A Guide to Investment Visas in East Asia: Japan, South Korea, Hong Kong, Taiwan, and China

Five major destinations for investment-based immigration across East Asia rely on fundamentally different approaches to attracting foreign capital. Japan requires the creation and active operation of a real business. South Korea allows funds to be placed into a government-managed fund. Hong Kong offers passive portfolio investment—but at a steep cost. Taiwan grants permanent residence through the Plum Blossom Card. China makes eligibility so complex that, over two decades, fewer than 15,000 foreigners have obtained permanent residency.

Below is an overview of investment routes leading to residency and permanent settlement in Japan, South Korea, Hong Kong, Taiwan, and China. In all five jurisdictions, applicants must either be actively involved, invest substantial capital, or meet both conditions at once. There is no “cheap entry” model—no “invest and forget” option like some Caribbean programs. The closest to a passive approach is found in South Korea and Hong Kong via fund-based routes.

Macao deserves a separate mention: it has a large-scale investment immigration program and a technical immigration pathway. However, application volumes are relatively small, and the topic is scarcely covered in the investment-migration market. This article does not examine Macao in detail.

If you are considering alternatives in Southeast Asia—for example, Singapore (Global Investor Programme) or Thailand (Long-Term Resident Visa)—these options are discussed separately.

1. Japan: Business Manager Visa

Japan revised its Business Manager Visa program on October 16, 2025: the minimum capital threshold increased sixfold. The requirement is now ¥30 million (about $203,000) in paid-in capital, compared with the previously applicable ¥5 million.

The change was driven by misuse. According to authorities, only around 4% of approximately 41,600 current Business Manager Visa holders had capital exceeding ¥30 million. Reported examples included “empty” companies formed solely to obtain status, or short-term rentals set up exclusively for residency eligibility.

These new requirements are not only about money. From the outset, the applicant must employ at least one full-time worker in Japan. You must also demonstrate managerial experience (at least three years) or hold a relevant master’s degree.

In addition, the applicant—or one of their employees—must prove Japanese language proficiency at B2 level or higher (through JLPT, BJT, or an equivalent certificate).

The business plan must be certified by a qualified professional—for example, a certified public accountant (CPA), a licensed tax consultant, or a small and medium-sized enterprise consultant (中小企業診断士).

For existing holders, there is a transition period: until October 2028, they can align with the new standards when renewing. Applications submitted before October 16, 2025 are assessed under the old rules.

Path to Permanent Residence and Citizenship

The standard route to permanent residency is 10 years of continuous residence. However, there is also an accelerated path through the Highly Skilled Professional (HSP) points system: with 70+ points, you can apply after three years; with 80+ points, after just one year of residence.

Points are awarded for salary, education, work experience, age, and Japanese language ability. A large investment amount alone does not automatically shorten the timeline—what matters is the overall picture of meeting HSP requirements.

Citizenship can be pursued after five consecutive years of residence, but Japan does not recognize dual citizenship. Naturalization therefore requires renouncing your previous citizenship.

Alternative: Startup Visa

If ¥30 million is not attainable right now, the Startup Visa is considered as a “bridge.” Starting January 2025, the program applies nationwide through participating local authorities (previously it was limited to certain cities such as Tokyo, Osaka, and Fukuoka).

The Startup Visa provides up to two years to prepare a business plan, register a company, and move toward the requirements of a full Business Manager Visa. During the preparation stage, you do not need to meet the ¥30 million threshold.

Japan has also signaled plans to introduce a separate Angel Investor Visa for participants in the venture ecosystem, though the criteria have been disclosed only partially so far.

Key Trade-offs

Japan’s investment visa is not a “golden visa” in the classic sense—there is no purely passive option. You must genuinely run a business, generate revenue, and create jobs.

The program targets entrepreneurs with commercial intent and effectively penalizes attempts to buy status with minimal investment. For those willing to work and live in one of Asia’s safest and most technologically advanced economies, the route remains open—it has simply become about six times more expensive.

2. South Korea: Multiple Tracks and Rising Thresholds

South Korea offers the widest range of investment visa formats: from active investment into businesses to passive deposits into government funds and real estate investment. At the same time, all routes increased in cost in 2023 as part of a broader tightening policy.

D-8 Corporate Investor Visa (from KRW 100 million / about $75,000)

The lowest entry point is the D-8 visa. Applicants must invest KRW 100 million (about $75,000) into a Korean company. You must hold at least 10% of the voting shares and actively participate in management, administration, production, or technology operations. This is not a passive pathway.

Initial visas are issued for 1 to 5 years depending on the investment size. Permanent residence via the F-5 track becomes available after consistently maintaining investments and creating jobs, though the exact thresholds for specific subcategories (e.g., F-5-5) should be confirmed with the Ministry of Justice—public guidance on details is limited.

Immigrant Investor Program for Public Business (IISPB) (from KRW 1.5 billion / about $1.15 million)

IISPB is South Korea’s closest equivalent to a “passive golden visa.” Funds are placed into a public interest fund managed by the Korea Development Bank. The money is used to provide low-interest loans to SMEs. The principal is returned to the investor after 5 years with no interest.

In June 2023, the Ministry of Justice raised the minimum threshold from KRW 500 million to KRW 1.5 billion (about $1.15 million). It also removed a “senior discount” that previously allowed participation from age 55 with a KRW 300 million contribution.

An investment of KRW 1.5 billion provides an F-2 residency visa for 3 years. If the investment is maintained for 5 years, you may apply for permanent residence under F-5.

A higher tier—KRW 3 billion (about $2.3 million)—allows you to obtain permanent residence immediately, without waiting the five-year period.

Maintaining status under IISPB is relatively straightforward: for F-2, you need just one day of physical presence in Korea per year, and for F-5 holders, one entry every two years. Language testing, income proof, or employment history are generally not required.

Real Estate Investment (from KRW 1 billion / about $780,000)

The real estate route has been available since 2010. It involves purchasing qualifying tourism and entertainment properties in designated areas—such as Jeju Island, certain parts of the Incheon Free Economic Zone, the Alpensia resort area (Pyeongchang), and the Haeundae area (Busan).

In May 2023, the minimum threshold doubled from KRW 500 million to KRW 1 billion. The program is extended until April 30, 2026, but further renewal is not currently guaranteed. If you are considering this option, it is important to factor in the program’s “sunset” risk.

Path to Citizenship

Citizenship in South Korea typically requires at least 5 years of continuous permanent residence and completion of the Korean Immigration & Integration Program (language and basics of civic governance). The naturalization timeline is a minimum of 6 years from the date your first investment visa was issued.

As a rule, naturalized citizens must renounce their previous citizenship within one year. Exceptions may apply for people with exceptional achievements or outstanding abilities, but such decisions are discretionary and uncommon.

There is also a separate rule for former Korean citizens over 65: they may restore Korean citizenship without renouncing their foreign passport. However, it does not apply to first-time investors who naturalize.

3. Hong Kong: Updated Capital Investment Entrant Scheme (CIES)

Hong Kong restarted the Capital Investment Entrant Scheme (CIES) on March 1, 2024, after a pause that began in 2015. The new CIES is the only large-scale passive investment immigration program in East Asia at the ultra-high-net-worth level: you must invest HK$30 million (about $3.85 million) in eligible assets.

Of this amount, HK$27 million must go into permitted financial instruments or real estate. The remaining HK$3 million is allocated to the government-managed CIES Investment Portfolio overseen by Hong Kong Investment Corporation Limited (HKIC). The portfolio invests in innovation, technology, and strategic sectors, provided there is a link to Hong Kong.

Eligible financial assets include, for example, shares listed on the Hong Kong Stock Exchange, debt securities, deposit certificates (limited to HK$3 million), subordinated debt, SFC-permitted collective investment schemes, and interests in limited partnership funds (limited to HK$10 million).

Real estate is capped at a total limit of HK$15 million counted toward the investment threshold, and residential property is additionally capped at HK$10 million. Starting September 2025, the transaction price for a qualifying residential property must be at least HK$30 million for a single purchase (previously HK$50 million).

Applicants must demonstrate net assets of at least HK$30 million throughout the six months before filing. This requirement was relaxed compared with the original two-year valuation period following changes introduced in March 2025. From the same date, assets held jointly with family members may be counted, as long as the applicant’s share meets the minimum conditions.

The program is available to foreign nationals, PRC citizens with permanent residency in another country, Macao residents, and Taiwan citizens/residents. Mainland Chinese citizens without permanent residency in another country are not eligible. There are also exceptions for citizens of Afghanistan, Cuba, and North Korea.

In the first two years, CIES received 3,166 applications, corresponding to expected investment totals of roughly HK$95 billion, of which HK$55.6 billion was confirmed as actually deployed capital. Despite the program being available since October 2024, no applicant invested in residential real estate under CIES terms—nearly all capital went into financial instruments.

Path to Permanent Residence

After seven years of continuous ordinary residence in Hong Kong and meeting the portfolio maintenance requirements, CIES participants (and their dependents) may apply for permanent residence.

An annual compliance check is required: you must submit a Fulfillment of Portfolio Maintenance Requirements report prepared by a practicing Certified Public Accountant in Hong Kong after each anniversary of formal approval.

Hong Kong permanent residency provides the right of abode, including an unrestricted right to work, protection against deportation, and access to the SAR passport (for PRC citizens). For foreigners, naturalization as a PRC citizen is theoretically possible, but China does not recognize dual citizenship and the process is discretionary.

Key Trade-offs

CIES is the most expensive passive route in the region: in cost, it is about three times higher than South Korea’s IISPB for the tier offering immediate permanent residence.

In return, you gain access to one of the world’s freest economies, Hong Kong’s territorial tax model (typically no tax on individual income from foreign sources), and a passport that performs strongly for visa-free travel across Asia. The wait time to permanent residence is 7 years—longer than many global golden visa programs—but the absence of a minimum physical-presence requirement at the initial stage offers flexibility for those not planning a full relocation immediately.

4. Taiwan: Plum Blossom Card and Other Investment Routes

Taiwan structures investment-based immigration around three separate programs, tailored to different investor profiles.

Standard Investor Visa (from $200,000)

Taiwan’s Investor Visa requires a minimum investment of $200,000 into a registered Taiwan company, and the application must be approved by relevant central authorities before submission. This is an active business investment route. Real estate purchases do not count.

Upon arrival, you convert the residency visa into an Alien Resident Certificate (ARC), which must be renewed annually. After 5 years of continuous residence and at least 183 days of physical presence per year, you become eligible for permanent residence.

Another 5 years of continuous residence after obtaining permanent residence opens the path to citizenship.

APRC Plum Blossom Card (approximately from $480,000)

The Alien Permanent Resident Certificate (APRC), known as the Plum Blossom Card, is Taiwan’s premium offering: permanent residence with more flexible physical presence requirements compared with standard permits.

Two investment options are available.

First: invest NT$15 million (about $480,000) into a profit-generating enterprise and secure at least five jobs for Taiwan citizens, which must be maintained for 3 years. Under this route, you must hold an ARC for at least 3 years.

Second: purchase Taiwan government bonds totaling NT$30 million (about $960,000) and hold them for at least 3 years. However, this path usually requires that you hold an ARC for at least 5 years. In practice, additional requirements around capital transfer are also mentioned, meaning the real cost may be significantly higher than the stated threshold.

Based on publicly available information, approvals under the “solo” bond option have not been clearly confirmed. Before relying on this route, it is advisable to verify the current practical requirements with Taiwan’s National Immigration Agency or a specialized immigration attorney.

APRC holders may work and can sponsor close family members to obtain permanent residence. Physical presence rules are not fully waived: starting from January 1 of the year after you receive the APRC, if the average number of days of residence over the last 5 years does not reach 183, the permit may be revoked.

There is an exception for those who fall under Article 19 of the Employment and Recruitment of Foreign Professionals law (Senior Professional / Special Contributions). Otherwise, the Plum Blossom Card is valid indefinitely.

Gold Card and Global Elite Card

Employment Gold Card is aimed at high-salary professionals or people with unique expertise (for example, semiconductors, AI, finance). This is more talent-oriented and does not require capital placement.

The newer Global Elite Card raises the bar: annual income must exceed NT$6 million (about $187,000), and the route to permanent residence becomes faster. Still, the program has faced criticism for its restrictive income threshold.

Path to Citizenship

Taiwan usually requires renouncing your previous citizenship before naturalization. However, for Plum Blossom Card holders who qualify under Senior Professional or Special Contributions, naturalization without renunciation is allowed—provided you meet the conditions under the Foreign Professionals Employment and Recruitment law.

To qualify for citizenship in Taiwan, you typically need: 5 years of continuous residence after obtaining permanent residence, proof of Chinese language ownership (Mandarin or Taiwanese), completion of a civic governance exam, and evidence of financial independence.

5. China: The “Most Exclusive Green Card” in the World

China does not offer the classic “golden visa” model. There is no passive investment route to residency status. Instead, you may apply for a permanent residency permit, often referred to as China’s “green card.” Its reputation is among the toughest worldwide.

Between 2004 and the beginning of 2017, China granted foreigners just a little over 10,000 permits for permanent residence. In 2016—the best year by available statistics—1,576 were issued. For scale: the United States issued roughly 1.18 million green cards in the same year.

As of 2023 estimates, the total number of foreigners with Chinese permanent residency was around 12,000.

Investor Route: Requirements

The investor pathway requires direct investments in a genuinely operating business and maintaining your ownership stake for at least 3 years, with “clean” tax reporting. Purchases of shares, real estate acquisitions, and fund-based investments do not count.

You must establish or invest in one of the following structures: Wholly Foreign-Owned Enterprise (WFOE), Equity Joint Venture, or Cooperative Joint Venture.

Threshold amounts depend on the region. As a common benchmark, Shanghai requirements are often cited: from $2 million for eastern regions, from $1 million for central areas, and from $500,000 for western provinces or sectors listed in the Catalogue for the Guidance of Foreign Investment Industries. These thresholds must be maintained throughout the full three-year period.

There is also an employment-based route for high-paid professionals, but the thresholds depend on the city. In Shanghai, it requires 4 consecutive years of work with an annual salary of at least CNY 886,104 (about 6 times the local average city salary) and payment of individual income tax of at least CNY 177,221 per year.

Beijing uses a “6x the average city salary” formula, which—based on 2023 data—produces a threshold around CNY 840,000–860,000, plus individual tax of at least 20% of the corresponding salary. In both cities, you must have employer support, 4 consecutive years of employment, and at least 6 months of physical presence in China per year.

Thresholds are periodically recalculated using up-to-date salary data, so the amounts at the time you apply should be verified separately.

What Status Provides

A foreign permanent resident ID card (Foreign Permanent Resident ID Card) with the “Five-Star Card” design (introduced in December 2023) grants the right to stay indefinitely, visa-free entry and exit, the ability to work without a separate work permit, schooling for children in public schools, and access to the public healthcare system.

Holders are treated as equivalent to Chinese citizens in matters involving banking, insurance, and securities transactions.

What Status Does Not Provide

China does not allow dual citizenship under any circumstances. Naturalization is theoretically possible, but in practice it is effectively closed for most applicants.

The permanent residence card must be renewed every 10 years for adults and every 5 years for minors, even though the underlying right to reside is considered permanent. In February 2020, a draft reform for the permanent residence system was discussed, but after public backlash it was not implemented through legislation.

For most investors, China’s “ceiling” is permanent residency permission. Citizenship is generally not viewed as a realistic scenario.

Five Programs, One Shared Principle

Investment-based immigration in East Asia covers a wide range of models: from entry in South Korea (KRW 100 million under D-8) to HK$30 million in Hong Kong under CIES, and then to Chinese permanent residence—which is effectively invitation-based.

What unites all these options is this: foreign capital is expected to produce measurable outcomes—jobs in Japan, placing funds into funds in South Korea, portfolio assets in Hong Kong, an active business in Taiwan, and business activity in China.

None of the programs is a shortcut, and all five destinations have noticeably increased costs. If you are planning an investment, be sure to verify the current thresholds and requirements directly through the official program sources or with a qualified immigration consultant: within the last two years, at least one reform has affected each of the routes discussed.

If you’re considering investment visas in East Asia, it’s crucial to understand which model fits your goals: active business operation (as in Japan), fund-based routes (as in South Korea and Hong Kong), or special status pathways (like Taiwan’s programs). Digital Nomad can help you assess eligibility, prepare the documentation, and select the most practical route based on your capital strategy and timeline.

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