Amidst growing media spotlight on Chinese investors opting for investment immigration visas in developed countries, the investment visa offered by Jeju Island in South Korea is attracting Chinese investors who are seeking an affordable option that allows them to stay in a foreign country without any privacy issues.
Despite the influx of a large number of Chinese investment immigrants and the resulting boom in the property market of Jeju Island, lack of media hype or attention from the authorities is significant attraction for investors seeking permanent residence in a foreign country.
Jeju Island Investment Immigration program offers an F-2 residency visa in lieu of a minimum investment of 500 million Won or $460,000. Subject to certain additional conditions, the investor can obtain permanent residency after maintaining the investment for a period of five years. As compared to investment requirements of US$1.3 million, US$1.2 million, and US$2.5 million in countries like Australia, New Zealand, and Singapore respectively, Jeju is a cheaper and more attractive option for Chinese investors.
Financial advantages apart, the quiet and pristine environment of the island makes it an attractive destination for individuals seeking a foreign holiday without onerous visa requirements or conditions.
Those accustomed to a hectic and stressful life can enjoy the relatively slow and tranquil life in the island. Many Chinese investors are taking advantage of the residency visa to enjoy short breaks without having to travel too far from home.
Residency application data reveals that most investment immigrants from China are in the age group of 40 to 59 years. Further, most investors are from the biggest first tier cities of China. Entrepreneurs as well as individuals holding senior executive positions in companies in China are holders of the investment immigration visa offered by the island.
Data released by the Ministry of Justice of South Korea has revealed that 992 of the total 1007 investment immigrants in the island are from China. Around 604 Visa holders are in the age group of 40 to 59 years while 362 Chinese investors are aged less than 40 years. The property market of the island has received a significant boost with 90% of foreign investors from China holding property at the various resorts in the island.
Source: Want China Times