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Gangwon to offer visa benefits to foreigners who invest in tourist sites

Published: 23 Oct. 2024, 15:54

WOO JI-WON
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Mountainous area in Pyeongchang, Gangwon [NEWS1]

Gangwon authorities are working to attract foreign investment to specific areas by pushing a plan to offer visa benefits to foreign investors.

The provincial government announced on Wednesday its plans to designate some districts of the city of Donghae’s Free Economic Zone and key attractions within the Yongpyong tourism complex in Pyeongchang as part of the Immigrant Investor Scheme.

Under this plan, foreigners who invest at least one billion won ( $724,100) in designated attractions and recreational facilities — approved by the Minister of Justice — can obtain F-2 resident status. If they maintain their investment for five years, they will qualify for permanent residency (F-5).

The provincial government anticipates that this initiative will stimulate the local economy by attracting foreign investment from individuals seeking permanent residency.

The provincial government previously conducted feasibility studies with the Gangwon State Free Economic Zone Authority, Donghae City office and Pyeongchang County Office to assess the potential impact of designating the areas for the Immigrant Investor Scheme. They also held information sessions for residents, announced business plans and secured approval from city and county councils.

To expedite the process, Gangwon authorities will prepare for the Justice Ministry’s administrative examinations, according to the provincial government.

“Implementing the Immigrant Investor Scheme will boost local economic activity and enhance tourism compatibility,” said Jung Kwang-yeol, vice governor of Gangwon. “We hope that all registered regions will be designated.”

BY WOO JI-WON [[email protected]]