Income Requirements for Indian Students Applying for Permanent Residency (PR) in Korea
Permanent Residency (PR) in Korea provides foreign nationals with the right to live and work indefinitely in the country. Indian students who have completed their studies in Korea may be eligible to apply for PR if they meet certain criteria, including income requirements.
Eligibility Criteria for Indian Students
To be eligible for PR in Korea as an Indian student, you must meet the following requirements:
- Have graduated from a Korean university with a bachelor’s degree or higher
- Have resided in Korea for at least three consecutive years
- Have a stable income that meets or exceeds the minimum requirements
Minimum Income Requirements
The minimum income requirement for Indian students applying for PR in Korea varies depending on the size of their household. As of 2023, the following income thresholds apply:
| Household Size | Minimum Annual Income |
|---|---|
| One person | 30,000,000 KRW (approximately $23,000) |
| Two people | 36,000,000 KRW (approximately $27,000) |
| Three people | 42,000,000 KRW (approximately $32,000) |
| Four people | 48,000,000 KRW (approximately $36,000) |
Acceptable Sources of Income
The income used to meet the minimum requirement can come from various sources, including:
- Employment income (salary or wages)
- Business income (net profit from self-employment)
- Investment income (dividends, interest, etc.)
- Pension income
- Other sources of regular and stable income
Evidence of Income
When applying for PR, Indian students must provide evidence of their income. Acceptable forms of evidence include:
- Income tax returns
- Pay stubs
- Bank statements
- Business registration documents
- Investment statements
- Pension certificates
Additional Considerations
- The income requirement is based on the household’s combined income. If you are married to a Korean citizen or permanent resident, their income can be included in your application.
- Part-time income or irregular income may not be considered towards the minimum requirement.
- If your income is below the minimum threshold, you may still be eligible for PR if you have other exceptional circumstances, such as outstanding academic achievements or specialized skills.
Application Process
To apply for PR in Korea, Indian students must submit the following documents to the Korea Immigration Service (KIS):
- Application form
- Passport
- Visa
- Degree certificate
- Proof of residence
- Proof of income
- Other supporting documents (e.g., marriage certificate, birth certificate)
The application process can take several months, and approval is not guaranteed. It is advisable to consult with an immigration lawyer to ensure that your application is complete and compliant with all requirements.
Conclusion
Meeting the income requirements is an important aspect of the PR application process for Indian students in Korea. By understanding the eligibility criteria and providing sufficient evidence of stable income, students can increase their chances of securing permanent residency in the country.