IISPB : Immigrant Investor Scheme for Public Business / Retirement Visa
IISPB is a system that allows you to receive a resident visa (F2 visa) immediately by depositing KRW 500 million in a public fund guaranteed by the Korean government. If you maintain the investment status for the next 5 years, you can change to permanent residency (F5 visa).
Benefits of the IISPB Visa
- Proof of income, Korean language test, academic background, job experience, etc. are not taken into consideration when issuing a visa.
- free entry and exit
- free real estate transaction
- Business: You can do business with business registration without creating a corporate company
- Employment: You do not need to obtain a separate work visa.
- Study: You do not need to obtain a separate study visa.
- Spouses, minor children, and unmarried adult children are also eligible for F-2
- Even if you live abroad, you can maintain your visa status by leaving a record of entering Korea only once a year.
- If you stay in Korea for more than 6 months, you can subscribe to Korean health insurance.
Types of IISPB Funds
principal guarantee interest-free
- A system in which foreigners deposit more than the standard amount in a public fund operated by the Korea Development Bank entrusted by the Ministry of Justice and only repay the principal after 5 years. no interest. The deposited amount is loaned to SMEs by the Korea Development Bank at a low interest rate.
Profit and loss type
- A system in which a foreigner invests more than a standard amount in a development project promoted in an underdeveloped area* designated and announced by the Minister of Justice in consultation with the relevant ministry (Ministry of Land, Infrastructure and Transport) and incurs a loss or profit from the investment
*optional
Differences based on amount of investment in IISPB
1. General investment immigration (more than 500 million won)
- The same residence visa (F-2 visa) is issued not only to investors, but also to spouses, minor children, and adult unmarried children.
- Even if you live abroad, you can maintain your visa status if you leave a record of entering Korea only once a year.
- Upon initial issuance, a 3-year period of stay is granted and must be extended once in the middle. (extension is not difficult)
- If you receive a green card (F5 visa) after 5 years, you can withdraw the principal of 500 million won.
- You can withdraw your investment in the middle, but once you withdraw your investment, your visa will immediately expire.
2. Retirement investment immigration (300 million won or more)
- If the investor is over 55 years old, he only needs to invest 300 million won.
- The benefits of a resident visa (F-2 visa) are the same.
- However, at the time of application, in addition to the investment of 300 million won, documents proving that you have assets of more than 300 million won in Korea or abroad must be submitted. (You and your spouse can be combined)
- When changing to permanent residency (F5 visa) after 5 years, you must submit documents proving that you have assets worth more than 300 million won in Korea.
3. Permanent residency investment immigration (more than 1.5 billion won)
- Investment amount: more than 1.5 billion won
- If you deposit 1.5 billion won in a public fund, you can immediately receive permanent residency.
- You can enjoy the same benefits as a permanent resident.
- The principal is safely guaranteed, and the investment can be recovered at any time.
- Not only the investor himself, but also his spouse, minor children, and unmarried adult children are granted permanent residency.
- Even if you live abroad, you can maintain your visa status by leaving a record of entering Korea only once every two years.
- For issuance of permanent residency, you must submit a criminal record certificate from your home country.
In early 2022, the Ministry of Justice issued a press release saying that the investment amount of the IISPB public interest investment visa will be raised to more than 700 million won in the future, and so far, it has been maintained at the same amount.
IISPB Application Process
In order to apply for the IISPB Visa, the investor himself/herself must visit the Korea Immigration Office at least once to undergo an investment review. All subsequent procedures can be replaced with a notarized power of attorney.
If the investor himself or herself does not have enough time, they can leave the country immediately after pre-screening. With a notarized power of attorney, subsequent procedures such as opening a bank account and applying for a visa can be performed on your behalf. In the case of a spouse or child, a visa can be issued without entering the country. (Family relationship notarized documents are required)
If you can only stay in Korea for about a week, you can complete the visa approval.
|
Investor entry into Korea |
|
Investment pre-screening (Immigration Office) |
| ⇒ Opening an investment account in Korea by a foreigner and remittance of investment (bank) |
| ⇒ Application for residence visa (F2 visa) (Immigration Office) |
| ⇒ Departure after approval |
| ⇒ Alien registration card, investment certificate, etc. delivered by overseas mail |
| ⇒ Permanent residence (F5 visa) status change after maintaining investment for 5 years |
| ⇒ Apply for return of investment after changing status of permanent residence (F5 visa) |
IISPB Visa Considerations
1. Remittance of investment may be difficult due to country-specific remittance limits.
- – You do not have to transfer money in your name.
- – It is also possible to send money in the name of the company.
2. When applying by proxy, documents issued overseas, such as a power of attorney, proof of address, birth certificate, and criminal record certificate, must be apostille or notarized by the Korean consulate.
3. If your childrens are not a biological child, you will need to go through separate verification, so please check.
Investment visa inquiries
