The South Korean government has unveiled an ambitious plan to attract foreign experts in fields such as artificial intelligence (AI), semiconductors, biotechnology, and defense industries by offering significant incentives, including a 50% income tax reduction and the allowance for entire families to relocate.
On Mar. 5, during a meeting at the Government Complex Seoul, officials introduced the ‘Top-Tier Visa’ program, aiming to recruit over 1,000 senior engineers from global tech companies, with implementation set for this month.
Holders of the Top-Tier Visa will be granted virtually unlimited residency in S. Korea. After one year under this visa, they can transition to an F-2 residence visa, permitting up to five years of stay and the flexibility to change employers freely.
Additionally, these professionals can bring their spouses, children, parents, and even one designated domestic helper to live with them in S. Korea. After a cumulative three-year residency, they become eligible to apply for permanent residency.
In terms of financial benefits, the government plans to substantially reduce income tax for Top-Tier Visa holders. Currently, South Korean citizens pay income tax rates ranging from 6% to 45% on their taxable income after deductions through the year-end tax settlement process. Foreign workers benefit from a special tax rate of up to 19% on their gross annual salary. However, under the new policy, Top-Tier Visa holders will receive an additional 50% reduction on income tax for up to 10 years.
Furthermore, the government will provide up to 500 million won (approximately $346,490) in loans and guarantees to help with jeonse, a lump-sum deposit lease system widely used in S. Korea. To support their families, children of these professionals will be admitted to international schools regardless of enrollment limits. Additionally, dedicated staff will assist with essential settlement processes, including opening bank accounts, setting up mobile phone services, and completing residency registrations.
To qualify for these benefits, candidates must meet several criteria: they must 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—bringing their total professional experience to at least eight years—and earn an annual salary of around $97,000.
The introduction of the Top-Tier Visa reflects S. Korean government’s urgency in securing top talent amid fierce global competition. Traditionally, S. Korea has focused on admitting unskilled foreign labor to support industries such as manufacturing, shipbuilding, and construction.
However, during the Foreigners Policy Committee meeting, Acting President Choi Sang-mok said that major countries, including the United States, Japan, and Singapore, are introducing bold incentives to attract talent in advanced fields. He emphasized that S. Korea must also create an environment where top foreign professionals can settle and thrive.
Additionally, the government will issue ‘D-10-T (Job-Seeking)’ visas to foreign nationals with master’s or doctoral degrees from top 100 universities, allowing them to stay in S. Korea for up to two years while seeking employment. A ‘Cheongnyeon Dream Visa’ will be available to young individuals from countries that participated as UN forces during the Korean War or those engaged in economic cooperation with S. Korea. Recipients can stay in the country while participating in internship programs organized by local governments.
To address the anticipated shortage of approximately 116,000 caregivers by 2028, the government has also introduced measures to recruit foreign workers in this sector. Since July of 2024, a new E-7-2 visa category for caregivers has been established, enabling foreign graduates from domestic universities to obtain caregiver qualifications and employment in S. Korea.
