The Korea Trade-Investment Promotion Agency (KOTRA) has announced the launch of the K-Tech Pass, a programme to attract top foreign talent to high-tech industries such as AI and semiconductors in South Korea.
KOTRA hosted a launch event at its headquarters in Seoul with more than 50 representatives from the Ministry of Trade, Industry and Energy, the Ministry of Justice and industry associations, plus other business representatives.
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The K-Tech Pass is a top-tier visa system to facilitate the settlement of foreign workers such as engineers in advanced industries including displays, secondary battery and biotechnology sectors. As part of the programme, the government will give successful applicants an F-2 long-term residency visa and an F-5 permanent residency visa three years later to help them settle in South Korea.
To be eligible, applicants must have a master’s or doctorate degree from one of the 100 top universities in the world. They also need to have at least three years of experience with one of the world’s 500 largest companies and be earning at least three-times Korea’s average salary at a Korea-based company.
Participants in the programme could receive a 50% reduction in income tax for up to ten years. The ministry said that participants could also enrol their children in a foreign school, regardless of student quotas.
Kang Kyung-sun, KOTRA president, said: “We will do our utmost to contribute to domestic companies’ efforts in attracting outstanding foreign talent through various support initiatives, including the K-Tech Pass.”
KOTRA announced $54m in investment commitments following the Mobile World Congress conference in Barcelona, Spain, last month.
