Slated to be phased out in the recent past, the property investment option of the South Korean investor visa is all set to continue its journey for another three years, albeit at a more substantial cost.

The endorsement came after suggestions from the autonomous island government, proposing an extension to the program with increased investment requirements and a rebranding. The South Korean Ministry of Justice has given its nod to continue the program, now known as the “Tourism/Leisure Infrastructure Investment Immigration Program”, till April 30, 2026. However, the minimum investment bar has been raised to one billion Korean won (roughly US$788,000), from the previous half a billion KRW.

Initial Success and Subsequent Complications of the South Korean Investor Visa Program

The investor visa, initially rolled out in 2010 in Jeju, initially fulfilled its primary mission of invigorating the local hospitality industry, leading to the conclusion of several stalled resort projects, according to Hyong-Jin Kwon, the founder of CitiNavi, a firm specializing in investment migration.

Subsequently, however, he elaborates in a piece, that unintended consequences emerged such as inflamed property prices, territorial encroachment by Chinese interests, an oversupply of lodging facilities, and reckless environmental degradation.

Jeju Island: South Korea’s Premium Tourist Destination

In response to these issues, the government implemented restrictions on qualifying properties to those in the tourism and recreation industry in 2015, leading to a sharp decline in interest.

Investor Visa Approval Rates and its Attraction

Nevertheless, by 2020, the acceptance rate for the investor visa – providing options for investing in government funds and high-risk assets starting from KRW 300m, about US$235,000 – saw a significant surge, crossing 1,300 approvals for the first time since 2005. This heightened interest level in South Korea’s investor visas has been consistent ever since.

Historically, investors from Japan constitute the largest group of applicants, closely trailed by their Chinese counterparts, who accounted for the highest nationality of applicants in the past year.

Record of Success: South Korea’s Investor Visa Program

Since 2000, for which data is available, South Korea has given the green light to 23,579 main applicants for its investor visa, each investing between KRW 300 million and KRW 1.5 billion. Presuming an average investment of KRW 500m, the scheme would have garnered nearly US$10 billion to date, positioning it among the top-performing global golden visa programs of all time.