Korea’s tougher immigration investment requirement may target Chinese

The already frayed relations between Korea and China could worsen with the Justice Ministry's plan to toughen the requirements for the immigration investment program.

Incheon International AIrport. [YONHAP]

The already frayed relations between Korea and China could worsen with the Justice Ministry's plan to toughen the requirements for the immigration investment program.

The ministry announced Thursday that it will raise the amount of investment required to apply for the F-2 resident visa from 500 million won ($228,000) to 1.5 billion won.

Those who get F-2 visas through the program can apply for F-5 permanent resident visas after maintaining their investments in public funds designated by the ministry for a minimum of five years.

Foreigners can also get a long-term residency visa through the "risk-based investment" program, which is investing in development projects in less "developed regions" designated by the justice ministry.

These visas allow foreigners to engage in economic activities without barriers.

The ministry also plans to scrap the retiree investment immigration program that gives residency visas to retirees over 55 for an investment of 300 million won.

The bar for the investment program that qualifies foreigners for permanent resident visas immediately will also be raised from 1.5 billion to 3 billion won.

This is the first time such changes have been made since the program was first launched in 2013.

The ministry said in a press release that while the program has contributed to helping SMEs by providing low-interest loans to them through the Korea Development Bank, the current requirements make it too easy for foreigners to gain residency as they haven't been updated for the past decade.

According to People Power Party Rep. Cho Su-jin's office, between 2018 and 2022, 70.8 percent, or 1,274, of the 1,799 foreigners who gained residency visas through the public investment immigration program were Chinese.

During the same period, among the 2,985 foreigners that gained the long-term residency visa through the real estate development investment, 94 percent, or 2,807, were Chinese.

The announcement came a day after the Korean government warned those traveling to China to be aware of the amended counterespionage law in China.

The amended law's ambiguity could lead to the detention of Korean business people and tourists with no intention to commit espionage in China.

The two countries' relations took a nosedive since early June when Chinese Ambassador to Korea Xing Haiming said those who bet against China will "regret," while having the Democratic Party leader Lee Jae-myung sit next to him.

Earlier in June, PPP leader Kim Gi-hyeon called for a change in electoral policies for foreigners living in Korea during the National Assembly's negotiation group session.

"Korea-China relations need to be re-established under the principle of reciprocity," Kim said.

"About 100,000 Chinese people living in Korea had the right to vote in the local election in June last year, but voting rights are not guaranteed for our people living in China," Kim added.

"It's fair to not give the right to vote to foreigners from a country that does not grant our people the right to vote," Kim said.

Kim also attacked the current welfare insurance policy for foreigners.

"The national health fund, made up of our people's sweat and toil, ought not to drain as 'medical shopping' for foreigners," he said. "I will stop the dine and dash and freeriding on health insurance."

Kim said Chinese nationals in Korea enjoy more health insurance benefits than Koreans in China, which he blasted as "unjust and unfair."

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]