The government has decided on a three-year extension for a government program offering an F-2 residence visa to foreigners who have invested a certain amount in real estate in five regions.

The justice ministry announced on Monday that the Immigrant Investor Scheme for Real Estate, which extends to real estate, which expired last Sunday for Jeju and parts of Incheon, Gangwon and South Jeolla Province  will be effective through April 30, 2026.

The program for two areas in Busan set to end on May 19 will also be extended by three years.

The ministry added that the standard investment amount will be raised from at least 500 million won to a minimum of one billion won.

The government first implemented the Immigrant Investor Scheme for Real Estate in Jeju in 2010 in a bid to revitalize the regional economy via foreign investment. Under this program, foreigners are able to change their status to “Permanent Resident” with an F-5 visa after five years of investing.