South Korea Aims to Draw Global Best Minds in Advanced Industries

South Korea officially launched a support program on Wednesday for foreigners with expertise in advanced technologies who wish to work in the country that includes a special visa for such foreign talent, a move aimed at enhancing the competitiveness of local advanced industries, Yonhap news agency reported.

The K-Tech Pass program aims to attract global talent in advanced industries, such as semiconductor and artificial intelligence (AI), to South Korea, according to the Ministry of Trade, Industry and Energy.

Under the program, the government will first issue an F-2 long-term residency visa to foreign professionals and grant them an F-5 permanent residency visa three years later to help them settle here.

Requirements

To qualify for the program, applicants must hold a master's or doctorate degree from one of the world's top 100 universities and have at least three years of work experience at one of the world's 500 largest companies or top-tier research institutes.

Additionally, they must be employed by a Korea-based company with an annual salary at least three times higher than the country's per capita income, the ministry explained.

South Korea's per capita gross national income stood at US$36,624 in 2024, according to the Bank of Korea.

The program will also offer tax benefits for its participants, including a 50 percent cut in income tax for up to 10 years, according to the ministry.

The ministry said there will be benefits for the families of the participants as well, such as enrollment in foreign schools here for their children, regardless of the schools' quota.