S.Korea introduces 'top-tier visa' to draw experts

By Berk Kutay Gokmen

ISTANBUL (AA) - South Korea on Wednesday introduced a "top-tier visa" program, hoping to draw over 1,000 foreign experts in various fields such as artificial intelligence (AI), semiconductors and biotechnology.

The visa program, introduced during a meeting at Government Complex Seoul in the capital, is set to be implemented this month, The Chosun Daily reported Thursday.

The program offers substantial incentives, including a 50% income tax reduction for up to 10 years and virtually unlimited residency in South Korea for its holders.

Additionally, visa holders can bring their spouses, children, parents. After three years of cumulative residency, they will also be eligible to apply for permanent residency.

Furthermore, visa holders will receive assistance with essential settlement processes, and their children will be allowed to attend international schools, regardless of enrollment limits.

However, to qualify for these benefits, candidates must have a master’s or doctoral degree from a top-100 global university, at least three years of experience at a top-500 global company, and an annual salary of approximately $97,000.