Korean Permanent Resident Visa (F-5)

With increasing number of foreigners choosing to stay for longer durations in Korea, there is a growing interest in residency/permanent residency visas. Helping to make life in Korea a bit more convenient, it makes sense to have one if one plans to stay here for an extended period. The points system established for the F-2 visa makes the application process simpler. For those interested in the permanent resident visa, there are various ways and criteria to apply for it.

How to get?
Many roads lead to a F-5:

• The person who has been longer than 5 consecutive years in Korea 

• The person who invested more than USD 500,000

• The one who is applicable to apply naturalization

• Doctor's degree holder in the field of high-tech industry

• The one who has brilliant ability in specialized field 

•  Working visit (H-2) status holder

• Spouse of Korean national, Spouse and children under age of Permanent Residency (F-5) status holder

• Overseas Korean (F-4) status holder

• Overseas Chinese who was born in Korea 

•  Bachelor's degree and license holder in the field of high-tech industry

• Who has done distinguished service 

•  A pension beneficiary

Related links:
English: http://www.hikorea.go.kr/pt/en/info/popup/icis/3-4-2_pop.htm
Korean: http://www.hikorea.go.kr/pt/kr/info/popup/icis/3-4-2_pop.htm

It is a usual thing to find the English versions of Korean websites not having the latest info.
The English version and Korean links show different financial and Korean language skills requirements for various visa types. It would be better to look at the English version to get an idea of F-5 eligibility and the Korean version to crosscheck. The annual income and TOPIK requirements have been relaxed recently adn it can be found in the Korean version.


Why to get F-5?

Listing some of the benefits of a F-5 visa...

• On paper, a F-5 visa holder is legally same as a Korean, except for presidential elections. Voting in local elections is allowed after 3 years of being a permanent resident holder. 
• One need not worry about renewing visas every year or every few years.
• F-5 visa holder can use the Korean lines at the airport
• One is free to go for any legal job in Korea.
• Free to make any investment
• Spouse automatically gets a residency visa(F-2)
• Can continue keeping the visa as long as a visit to Korea is made atleast once in 2 years

Personally, except for the spouse getting a residency visa, nothing else quite impresses me.
Unlike other countries, I have not yet seen any special benefits for being a permanent resident. Like getting visas for parents, getting bank loans, to cite a couple of examples. It sure makes life a little bit more convenient though. And, probably as Korea opens up, things may change for the better! Hope^^