Authorities in South Korea plan to create a new “Top-Tier” visa program to attract skilled internationals, especially those engaged in technology and research industries.
The new program is expected to bring significant benefits to foreign nationals interested in this program, including the possibility of obtaining permanent residency, access to public service assistance, as well as employment incentives for those meeting the needed requirements, VisaGuide.World reports.
The plan was unfolded in a meeting at the Government Complex Seoul on March 5 by South Korean officials, aiming to attract more than 1,000 senior engineers from global technology companies.
The implementation of the new visa is expected to be made this month, according to officials.
Those obtaining the new Top-Tier Visa will be granted virtually unlimited residency in the territory of South Korea. The new visa can be transitioned to an F-2 residence visa, after one year, allowing its holder to stay legally in South Korea. It also gives them flexibility to change employers freely.
The world has entered a full-scale competition to secure top talent in advanced industries. Adapting to demographic and economic structural changes and revitalizing the economy and society makes utilizing foreign talent no longer an option but a necessity.
The new program is expected to attract in particular young researchers as well as emerging professionals who can help the rapid development of several industries.
Reducing Income Tax for Top-Tier Visa Holders
Among the benefits from obtaining South Korea’s New Top-Tier Visa is that the government plans to reduce income tax. At present, South Koreans are required to pay income tax rates from six to 45 per cent on their taxable income. Internationals can benefit from a special tax rate of more than 19 per cent on their gross annual salary.
However, according to local media reports, under the new rules, Top-Tier Visa holders will receive an additional 50 per cent reduction on income tax for more than ten years.
In order to benefit from this visa, candidates are required to meet several requirements, among them:
- Hold a master’s or doctoral degree from a top 100 global university
- Have at least three years of experience at a top 500 global company
- Earn an annual salary of about $97,000
The introduction of the new visa program aims to secure top talents and help the further growth of the country’s economy.