Immigrant Investor Scheme for Public Business

The Immigrant Investor Scheme for Public Business (IISPB, 공익사업 투자이민제) is South Korea's passive capital investment immigration program. Foreign nationals obtain F-2-12 residence status by depositing a specified amount in a public fund managed by the Korea Development Bank (KDB), with a path to F-5 permanent residence after five years. A higher-value route (F-5-25) grants immediate permanent residence. KDB uses the pooled capital to provide low-interest loans to small and medium-sized enterprises and smart factories, supporting job creation. The program has no educational, professional, or language requirements, making it well-suited to high-net-worth individuals seeking residence without having to manage a business or secure employment.

• Minimum investment of KRW 1.5 billion (~USD 1.1 million) for F-2-12 residence, or KRW 3 billion (~USD 2.4 million) for direct F-5-25 permanent residence
• Investment funds must be remitted from overseas — domestic funds do not qualify
• Clean criminal record
• No unresolved tax delinquencies
• No more than four prior violations of the Immigration Act
• Preliminary investment screening must be completed in person at a Korea Immigration Service office in South Korea

The program imposes no age, education, professional experience, or Korean language requirements. F-5-25 holders are also exempt from the Korea Immigration and Integration Program (KIIP).

Two investment structures are available:

• Principal-guaranteed, interest-free (원금보장·무이자형) — Funds are deposited in a KDB-operated public fund that makes low-interest loans to SMEs and smart factories. The principal is returned in full after 5 years, with no interest paid to the investor.
• Risk-based (손익발생형) — Investment in regional development projects designated by the Minister of Justice, including underdeveloped areas (Yeongju, Andong, Yecheon) and tourism-leisure enterprise cities (Taean, Yeongam, Haenam). The investor bears profit or loss risk on the underlying project.

Investors who deposit KRW 3 billion and pledge to maintain the investment for at least 5 years receive F-5-25 permanent residence status directly, bypassing the F-2-12 step. The KIIP and Korean language requirements do not apply. Any withdrawal of the KRW 3 billion principal during the maintenance period revokes F-5-25 status.

• Application form
• Valid passport and photographs
• Investment deposit certificate from Korea Development Bank
• Proof of overseas fund remittance
• Family relationship certificate (for dependants)
• Criminal background check
• Proof of tax compliance

F-2-12 residence is issued for 2–3 years and is renewable while the investment is maintained. Early withdrawal of the deposit before the 5-year maturity results in visa cancellation. After 5 years of maintained investment, F-2-12 holders may convert to F-5 permanent residence, which remains valid even after the principal is returned. F-5-25 is granted as permanent residence from the outset.

The investor's spouse and unmarried children receive F-2 status alongside the principal investor, with the same unrestricted right to work, run a business, or study. When the investor converts to F-5 after 5 years, dependants become eligible for F-5-19 status. No separate investment or income requirement applies to dependants.

South Korea taxes residents on worldwide income. Investors who spend 183 or more days per year in South Korea are tax residents under the Income Tax Act, and double taxation agreements with numerous countries may reduce the overall burden. National Health Insurance enrollment is mandatory for F-2 and F-5 holders residing in South Korea for 6 months or more.

The investor must undergo preliminary investment screening in person at a Korea Immigration Service office, requiring at least one visit to South Korea. The screening confirms identity, source of funds, and eligibility. After approval, the investor opens a KDB account and remits the required amount from overseas. Once the deposit is confirmed, the investor applies for F-2-12 (or F-5-25) status at the local immigration office. Subsequent procedures such as extensions and status changes can be handled through a representative with a notarised power of attorney. The application fee is KRW 130,000 per person.

Upon receiving F-2 status, the investor must register as a foreign resident and obtain an Alien Registration Card (ARC) within 90 days of entry. F-2 holders need a re-entry permit for extended departures; F-5 permanent residents may leave and re-enter freely but must return within 2 years to maintain their status.

Foreign residents must register address changes with the local immigration office within 14 days. Starting 2 January 2026, F-2 visa holders (including F-2-12 investors) engaged in for-profit activities must submit employment information — employment status, occupation, industry, and annual income bracket — online via the Hi Korea portal (hikorea.go.kr) at foreign resident registration and within 15 days of any subsequent change. During a pilot period from January through June 2026, paper submissions at immigration offices remain accepted; thereafter, reporting is exclusively online. F-5 permanent residents are exempt from this reporting requirement.

The June 2023 reforms — tripling the F-2-12 threshold to KRW 1.5 billion, doubling the direct permanent residence threshold to KRW 3 billion (creating F-5-25), and eliminating the retiree discount — remain the current rules as of April 2026. On 3 March 2026, the Ministry of Justice announced its "2030 Immigration Policy Future Strategy," which focuses on expanding the Top-Tier Visa (D-10-T / E-7-T / F-2-T) for advanced-industry talent; the strategy does not modify IISPB thresholds or categories.