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South Korea is open to foreigners. 390,000 expats were living here in 1997, ten years later it was a million. In 2021, the number of immigrants was about 2 million people or about 5% of the total population.
People often come from Asian countries such as China, Vietnam, Mongolia, the Philippines, Thailand and Uzbekistan. There are also expats from Russia, the USA and African countries.
The South Korean government is interested in immigrants. The local population is declining due to a decrease in the birth rate. Therefore, the immigration policy allows you to obtain Korean citizenship. According to the data for 2019, the number of naturalized citizens exceeded 200,000 people.
By the way, in the passport rating for the freedom of visa-free movement, the Korean document is in third place in the world. Its owners can freely travel to 191 destinations.
South Korea is a safe and now multinational country with no aggression towards foreigners. Moreover, Koreans are very sociable, hospitable and always happy to help.
The main reasons for moving to South Korea are getting a high-quality education, searching for career opportunities, striving to improve the standard of living, reuniting with family, returning ethnic Koreans to their ancestral homeland, and a comfortable life in general.
South Korea has quickly become a rich country. At the end of the Korean War in 1953 it was one of the poorest countries in the world. According to the World Bank, the GDP of the Republic of Korea was $197 billion in 1988. Almost 30 years later it was eight times bigger - $1.5 trillion.
A few facts about the standard of living in the country:
South Korea has a higher standard of living compared to the CIS countries. Yes, it is not easy to find a job for a foreigner, but even an ordinary position at a factory or in the service sector provides a decent life. The minimum wage in South Korea in 2021 is 8,720 Korean won ($7.55) per hour. The unemployment rate is less than 5%.
The high standard of living has created prerequisites for the development of financial literacy of local residents. The culture of financial management and investment among the inhabitants here is quite high. It is considered traditional to receive income from the rental and sale of real estate, especially for people of age.
Korea has been among the five countries that create the best conditions for doing business (Doing Business rating).
The South Korean government attracts foreign investment via free economic zones in the country and tax incentives for foreign investors, including those who invest in real estate.
In the ranking of economic freedom for 2021, South Korea is ranked 24th in the world. It's higher than Germany or Israel.
In the Bloomberg rating, South Korea ranks 4th in terms of the effectiveness of the healthcare system. This is data for 2020, taking into account the consequences of Covid-19.
Korea is a country of medical tourism. Patients from different countries come here for medical examinations and treatment every year.
Medicine is available to every expat with insurance.
Preschool and school education in Korea is free of charge. Schools do everything to prevent discrimination or bullying. For example, they conduct international culture lessons, explaining to children what is a violation of personal space and bullying, even in its most insignificant manifestations.
Some bureaucratic processes in Korea may seem complicated to foreigners, but the system is transparent. For example, obtaining certificates is a paid service; you do not need to have conections in the office or stand in queues to issue a necessary document. Registration of various licenses and permits takes place without bribes.
The political system in Korea does not work perfectly, but democratic processes ensure a change of power. A new president is elected every five years.
According to Numbeo, Korea has a high security index (73.14) and ranks 21st in the list of 135 countries. The Korean laws prohibiting weapons and the system of maintaining public order ensured this result.
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The program for obtaining a residence permit through real estate investment (Immigrant Investor Scheme for Real Estate) appeared in 2010. Buyers have the right to obtain a two-year residence permit (visa type F-2) with the right to extend it. If you keep the ownership of the property, after five years you can apply for a permanent residence permit (F-5 visa).
The Korean "golden visa" does not restrict a foreigner's right to work unlike some European analogues.
Also, after five years you get the right to request citizenship by naturalization, which means that you live in the country, have knowledge of culture and the ability to speak Korean. In this respect, South Korea differs from other Asian states, where it is almost impossible for a foreigner to obtain citizenship.
Please note! The program has an option related to investing money in state funds. In this case, the investor is guaranteed a refund, but without interest accrual. A benefit is provided for participants of this stream of the program: pensioners aged 55 and over can invest from 300 million won (approximately $260,000). Also, pensioners need to confirm the availability of capital in the amount of 300 million won in their own country or in Korea.
Over the past five years, South Korea has issued approximately 600 investor visas per year. About 40% of applicants were citizens of China and Japan. It is also possible to note applicants from Pakistan (8.0%), Nigeria (3.6%), India (3.2%). The top ten also includes representatives of Western countries: Germany, France, the United States, and the United Kingdom.
