S.Korea Dual Citizenship Amendment Bill announced in April is Similar to the U.S. Citizenship Act.
Minor children of foreign permanent residents can acquire nationality and maintain multiple nationalities through notification without any separate requirements.
Korea was also a minority nation in the 20th century. The type of citizenship recognized and the stringency of state restrictions affect how diverse or homogeneous the population can be. Korea has changed its policies to keep pace with the rapidly changing international situation and is now a multinational citizen. As of December 2019, 2,524,656 foreigners reside in Korea, with foreigners accounting for 4.9% of the total population. Korea is now considered a multi-ethnic or multicultural country. Korea liberalized its nationality law through a sweeping amendment in 2010, which for the first time allowed its citizens (limited) permanent dual citizenship. A special naturalization route has been prepared for talented people who have given dual citizenship a longer time to choose from these situations.
The amendment bill announced in April allows immigrants to become naturalized citizens of Korea if they maintain their actual residence. There are three ways to acquire citizenship through naturalization, but the most common way for foreigners to acquire Korean citizenship is through 'general naturalization'. Applicant must have lived in Korea for five consecutive years, have spent at least 183 days in Korea each year, and have passed the Korean culture and history and Korean language exams.
Countries with leading positions of the international community have long ago established a system of including and competing for immigrants to assimilate to a nation. The revised Korean law allows for the removal of the existing 'barriers' to children of immigrant background, and allows children of parents with permanent residency to become Korean citizens.
If children born in Japan or Korea are abandoned or their parents are stateless, they will receive Korean citizenship.
Global Migration in Asia foreshadowed by the Revised Korean Dual Nationality Act (Amendment Bill announced in April 2021); Not necessary to renounce origin citizenship.
Obtaining Korean citizenship gives you access to a modern metropolis that offers an amazing quality of life, and Korea allows children born abroad to automatically hold both their country of birth and their parents' passports.There are several main options for living in Korea as an investor. Applicant can get a Korean residence by starting a business, investing in a business or a real estate, or in government funds. Korea does not have citizenship program by investment, but investment over a certain amount can lead to permanent residency directly in the early stages of immigration.
If applicant is able to invest ab. US$100,000 in a self-employed or startup in Korea or ab.US$300,000 in other company, this investment qualifies an investor visa. Few people know that Property investment +US$ 500,000 qualifies family permanent residence (similar to EU Golden Visa).
The land price in Gangnam escalated 4,000 times during the 1960s and 1990s, when the “Miracle of the Han River” was born by the rapid industrial development and Property investment.
Apartments in the Gangnam area soared by a whopping 2-2.5 times during the pandemic, and it has been on the rise for 60 consecutive years. Also, despite the pandemic, Korea's economy is the most booming among OECD countries. (Korean Golden Visa) contenders stagnant prices of South European Golden Visas.
Korean nationality maintains first ranking of passport index. Along with Japanese, Singaporean, German, and French nationalities, Korean passport holders can freely travel to 180 countries in the world. Korea is an advanced and wealthy country leading the democracy in Asian regions, that have changed from a developing country to a developed country in 2021 for the first time in a human history. Likewise, Korea is not a corporate tax haven and has a minimum corporate tax of 10%.
Hyong-jin KWON, Paris