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Real estate investment immigration surges

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Permanent residency given to foreigners who invest in city’s tourism complexes

Foreigners who have invested a set amount in Busan will be granted permanent residency.

The Ministry of Justice and Busan City have designated Haeundae Tourism Resort in Haeundae-gu District’s Jung-dong and the East Busan Tourism Complex in Gijang-gun County’s Gijang-eup, Sirang-ri as “Investment Immigration System Application” areas. The Real Estate Investment Immigration System allows foreigners who have invested a certain amount in recreational facilities designated by the Minister of Justice to be granted F-2 visas, and after a five-year period, F-5 visas. An F-2 visa allows free economic activities, and an F-5 visa allows permanent residency. Currently, the system applies to Jeju-do, Pyeongchang in Gangwon-do, Yeosu in Jeollanam-do, Incheon Free Economic Zone.

The area in Busan where investment immigration applies is a hotel with 561 rooms at Haeundae Tourism Resort and the vacation condominiums, hotels, private villas (summer homes), and tourism (leisure) pensions at the East Busan Tourism Complex.

The amount of investment required in order to gain F-2 and F-5 visas is 700 million won ($626,000) for Haeundae Tourism Resort and 500 million won for the East Busan Tourism Complex.

Haeundae Tourism Resort is a four-season tourism resort with a total area of 660,000 square meters (of which 65,934 square meters are directly in contact with Haeundae Beach), one building that is 101 stories and another that is 85 stories. The facilities include 882 apartments, 296 tourism hotel rooms, 561 ordinary hotel rooms, a theme park and a water park, all of which will be built by 2017. The entire project will cost 2.74 trillion won.

East Busan Tourism Complex is a 4 trillion won project that will develop a four-season marine and leisure complex in the Sirang-ri area of Gijang-gun. The 3.6 million square meters include a theme park, marine viewing facilities, a hotel, vacation condominiums, recreational houses and medical tourism facilities. The project will be completed by 2017.

Busan City said it expects that the investment immigration system will contribute to the increase of tourism infrastructure and job creation in the region.

The source of news: Dynamic Busan