South Korea — Residency: Retirement Visa

Why this matters

Retirees may consider South Korea for its cultural experiences, climate, and potential cost of living, but they should research thoroughly to understand visa and residency requirements.

Key facts

• The retiree immigrant investor route is for people aged 55 or older who invest over KRW 300 million, and it grants Resident (F-2) status to the investor and dependent family.
• The retiree investor venture is one of three immigrant investor categories, alongside real estate (a residence facility or property worth over KRW 700 million) and public business (over KRW 500 million).
• Permanent Resident (F-5) status is granted to those who maintain the investment for more than 5 years in F-2 status.
• Applicants must meet the good conduct and ability-to-earn-a-living requirements; the basic-knowledge (Social Integration Program) requirement is waived for retirement immigrant investors for public business.
• F-5 holders face no restrictions on employment or profit-making activity, get a mandatory 10-year permanent resident card, and are exempt from re-entry permits when returning within 2 years.

Steps

1. Step 1: Determine Eligibility — Check if individual meets visa requirements for a specific visa category, such as the D-4 visa for long-term stays or the F-2 visa for family members of Korean citizens.
2. Step 2: Gather Required Documents — Gather necessary documents, including a valid passport, proof of income, health insurance, and a police certificate.
3. Step 3: Apply for Visa — Submit the application and required documents to the relevant Korean embassy or consulate.
4. Step 4: Register with Local Authorities — Register with the local authorities and obtain a resident registration card (residence certificate).
5. Step 5: Ongoing Requirements — Meet ongoing requirements, such as maintaining health insurance and reporting changes in address.