Tourism and Leisure Facility Investment Immigration

The Tourism and Leisure Facility Investment Immigration program (관광·휴양시설 투자이민제, formerly the Real Estate Investment Immigration System) grants foreign nationals F-2-8 residence status upon purchasing designated tourism and leisure properties worth KRW 1 billion or more in specified geographic zones. The program was originally established in February 2010, initially covering Jeju Province, and was renamed in May 2023 to reflect its focus on tourism and leisure infrastructure rather than general real estate. It provides a path to F-5 permanent residence after maintaining the investment for five years.

Program sunset: 31 December 2027. The implementation period was extended in February 2026 (at the request of Jeju Special Self-Governing Province and applied by the Ministry of Justice) from its previous 30 April 2026 expiry to 31 December 2027. The investment threshold and eligible property types remain unchanged, and the IFEZ (Incheon Free Economic Zone Authority) has updated its program materials to reflect the new end date. The program may not be renewed further, so prospective investors should plan around this deadline.

• Purchase of a designated tourism and leisure property worth KRW 1 billion (~USD 780,000) or more
• Property must be located in an approved investment zone and specifically listed by the Minister of Justice
• Funds must be remitted from overseas — domestic funds do not qualify
• Property must be purchased in the investor's own name (not through a corporate entity)
• Clean criminal record; applicants posing a national security risk are ineligible
• Property cannot be sold, leased, encumbered, or used for commercial purposes other than personal accommodation during the investment period
• No educational, professional, or language requirements

Five regions are currently designated for the program:

• Jeju Special Self-Governing Province — tourism districts and tourism zones (the original zone, designated since 2010)
• Incheon Free Economic Zone (IFEZ) — Songdo, Yeongjong, and Cheongna districts
• Pyeongchang, Gangwon Province — Alpensia resort area
• Yeosu, South Jeolla Province — Gyeongdo area
• Busan — Haeundae and eastern Busan areas

Designated areas and properties may change through ministerial notifications.

Only specific types of tourism and leisure accommodation qualify:

• Luxury condominiums (콘도미니엄)
• General accommodations (일반숙박시설)
• Residential accommodations (생활숙박시설)
• Housing connected to sports facilities
• Tourist pensions (관광펜션)

General residential apartments and commercial real estate do not qualify. Properties must be in designated zones and specifically listed by the Minister of Justice.

• Application form
• Valid passport and photographs
• Property purchase contract
• Property registry (등기부등본 / title deed)
• Proof of overseas fund remittance (foreign exchange certificate, 외국환매입증명서)
• Family relationship certificate (for dependants)
• Criminal background check

F-2-8 residence is granted for up to 3 years and is renewable as long as property ownership is maintained. Applicants must demonstrate continued ownership at each renewal. Selling, leasing, or encumbering the property results in visa cancellation. If the property's value drops below the minimum threshold, the visa may be affected. The property must remain in the investor's name for the full investment period. Application fee is KRW 130,000 per person.

After maintaining the qualifying investment for a minimum of 5 years, F-2-8 holders may convert to F-5 permanent residence, which has no expiry. Family members transition to F-5-19 status alongside the principal investor. F-5 residents may leave and re-enter South Korea freely but must return within 2 years of departure to maintain their status. Korean naturalization (full citizenship) is available after 5 years of continuous lawful residence, subject to the Nationality Act's language, integration, and good-character requirements.

The investor's spouse and unmarried children receive F-2 status alongside the principal investor, granting them unrestricted economic activities including employment, business, and study. When the investor converts to F-5 permanent residence, family members are eligible for F-5-19 status. No separate investment or income requirement applies to dependants.

Property owners are subject to acquisition tax at the time of purchase, annual property tax, and comprehensive real estate tax if applicable. Investors who spend 183 or more days per year in South Korea are considered tax residents and are taxed on worldwide income under the Income Tax Act. National Health Insurance enrollment is mandatory for all F-2 and F-5 visa holders residing in South Korea for 6 months or more.

The process follows these steps:

1. Select a designated property in an approved investment zone
2. Apply for pre-approval from the local immigration office
3. Receive a foreign registration number upon pre-approval
4. Open a Korean bank account
5. Sign the property purchase contract and make full payment using overseas-remitted funds
6. Register the property in the investor's name
7. Apply for F-2-8 status at the local immigration office with all required documents

The entire process requires the investor to visit South Korea in person. Upon receiving F-2 status, the investor must register for an Alien Registration Card (ARC); biometric data is collected during registration. F-2 holders must obtain a re-entry permit for extended departures from Korea.