South Korea ranks 11th in the world in terms of economy. An important direction for the development of the country is the attraction of foreign investors In order to increase investments in real estate in South Korea, there is a program of obtaining residence permits by foreign citizens in exchange for the purchase of housing.
The program focused on the development of the real estate market of the country and is valid for certain regions. For the first time, such a scheme to attract investment has been launched for Jeju Island, which is a tourist area, now the list of locations has expanded to 6.
The state program has its own peculiarities, the implementation of which is mandatory.
A foreign investor must invest at least $445 thousand in a construction project in designated areas. This amount is not sky-high, in other countries it may be much higher. Obtaining a residence permit in exchange for real estate assumes that the purchased housing will not be sold for 5 years. The residence permit gives the investor the right to conduct business in South Korea, work, he receives medical insurance and the whole social package, as well as the population of the republic.
It is not necessary to live in the region where the property is located, but the Immigration Service should be notified of the change of location.
If you do not have the required amount for the purchase of property in South Korea, there is a business visa option that is issued for 1 or 3 years. Each case is considered separately. For those over the age of 55, the amount invested can be reduced by 50%.
A profitable solution will also be to purchase housing in the country for the purpose of renting it. If you invest in the construction of the real estate object on the stage of excavation, you can further resell it much more expensive or leave to generate a stable income. There are no restrictions for foreigners to buy real estate in Korea, the only condition is a one-time payment.
The cost of apartments here starts from $200 thousand. For non-citizens of Korea who are working in the country and have visas for the long term, it is possible to apply for a mortgage loan. The initial payment, in this case, is 40% of the cost of the apartment.
In South Korea, it is possible to purchase real estate without fear during the construction phase. The construction is strictly monitored by the regulatory authorities, all documentation is checked, which eliminates the risk of freezing the real estate object or bad faith on the part of the developer. The difference between the purchase of housing at the stage of excavation and in a commissioned house is approximately $ 20 thousand.