|Title||Realty investment-based immigration system made available for East Busan Tourism District, others|
Since early 2012, the Busan Metropolitan Government has been stepping up efforts to have the East Busan Tourism Complex, and others, designated as areas for the realty investment-based immigration system by lobbying various political circles as well as the Ministry of Justice.
The realty investment-based immigration system refers to a program that grants residential rights (F-2 visa), allowing free economic activity, to foreigners who invest more than a certain amount in resort facilities designated by the Minister of Justice. Five years later, a green card (F-5 visa) may be granted.
As of last month, Jeju Province, Pyeongchang City in Gangwon Province, the Yeongjong district in Incheon, and the Gyeongdo district in Yeosu, South Jeolla Province, were subject to the realty investment-based immigration system.
The facilities within areas that will be subject to the realty investment-based immigration system in the Busan region, to be announced by the Minister of Justice on May 20, will include hotels (investment of 700 million or more) of general lodging facilities in Haeundae Resort, resort condominiums among tourist lodging facilities, and hotels, villas and tourism pensions among general lodging facilities in the East Busan Tourism District.
The system will remain in effect for five years from May 20, 2013 to May 19, 2018.
The Haeundae Tourism Resort project is a tourism development project, with a budget of 2.74 trillion won, which is being implemented, in accordance with the Urban Development Act, to expand the currently insufficient tourism infrastructure in Busan.
The project involves the construction of a 101-story tourist hotel with a combined floor space of 660,000 sq. meters, an ordinary hotel, a water park, a theme park, and condominiums all on a 65,000 sq. meter lot in the Jung-dong area in Haeundae, Busan.
The East Busan Tourism Complex project is an initiative to construct a marine and leisure town, with a total budget of 4 trillion won, for year-round vacationing.
The project includes the construction of a theme park, sports facilities, marine sightseeing facilities, a hotel, resort condominiums, resort-type housing, and medical tourism facilities all on a 366,000 sq. meter property in the Sirangi area in the township of Gijang-eup, Gijang County, Busan .
A source in the Busan Metropolitan Government said, “The East Busan region, including Haeundae, is a world-class tourism district boasting breathtaking natural scenery, and it is an area suitable for the realty investment-based immigration system, which offers residential conditions preferred by foreigners.” The source also added, “Now that the area has been chosen to be included in the realty investment-based immigration system, the projects to develop the Haeundae Tourism Resort and the East Busan Tourism Complex are expected to gather significant momentum.”
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