How to Get South Korean Residence and Citizenship

South Korea, while a bit of a mystery to Westerners, has been an amazing success story. We frequently talk about how momentum is an important factor to consider when choosing a country in which to plant a flag. And when it comes to momentum, South Korea is where your eyes should be set at.

Not long ago, South Korea was a migrant country. Like the Philippines today, they sent farmers, miners, and domestic helpers overseas to do jobs where demand exceeded supply. Today, of course, South Korea is one of the wealthiest countries in Asia.

Korean Permanent Residency Visa

Getting a South Korea visa used to be rather easy. Not that many years ago, it was possible to come in with as little as 25 million won (US$20,000 in today’s dollars), claim to set up a business, withdraw the money, and live in South Korea indefinitely.

Eventually, the authorities wised up and increased the minimum investment to US$50,000, and then US$100,000. Today, you can get a South Korean investor visa if you’re willing to bring capital with you, but you have to actually generate some profit or show economic activity. There are a few main options for getting a residency in South Korea.

You can start a business, invest in a business, invest in real estate, or invest in a government fund or development project to get South Korean residency. South Korea doesn’t have a direct program for obtaining citizenship by investment, but investing can lead to permanent residence.

Business in South Korea

If, however, you want to start a restaurant or some form of a lifestyle business, South Korea might be an attractive option, especially if you enjoy the country’s lifestyle. Because South Korea puts an actual dollar amount (and few other restrictions) on getting a D-8 visa, you don’t have to have an earth-moving idea.

You can also get a residence by investing 500 million Korean won into South Korean real estate, which is around US$401,878. If you want to get residency by investing in government bonds, you’ll need to invest 500 million Korean won and hold the South Korean government bonds without interest for five years.

South Korean Citizenship

It is possible to become a naturalized Korean citizen if you maintain an actual residence. There are three paths to citizenship through naturalization, but the most typical way for a foreigner to get South Korean citizenship is through “general naturalization.”

Under this process, you must have lived in South Korea for five consecutive years and have spent at least 183 days each year in South Korea, and pass a test on Korean culture and history. You have to prove your Korean language proficiency in the test as well.

Dual Citizenship in Korea

South Korean citizenship is one of the best in the world. A South Korean passport can take you almost anywhere in the world. However, the dual citizenship law in South Korea doesn’t typically allow dual citizenship. South Korean citizens are not to have another citizenship, and to obtain South Korean citizenship.

Is the South Korean Passport Worth it?

The cost of a South Korea visa is understandably expensive, especially considering that many Chinese and other nearby nationalities call Korea home. It’s a developed, wealthy country so you naturally can’t get permanent residence on the cheap.

Similarly, South Korea is not a tax haven for corporations. There’s a ten percent minimum corporate tax for corporate income under KRW200 million (US$160,000), and a graduated system that peaks in the mid-twenties with 25% taxes for income over KRW300 billion (US$239,215,530).

But there are opportunities to be had if you are willing to live in South Korea and keep your ear to the ground. And there is certainly no shortage of money in many parts of Seoul, especially the now-infamous Gangnam area.

If you’re looking for a “first world” Asian passport, that might just be a price you’re willing to pay.