Tourism and Leisure Facility Investment Immigration

The Tourism and Leisure Facility Investment Immigration program (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. The program operates on a sunset basis, with the current implementation period running until 30 April 2026.

• 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
• 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
• Must not pose a national security risk
• Property cannot be sold, leased, encumbered, or used for commercial purposes other than personal accommodation during the investment period

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

F-2-8 residence is granted for 2 to 3 years and is renewable as long as property ownership is maintained. Selling, leasing, or encumbering the property results in visa cancellation. After maintaining ownership for a minimum of 5 years, holders may apply for F-5 permanent residence. The property must remain in the investor's name for the full investment period. If property value drops below the minimum threshold, the visa may be affected.

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 transitions to F-5 permanent residence after 5 years, family members become 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. The entire process requires the investor to visit South Korea in person.

Five regions are currently designated: Jeju Special Self-Governing Province (tourism districts), Incheon Free Economic Zone (Songdo, Yeongjong, Cheongna), Pyeongchang in Gangwon Province (Alpensia resort area), Yeosu in South Jeolla Province (Gyeongdo area), and Busan (Haeundae and eastern Busan). Only specific property types qualify: luxury condominiums, general and residential accommodations, housing connected to sports facilities, and tourist pensions. General residential apartments and commercial real estate do not qualify.

Upon receiving F-2 status, the investor must register for an Alien Registration Card (ARC). F-2 holders must obtain 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.