Jeju Island is considering introducing a new real estate investment immigration system called the Real Estate and Local Development Bond Investment Immigration System to revitalize the real estate investment immigration market, which has been sluggish since the investment amount was increased from 500 million won (USD365,000) to 1 billion won (USD730,000) last May.

Under the new system, foreign investors will be required to invest 500 million won in real estate and 500 million won in local development bonds, for a total investment of 1 billion won. This is a way to maintain the total investment amount while lowering the real estate investment amount.

The Jeju Special Self-Governing Province plans to finalize the optimal improvement plan by the end of this year through a review of related laws and regulations, collection of opinions from related ministries and agencies, and intensive discussions and consultations by a consultative group in November.

Current Immigration System

The current Tourism and Resort Facilities Investment Immigration System grants residency (F-2) to foreigners who purchase resort accommodation facilities worth 1 billion won or more located in tourist complexes and tourist destinations in Jeju Island. After maintaining the investment for 5 years, permanent residency (F-5) is granted.

Benefits:

Change of residence notification allows visits and residence in other parts of Korea.

Receive the same health insurance benefits as Koreans.

Freely dispose of real estate after acquiring permanent residency.

Access to public education benefits.

Family members of investors can work and engage in business activities.

Why Jeju Island is Attractive to Foreign Investors

Jeju Island, designated as a UNESCO triple crown and one of the world's seven natural wonders, is an international resort and tourist city with visa-free entry, making it an attractive place for foreign investors. The main investment properties include Shinhwa Villas, Geumosanjang, and Laon Private Town. Shinhwa Villas is particularly popular among foreigners due to its proximity to the English education city and is also famous as the filming location for the movie "Exhuma"

The introduction of the new real estate investment immigration system is expected to revitalize the real estate investment immigration market in Jeju Island and attract more foreign investment. The system is designed to be more attractive to foreign investors while also addressing concerns about overheating the real estate market.