Corporate foreign exchange news

Published by Mark Smith-HalvorsenSouth Korea is set to relax its immigration laws to grant residency to foreign property owners and substantial investors.According to Xinhua, the country's justice ministry has set out plans to revise existing legislation to grant F-2 residential visas to foreigners who hold more than 500 million won worth of property or $500,000 worth of investments in the country.After living in the country for five years, foreign residents will be entitled to apply for an F-5 visa, which grants permanent residency. The move has been heralded in the domestic media as a step towards a more open society.For those who are considering buying property in South Korea, Expat Focus has advised consulting a foreign currency specialist to secure the best deal on exchange rates.The site cited mystery shopper research showing that on average, high street banks charge up to four per cent more to exchange foreign currency, while also imposing a number of additional charges to send money abroad.For more information on purchasing currency for regular or one-off payments, visit our Personal FX site