• According to Article 2 of the Foreign Investment Promotion Act (FIPA), a foreigner is defined as ?an individual of foreign nationality, a corporation established in accordance with a foreign law or an international economic cooperation organization.?
• According to Article 3 of the Enforcement Decree of FIPA, an ?individual who is a permanent resident of a foreign country? refers to a Korean national who has acquired permanent residence, or sojourn permission that can be substituted for permanent residence of the country in which he or she resides. In such cases, that individual is also considered a foreigner.
• Accordingly, a Korean-born individual with permanent foreign residence can be acknowledged as a foreign investor in Korea.
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