Updated September. 03, 2014 07:29
It has become easier for foreigners to buy condominiums in areas eligible for the real estate investment immigration system. The Culture, Sports and Tourism Ministry said Tuesday that the revised bill of Tourism Promotion Enforcement Ordinance, which eases regulations on foreign investors` purchase of condominiums in resorts, passed the Cabinet council, and will be enacted on September 12.
Based on the revision, foreigners can buy one room each in a condominium in resorts eligible for the real estate investment immigration system. Previously, purchase was possible only when at least five foreigners registered jointly.
The system was introduced in 2010, which grants foreigners, who bought 500 million won (490,918 U.S. dollars) worth of rooms in condominiums in resorts with total area size of 100,000 square meters or over, an F2 visa (residency visa) for five years and later an F5 visa (permanent residency). The system is applied currently to five areas including the Alpensia tourism complex in Pyeongchang, Gangwon Province, Gyeongdo marine tourism complex in Yeosu, South Jeolla Province, the Incheon Free Economic Zone and tourism resort in Haeundae, Busan.