F2 visa(F-2-5), F5 permanent residency(F-5-5), High-Investment investor, D8 visa F5 permanent residency application eligibility, requirements, submission documents

A young individual (A) holding a D-8-1 visa visited our office.

A wanted to start a business in Korea and quickly obtain an F-5 permanent residency.

A had encountered incorrect information stating that investing more than KRW 500 million and hiring five Korean employees would qualify for F-5-5 permanent residency. Based on this, A transferred foreign currency equivalent to over KRW 500 million to Korea as investment capital.

Although A obtained a D-8 visa, the actual requirement for F-5-5 permanent residency was an investment of at least USD 500,000, not KRW 500 million. As a result, A had to abandon the idea of immediately applying for F-5-5 permanent residency.

A was eager to obtain permanent residency as soon as possible and sought advice on whether it would be better to invest an additional KRW 200 million (to meet the USD 500,000 investment requirement) or explore other options such as applying for F-5-10.

If immediate F-5 permanent residency was not possible, A wanted to obtain at least an F-2 (resident) visa.

A had a master’s degree from a domestic university, held a TOPIK Level 6 certificate, and had earned their bachelor’s degree abroad at a university ranked among the top 500 in the QS rankings.

Although A appeared eligible for the F-2-7 (Points-based Talent) visa, the lack of income documentation meant that A fell slightly short of the required points. A would have had to wait until May, when the income certificate would be issued, to apply for the F-2-7 visa.

However, A already met the requirements for the F-2-5 (High-Investment Resident) visa and was eligible to apply immediately. Therefore, A decided to proceed with the F-2-5 application first.

Regarding permanent residency, there are multiple types of F-5 visas.

The most suitable option for A, who had obtained an F-2-5 visa, was F-5-5 (High-Investment Permanent Resident). A also considered whether F-5-10 (for degree and certification holders) might be an option.

※ While other types of permanent residency (e.g., general F-5-1) might also be possible, we will exclude them from this discussion as meeting the income requirement (twice the national GNI) solely through business income could be burdensome.

To apply for F-5-5 (High-Investment Permanent Resident), A needed to invest at least an additional KRW 200 million. Additionally, A had not yet employed five Korean employees for six months, so A would need to wait about two more months until this requirement was met.

※ Employees must be listed under employment insurance for at least six months, be full-time regular employees earning at least the minimum wage, and the total number of such Korean employees must be at least five.

A inquired whether they could transition directly from D-8-1 to F-5-10 as a master's degree holder from a Korean university.

According to A, some immigration offices had stated that it was possible, while others said it was not.

Since I was not present during these conversations, I cannot confirm exactly what was discussed, but in any case, transitioning directly from D-8-1 to F-5-10 is not allowed.

To apply for F-5-10, A must complete the Social Integration Program and meet the following two conditions.

※ F-5-5 (High-Investment Permanent Resident) applicants are exempt from the Social Integration Program if other requirements are met.

① From three years before the application date until the decision, the applicant must not have worked in an unauthorized industry and must have continuously resided in Korea while working in a non-entertainment/service-related field for at least three years.

② At the time of application, the applicant must have been employed full-time at a domestic company for at least one year under a regular employment contract.

A corporation's representative director (CEO) is not considered an employee under employment insurance.

※ The employment insurance subscriber list (4 major insurance list) is a mandatory document for F-5-10 applications.​

To prove full-time employment for at least one year, the applicant must submit an employment contract to immigration. However, it does not make sense for the CEO to write an employment contract for themselves.

Thus, a corporation's representative is not considered an employee and is ineligible for F-5-10.

Let's take a deeper look.

There are two types of D-8-1 visas, one for establishing a new corporation and another for dispatched employees.

If an individual invests and establishes a corporation (new corporation type), the D8 visa holder is eligible for F-5-5 (High-Investment Permanent Resident).

However, if a foreign headquarters dispatches an employee to its Korean subsidiary (foreign-invested company), the D-8-1 visa holder is not eligible for F-5-5. This is because the F-5-5 requirement states that the applicant (investor) must personally invest at least USD 500,000, whereas dispatched employees are not investors.

The guidelines explicitly state that only the investor, not employees or executives, is eligible for F-5-5.

Thus, if a foreign corporation establishes a Korean subsidiary and sends a dispatched employee under D8, that employee is not eligible for F-5-5.

Upon realizing that F-5-10 was not an option, A ultimately decided to follow the pathway of D-8-1 → F-2-5 → F-5-5.

Now, let’s look into the requirements and documents needed for F-2-5 and F-5-5.

F-2-5 High-Investment investor status change eligibility

- Individuals who meet one of the following criteria under 『the Foreign Investment Promotion Act』

① A foreign investor who has invested at least USD 500,000 and has continuously resided in Korea for at least three years under the Business Investment (D-8) visa.

② An executive or employee dispatched by a foreign corporation that has invested at least USD 500,000 in a foreign-invested enterprise in Korea under the Foreign Investment Promotion Act, having continuously resided in Korea for at least three years.

③ A foreign investor who has invested at least USD 300,000 and has employed at least two Korean nationals.

F-2-5 High-Investment investor Status Change Required Documents

[Common documents]

- Passport, Alien Registration Card, Application Fee, Integrated Application Form, One Standard-Size Photograph

- Foreign National Occupation Report (Separate Form)

- Proof of Residence

[Additional documents by case]

① For foreign investors who have invested at least USD 500,000 and have continuously resided in Korea for at least three years under the Business Investment (D-8) visa

- Copy of the Foreign-Invested Enterprise Registration Certificate

② For executives or employees dispatched by a foreign corporation that has invested at least USD 500,000 in a foreign-invested enterprise in Korea under the Foreign Investment Promotion Act, having continuously resided in Korea for at least three years

- Dispatch Order, Employment Certificate, or Income Tax Certificate (covering three years)

③ For foreign investors who have invested at least USD 300,000 and have employed at least two Korean nationals

- Foreign Investment Report or Foreign-Invested Enterprise Registration Certificate Copy, Employment Contract(s) or Employee Income Tax Certificate(s)

F-5-5 High-Investment investor Status Change Eligibility

- A foreign investor who has invested at least USD 500,000 under the Foreign Investment Promotion Act and has employed at least five Korean nationals.

(Executives or employees other than the investor are not eligible.)

F-5-5 High-Investment investor Status Change Requirements (Exemption from Proof of Livelihood Requirements)

① For Sole Investors

▶ The applicant must maintain an investment of at least USD 500,000 under the Foreign Investment Promotion Act

▶ As of the application date, the applicant must have directly and continuously employed at least five Korean nationals in full-time regular employment (permanent full-time positions) for at least six months

② For Joint Investors

▶ The applicant must maintain an investment of at least USD 500,000 under「 the Foreign Investment Promotion Act 」

- If the applicant’s share of the total investment is less than USD 500,000, they are ineligible to apply for the F-5-5 High-Investment Permanent Resident visa

▶ As of the application date, the applicant must have directly and continuously employed at least five Korean nationals in full-time regular employment (permanent full-time positions) for at least six months

- The five Korean employees must be unique to each investor

- If an employee was counted toward another permanent residency application within the last six months, they are excluded from the required employee count

F-5-5 High-Investment investor Status Change Required Documents

① Passport, Integrated Application Form, Alien Registration Card, Application Fee, One Standard-Size Photograph

② Basic Information Form for F-5 Permanent Residency Applicants (Completed by Applicant)

③ Proof of Residence

④ Tuberculosis Test Certificate (If applicable, valid for three months; issued by public health centers or government-designated hospitals)

⑤ Financial Guarantor Form (Form No. 129)

⑥ Foreign-Invested Enterprise Registration Certificate, Full Corporate Registration Certificate, Business Registration Certificate

⑦ Proof of Full-Time Employment of Korean Nationals

- 4 Major Insurance Business Subscriber List, Employee Income Tax Certificates

- Employment Contracts, Full-Time Employment Verification Forms, etc

※ F-5-5 High-Investment Permanent Resident applicants are exempt from submitting income proof and overseas criminal record certificates