South Korea has a permanent residency system similar to the green card system in the United States. In 2002, the government revised the "Immigration Control Act Enforcement Decree" to grant permanent residency (F-5) status to foreign nationals who have resided in Korea for five years or more as high-value investors, investing more than $500,000 and employing at least five Korean nationals or overseas Korean compatriots. Recently, to attract global talents and foreign capital, the government has also granted permanent residency to individuals who meet certain requirements, such as holders of doctorate degrees, high-value investors, real estate and public project investors, and those who have made significant contributions to Korea.
According to Article 10-3 of the Immigration Control Act, those seeking permanent residency must meet certain requirements, such as adhering to Korean laws and regulations, having the ability to support themselves and their family members, and possessing a basic understanding of the Korean language, society, and culture, which are necessary for living in Korea. However, for individuals who have made special contributions to Korea, those who have outstanding abilities in certain fields such as science, management, education, culture, arts, and sports, or those who have invested a certain amount in Korea, the government may relax or exempt some or all of the permanent residency requirements. For example, foreign professionals such as resident representatives, business investors, trade managers, professors, researchers, and native English speakers can apply for permanent residency only after residing in Korea for five years under the respective visa category. However, holders of domestic and foreign doctorate degrees, individuals with outstanding abilities in specific fields such as science and management, individuals over 60 years of age receiving overseas pensions, and high-value investors investing more than $500,000 can apply for permanent residency regardless of their residency period in Korea.
Permanent residency holders are not restricted in their employment activities and can work in any industry. They can also stay in Korea without an extension of stay permit by renewing their permanent residency visa every ten years. Additionally, even if they leave Korea, their permanent residency status will not be lost if they return within two years. Moreover, their deportation is more strictly restricted than that of general residence visa holders.

< Eligibility and Specific Conditions for Permanent Residency >

F-5-1
Persons who have been residing in Korea for 5 years or more with a residence (F-2) visa or a stay permit from D-7 to E-7.
F-5-2
Persons who have resided in Korea for 2 years or more as a spouse of a Korean citizen.
F-5-3
Persons who have resided in Korea for 2 years or more as a minor child of a Korean citizen.
F-5-4
Persons who have resided in Korea for 2 years or more as a spouse or minor child of a visa holder.
F-5-5
Persons who have invested 500,000 USD or more and employed at least 5 Korean citizens (High Investment Immigrant).
F-5-6
Persons who have resided in Korea for 2 years or more with a foreigner of Korean descent (F-4) visa.
F-5-7
Persons who have met the nationality acquisition requirements according to the nationality law as a foreigner of Korean descent.
F-5-8
Persons born in Korea as a holder of a long-term stay (F-2) visa.
F-5-9
Persons who hold a Ph.D. in an advanced industry field and are employed by a domestic company (Ph.D. in Advanced Industry).
F-5-10
Persons who hold a bachelor's degree in an advanced industry field, a master's degree in a general field, or a technical qualification and are employed by a domestic company (Specialized Skilled Worker).
F-5-11
Persons with exceptional abilities in fields such as science, management, education, cultural arts, and sports (Outstanding Talent).
F-5-12
Persons who have made special contributions to Korea (Distinguished Service).
F-5-13
Persons over 60 years old who receive a pension from overseas (Pensioner).
F-5-14
Persons who have worked in the manufacturing or agricultural industry for 4 years or more with a visiting employment (H-2) visa.
F-5-15
Persons who have obtained a PhD degree through a regular course of study at a domestic graduate school and are employed by a domestic company (PhD in General).
F-5-16
Persons who have resided in Korea for 3 years or more after obtaining a score-based residence (F-2-7) visa (Score-based Permanent Resident).
F-5-17
Persons who have maintained their investment for 5 years or more after obtaining a residence qualification as a real estate investor.
F-5-18
Spouses and minor children of score-based permanent residents.
F-5-19
Spouses and minor children of real estate investors.
F-5-20
Domestic-born children of visa holders.
F-5-21
Persons who have maintained their investment for 5 years or more as a public service investor.
F-5-22
Spouses and minor children of public service investors or retirement immigration investors.
F-5-23
Persons who have continuously invested in a public service for 5 years or more as a retirement immigrant and have assets of 300 million won or more in Korea.
F-5-24
Persons who have attracted investment funds of 300 million won or more and employed at least 2 Korean citizens after obtaining a technology startup (D-8-4) qualification (Technology Startup Investor).
F-5-25
Persons who pledge to invest 1.5 billion won or more for 5 years or more (Conditional High-Investment Immigrant).
F-5-26
Persons who have worked for 3 years or more as an essential professional at a research and development facility invested by a foreigner (Essential Personnel of Foreign-Invested R&D Facility).
F-5-27
Persons who have resided in Korea for 2 years or more with a refugee residence qualification.