The South Korea residence by investment program was first introduced in 2010 with the real estate investment option. In 2012, South Korea introduced the Public Business program to complement its offering with business and bond investment options. The programs provide a 2-year resident permit that is renewable. After 5 years of living in the country, applicants become eligible for South Korea permanent residence and citizenship. The South Korean passport is a world-class travel document providing visa-free travel to the U.S., Europe, and China. South Korean non-permanent residents are not liable to taxation on their foreign income.