Effective January 1, 2024, South Korea became part of the growing list of nations embracing a visa program designed to support digital nomads and startup enthusiasts.
Remote work has seen a gradual rise over the years, but it was largely on the outskirts of mainstream work culture. The COVID-19 pandemic, however, sparked a significant shift in how both employers and employees viewed remote work and hybrid teams. Consequently, there was a 113% surge in individuals identifying as “digital nomads” following the pandemic, as reported by MBO Partners in 2023.
Previously, most digital nomads could only enter their destination country on a tourist visa, typically valid for 90-180 days per year. However, governments globally have recognized the advantages of welcoming digital nomads for longer durations, offering benefits akin to more permanent visas. According to Visa Guide, over 50 countries have embraced such initiatives, with this number expected to rise in the future.
Dubbed “workation,” these new visas make it simpler for digital nomads to travel and work legally worldwide. South Korea’s introduction of a digital nomad visa further enhances its appeal as a remote work destination in the Asian region.
Let’s delve deeper into the specifics of South Korea’s digital nomad visa.
Requirements for South Korea’s digital nomad visa:
Starting this month, South Korea will issue “digital nomad” visas allowing select foreign residents to stay for up to two years while retaining their jobs abroad.
This visa aims to attract global talent by permitting temporary residence for remote work. It’s likely to attract both independent digital nomads and multinational employees seeking ties with South Korea’s thriving economy.
Applicants must demonstrate an annual income exceeding 84.96 million won ($65,860) and provide documents such as employment verification, criminal record details, and private health insurance proof, with coverage of at least 100 million won.
Looking ahead:
The new visa initially allows a one-year stay, extendable to a maximum of two years, pending government review for permanent adoption.
The Justice Ministry stated, “To facilitate remote work and vacations for foreigners in Korea, we’re launching a new digital nomad visa.” This move aims to encourage overseas firms’ employees and employers to work remotely and tour Korea for extended periods.
South Korea’s digital nomad visa may not be permanent, but governments globally are recognizing the benefits of supporting digital nomads for several reasons.
Firstly, it compensates for reduced tourism revenue during the pandemic and boosts local economies by hosting remote workers long-term. Additionally, these visas attract financially stable individuals who contribute to the economy through spending.
Moreover, while not targeting permanent residency, digital nomad visas attract top talent, benefiting the local economy significantly.
Considering these factors, it’s likely that more countries will follow South Korea’s lead in supporting entrepreneurs and remote workers in the coming years. As Michael Puscar, a seasoned entrepreneur, remarked, “International entrepreneurs seek environments they enjoy. That’s crucial for business.”