The government has introduced a new “top-tier” visa to attract outstanding talent in the areas of semiconductors, biotechnology, secondary batteries and displays.

At a briefing Wednesday, acting Justice Minister Kim Seok-woo announced the steps the government is taking to improve its visa regulations, including the latest move, which grants F-2 visa status to highly qualified applicants and their families so they can freely engage in economic activities.

The new visa is for foreign nationals 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 and whose annual earned income stands at nearly 150 million won, or around 102-thousand U.S. dollars. 

Foreign nationals whose annual earned income exceeds 199-point-82 million won will also be eligible even if they don’t meet the academic or work experience criteria.

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