The Korean authorities on Tuesday announced that permanent residency rules will be substantially relaxed for foreign investors, as part of new President, Lee Myung-bak's campaign to improve the 'business-friendliness' of the country.
Under current regulations, foreign investors must invest a minimum of USD2 million, and employ five locals in order to secure immediate permanent residence.
However, under the new rules - set to come into force in September, pending approval by the Cabinet - the minimum required investment will drop to USD500,000.
According to the official Korean Information Service (KOIS), Justice Ministry
official Lee Ki-heum revealed that under the existing regime:
"Those who get permanent residency through investment have been almost
nil, even though that status will grant them many benefits."
"So the government decided to substantially ease the requirements."
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment