excessive foreign ownership of land, Jeju Island officials said Chinese nationals owned about 0.5 percent of the island’s total land area of 1,850 square kilometers as of 2024.
Despite investment levels remaining below their peak in the 2010s, the island government said the program’s extension is expected to support a gradual recovery in foreign inflows by providing greater policy predictability.
forestjs@heraldcorp.com
