A Plan of Granting Remittance of Foreign School and Hospital’s Local Profits to Their Home Country

In order to attract domestic advance of foreign renowned schools and hospitals, a plan of granting remittance of their local profits to their home country is underway. A plan is already being considered to implement a standard lease contract document in English for foreign investors and enterprisers to more easily rent a house.

According to Ministry of Finance and Economy on January 11, the government plans to announce a “counterplan to improve a foreigner’s way of life” for the convenience of foreign investors and enterprises who made inroads into our market within the first half of the year.

According to the plan for attracting foreign investment, the government allows foreign schools and hospitals remitting gains as a profit-making corporation, although their status remains a nonprofit corporation. It is for the purpose of inducing domestic entry of worldly celebrated hospitals such as Johns Hopkins Hospital.

In the case of international schools, an entrance requirement will be drastically relieved for easier admission for Korean citizens because of difficulties in school management by accepting only resident aliens. The government plans to decide on a policy of authorizing an academic career in international schools of a special economic zone as domestic schooling for the sake of residents who are admitted to international school.

Along with these new policies, the government expects to examine not only a preparation for a standard lease contract document in English for resident foreigners’ easy process of renting a house, but also an issuance of a work visa for a foreign family’s housemaid.

Jin-Hup Song jinhup@donga.com