Mangsang District of Gangwon Free Economic Zone & Yongpyong Tourism Complex Designated for "Tourism and Resort Facility Investment Immigration Program"

#Mangsang District of Gangwon Free Economic Zone & Yongpyong Tourism Complex Designated for "Tourism and Resort Facility Investment Immigration Program"

▸ Expansion of foreign investment attraction in the tourism and leisure sector and revitalization of the local economy
▸ Establishment of a global city through increased foreign investment and tourism by granting residency and permanent residency to foreign investors

#Gangwon Special Self-Governing Province (Governor Kim Jin-tae) announced that “Mangsang 1, 2, and 3 Districts of the Gangwon Free Economic Zone and the Yongpyong Tourism Complex have been designated and officially announced as target areas for the ‘Tourism and Resort Facility Investment Immigration Program’ as of April 1, 2025.”

What is the Tourism and Resort Facility Investment Immigration Program?

This program grants permanent residency to foreigners who invest at least 1 billion KRW in designated tourism and resort facilities announced by the Minister of Justice and maintain the investment for more than five years.

Foreigners wishing to participate in the program can purchase condominiums within the designated areas, allowing them to engage in economic activities freely within Korea. #After five years, if they meet certain requirements, they can obtain permanent residency, which allows unrestricted residence in Korea. five years, if they meet certain requirements, they can obtain permanent residency, which allows unrestricted residence in Korea.

Investment Plans and Economic Impact

The designated areas have already attracted private developers, such as Daemyung Construction Co., Ltd., a leading resort developer, and Mona Yongpyong Co., Ltd., a multi-leisure enterprise based in Yongpyong Ski Resort. These companies have developed investment plans and are actively attracting investors.

With customized real estate products such as condominiums, the program aims to appeal to foreign investors with financial capacity and consumer potential who seek relaxation, tourism, and even long-term residence in Korea. This is expected to significantly boost foreign investment in the tourism and leisure sector and revitalize the local economy.

Development of Mangsang District as an International Mixed-Use Tourism City

Mangsang District of the Gangwon Free Economic Zone is being developed into a livable international mixed-use tourism city.

A total of 1.5 trillion KRW will be invested in Mangsang 1, 2, and 3 Districts to establish infrastructure that supports health, wellness, and education within the area.

Targeting wealthy senior citizens from North America who wish to return to Korea for a comfortable retirement, overseas promotional events have already been held. Additionally, the program seeks to attract domestic foreign-affiliated companies requiring workation-friendly environments, expanding the range of potential investors.

This designation is expected to invigorate the development of the Gangwon Free Economic Zone, increase the resident population through reverse immigration of overseas Koreans and the influx of global students, and contribute to job creation.

Development of Yongpyong Tourism Complex as a Global Stay-Type Resort Destination

Yongpyong Tourism Complex aims to establish itself as a global stay-type resort destination. Currently, 810 billion KRW is being invested in constructing two premium condominium facilities.

As the number of foreign visitors continues to increase following the end of the COVID-19 pandemic, Mona Yongpyong Co., Ltd. has established a Global Business Team to leverage its overseas networks.

The company plans to attract investment from Southeast Asian businesspeople and inbound tourists.

#Governor Kim Jin-tae of Gangwon Special Self-Governing Province stated, “This designation under the Investment Immigration Program is expected to serve as a major stepping stone for attracting foreign investment and increasing the number of foreign tourists, propelling Gangwon toward becoming a global city.”

He further emphasized, “This program will act as a catalyst for the long-stagnant development of Mangsang District. Moving forward, we will do our utmost to ensure that this program yields tangible benefits for the local economy.”