Korea plans to expand its investment immigration program beginning next month to help boost local property development markets.

Korea currently grants permanent residency to foreigners who make a certain level of investment in real estate in four tourist and international business zones.

The Ministry of Justice said Sunday it would halve the required amount of investment from the current 1.5 billion ($1.3 million) to 700 million won for the Incheon Free Economic Zone, and from 1 billion won to 500 million for Pyeongchang, Gangwon Province, the host city of the 2018 Winter Olympics.

The amount for resort regions of Jeju Island and Yeosu, South Jeolla Province, will remain unchanged at 500 million won.

According the ministry, foreign investment in the four regions has reached at 249 billion won ($220 million) since the investment immigration visa was introduced in 2010.

The ministry expects the revised immigration rule will help boost the ongoing property development projects by drawing investors, especially from China.

By Oh Kyu-wook (596story@heraldcorp.com)