South Korea grants priority visas for advanced degree holders from top 100 universities

According to a new government announcement, the "high-tier visa" will be issued to highly skilled professionals in advanced technology fields such as semiconductors, displays, secondary batteries, and biotechnology.

The new visa will allow holders, along with their spouses and minor children, to obtain the long-term F-2 expatriate visa, which permits unrestricted work and eligibility for permanent residency after three years, as reported by Korea.net.

To qualify for the visa, applicants must have a master's or doctoral degree from a university ranked among the world's top 100, at least eight years of work experience (with a minimum of three years at a top 500 company), and current employment at a domestic high-tech company offering a salary three times the per capita gross national income.

If applicants meet only the education requirement, they will be granted a job-seeking visa (D-10), which allows them to search for employment in South Korea for two years.

South Korea has been working to attract foreign labor in recent years due to a declining domestic population, which is expected to continue decreasing due to a prolonged low birth rate. Since 2015, the number of annual births has fallen from 438,400 to around 230,000.

The government anticipates that the new visa program will help Korean companies maintain their competitiveness in global markets. As a major player in industries like semiconductors, South Korea has sought to increase foreign labor in recent years due to its declining population. Data indicates that the domestic population has decreased for five consecutive years and is expected to continue to fall due to the persistently low birth rate.

"Utilizing foreign labor no longer an option, but a necessity, for us to adapt to demographic and economic changes and vitalize our economy and society," Acting President and Finance Minister Choi Sang-Mok said in a Korea Times report.

To attract young workers from abroad, the government will also introduce a "youth dream visa" that will allow young nationals from "friendly countries" to receive job training, participate in internships, and potentially secure employment opportunities in South Korea.

The government is particularly focused on attracting foreign workers to the caregiving sector, which is expected to face a significant labor shortage in the coming years. By 2028, Korea is projected to need an additional 116,000 caregivers to support its aging population.

The number of foreign residents in South Korea reached a historic milestone last year, according to the Korea Immigration Service under the Ministry of Justice. By the end of 2024, the number of foreign nationals residing in the country, both short- and long-term, is expected to surpass 2.65 million, accounting for 5.17% of the total population.