Today, I'd like to share my personal experience regarding the proof of source of investment funds, which has become a major issue when applying for a D8 visa these days.
What exactly is this proof of source of investment funds that isn't even mentioned in the manual? In my personal opinion, one of the main reasons why D8 visas are currently being denied is the failure to properly prove the source of these investment funds.
In fact, quite a few clients who visited my office brought in application confirmation documents stating "unclear source of investment funds" as the reason for denial. If the immigration office requests specific documents like bank transaction records as proof of the source of investment funds, then that's somewhat of a relief.
I recently processed a D8 visa status change at a regional office, and they vaguely asked for additional documents to prove the source of investment funds. When I inquired about which specific documents they needed, I couldn't get a clear answer.
For instance, there are clear documents listed that need to be submitted for proof of investment fund introduction, such as remittance confirmation and foreign exchange purchase certificates. In such cases, it's fortunate for the applicant to know exactly what documents to prepare. However, when they simply ask to supplement the proof of source of investment funds, it's perplexing for the applicant. So, based on my experience, I'd like to share which documents I've prepared as proof of the source of investment funds.
For reference, in the metropolitan area, sometimes they ask for the transaction records of the local bank account from which the investment funds were transferred or the bank account in the home country where the investment funds were formed. The reason is simple, to review how the investment funds were formed. ※ For instance, if you formed your investment funds by taking out a bank loan or borrowing from friends or family, it's deemed problematic for continuously conducting business in Korea (gifts are an exception). ※And in reality, in the past, there were many cases where people took out loans to apply for a D8 visa, and once the visa was issued, they would withdraw money from the corporate account to repay the loan, but instead of working related to the invested corporation, they would work illegally. Moreover, there were instances where someone in Korea would send money to the applicant's country, report it as a foreign investment, and then remit that money back to Korea as investment funds. Such practices, which essentially deceive immigration and go against the fundamental principles of the foreign investment visa, have been numerous. This might be why the current D8 visa review process has become so stringent.
There's no exact manual for the D8 visa proof of source of investment funds. This is because the process of forming investment funds varies for each applicant.
Therefore, I always keep in mind what the reviewers want to check and prepare additional documents that can satisfy their requirements.
For example, if I formed my investment funds while working, I submit my employment certificate or career certificate along with my salary bank transaction records.
And if, for instance, the funds were transferred on behalf of spouse, I also submit a marriage certificate verified by a consul along with a letter explaining the reason for the proxy remittance.
If the funds were formed by doing business, I submit the transaction records of the main bank I dealt with in my home country (showing money accumulating from various transactions). I also submit a business registration certificate from my country (similar to a business license in Korea).
If the business involves trade, I also submit export/import permits, export transaction details, etc. If the applicant has a bank account in Korea, I also submit the transaction records of that Korean bank account.
And if the investment funds were formed by selling real estate in the applicant's home country, I also submit documents related to that real estate transaction that have the applicant's name on them.
As such, the documents requested for proof of source of investment funds vary for each applicant. The reason I gather and submit as many documents as possible is simple, to satisfy what the reviewer wants to check.
It's to show that the investment funds were formed legally, not through illegal means or by borrowing from a bank or someone else.