The government and the ruling Millennium Democratic Party (MDP) on Tuesday decided to submit to the National Assembly a special bill to designate Cheju Island a special visa-free, tax-exempt tourist zone.
The bill allows nationals from 10 countries, including Vietnam, to enter Cheju Island without visas and permits a greater number of Chinese tourists to enter the island without a visa. The duration of the no-visa tour will increase to 30 days from the current 15. Under the law, the government will designate Cheju Airport and adjacent areas as a tax-free zone for manufacturing firms, while pushing the phased-in adoption of English as the second official language on the island.
The government will also consider exempting companies located in the designated "investment promotion area" from all taxes during the first three years. Officials said related ministers and the president will approve the final bill. The government, ruling party, and opposition will sit down and review the bill this month and amend the special law governing Cheju Island development.