The Tourism and Leisure Facility Investment Immigration program (관광·휴양시설 투자이민제, formerly the Real Estate Investment Immigration System) grants foreign nationals F-2-8 residence status upon purchasing designated tourism and leisure properties worth KRW 1 billion or more in specified geographic zones. The program was originally established in February 2010, initially covering Jeju Province, and was renamed in May 2023 to reflect its focus on tourism and leisure infrastructure rather than general real estate. It provides a path to F-5 permanent residence after maintaining the investment for five years.
Program sunset: 31 December 2027. The implementation period was extended in February 2026 (at the request of Jeju Special Self-Governing Province and applied by the Ministry of Justice) from its previous 30 April 2026 expiry to 31 December 2027. The investment threshold and eligible property types remain unchanged, and the IFEZ (Incheon Free Economic Zone Authority) has updated its program materials to reflect the new end date. The program may not be renewed further, so prospective investors should plan around this deadline.
Five regions are currently designated for the program:
Designated areas and properties may change through ministerial notifications.
Only specific types of tourism and leisure accommodation qualify:
General residential apartments and commercial real estate do not qualify. Properties must be in designated zones and specifically listed by the Minister of Justice.
F-2-8 residence is granted for up to 3 years and is renewable as long as property ownership is maintained. Applicants must demonstrate continued ownership at each renewal. Selling, leasing, or encumbering the property results in visa cancellation. If the property's value drops below the minimum threshold, the visa may be affected. The property must remain in the investor's name for the full investment period. Application fee is KRW 130,000 per person.
After maintaining the qualifying investment for a minimum of 5 years, F-2-8 holders may convert to F-5 permanent residence, which has no expiry. Family members transition to F-5-19 status alongside the principal investor. F-5 residents may leave and re-enter South Korea freely but must return within 2 years of departure to maintain their status. Korean naturalization (full citizenship) is available after 5 years of continuous lawful residence, subject to the Nationality Act's language, integration, and good-character requirements.
The investor's spouse and unmarried children receive F-2 status alongside the principal investor, granting them unrestricted economic activities including employment, business, and study. When the investor converts to F-5 permanent residence, family members are eligible for F-5-19 status. No separate investment or income requirement applies to dependants.
Property owners are subject to acquisition tax at the time of purchase, annual property tax, and comprehensive real estate tax if applicable. Investors who spend 183 or more days per year in South Korea are considered tax residents and are taxed on worldwide income under the Income Tax Act. National Health Insurance enrollment is mandatory for all F-2 and F-5 visa holders residing in South Korea for 6 months or more.
The process follows these steps:
The entire process requires the investor to visit South Korea in person. Upon receiving F-2 status, the investor must register for an Alien Registration Card (ARC); biometric data is collected during registration. F-2 holders must obtain a re-entry permit for extended departures from Korea.