The government has decided to introduce a new “top-tier” visa to attract highly paid overseas talent. 

According to the finance ministry, acting President Choi Sang-mok convened a meeting on Wednesday of the government’s committee on foreigners policy and discussed ways to improve the visa system, including the introduction of the top-tier visa.

The envisioned visa is for foreigners with master’s or doctoral degrees from the world’s top 100 universities or at least eight years of work experience, including three or more years at a company that ranks among the world’s top 500. 

Foreigners hired to work at high-tech companies in South Korea at annual salaries of at least 140 million won, or some 96-thousand U.S. dollars, will also be eligible. 

After three years, top-tier visa holders will be eligible to apply for permanent residency.