The already frayed relations between Korea and China could escalate as the Justice Ministry’s plan to toughen the immigration investment program.

The Justice Ministry on Thursday announced that it will raise the bar on the immigration system that allows foreigners resident status (F-2 visa) as well as permanent residence (F-5) for foreigner that maintain investment in public funds designated by the ministry for minimum five years.

Foreigners can also get the long-term residency visa through the “risk-based investment” program, which is investing in development projects in less “developed regions” designated by the justice ministry.

The residency visa allows the foreigners free economic activities including finding jobs.

To be granted the residency visa, the foreigners will now have to invest 1.5 billion won, which is triple the current minimum requirement of 500 million won.

The ministry plans to abolish the minimum 300 million won investment for retirees of over 55 years old.

The circumstances for permanent residence visa, which was 1.5 billion won, will be raised to 3 billion won.

This is the first time that such changes have been made since the program was first adopted in 2013.

The ministry in a press release stated that while the program has contributed to helping SMEs as the investments that were made to the Korea Development Bank (KDB) were used in providing low-interest loans.

However, it also noted that the investment requirement need to be changed considering how it remained so for the last 10 years. Also it noted that the low bar had made it easy for foreigners to gain residency.

According to the People Power Party’s Rep. Cho Su-jin’s office, between 2018 and 2022 among the 1,799 foreigners that gained their long-term residency visa through the immigration investment program 70.8 percent or 1,274 were Chinese.

During the same period, among the 2,985 foreigners that gained the long-term residency visa through the real estate development investment, 94 percent or 2,807 were Chinese.

The announcement came a day after the Korean government raised warning in traveling to China as the amended counterespionage law takes effect on Saturday.

The ambiguity of the law could even result in incarcerating Korean businessmen and even tourists filing the wrong venue or events.

Tensions between the two countries took a nosedive since earlier this month when Chinese Ambassador Xing Haiming warned that those who bet against China will “regret it” while having the Democratic Party leader Lee Jae-myung sitting next to him earlier this month.

Earlier this month, PPP leader Kim Gi-yeon called for a change in electoral policies for foreigners living in Korea during the National Assembly’s negotiation group session.

“Korea-China relations need to be re-established under the principle of reciprocity,” Kim said.

“About 100,000 Chinese people living in Korea had voting rights in the regional election in June last year, but voting rights are not guaranteed for our people living in China,” Kim added, raising questions on why Korea is the only side to lower the bar.

“It’s fair to not give the right to vote to foreigners from a country that does not grant our people the right to vote,” Kim argued.

Kim also attacked the current welfare insurance policy for foreigners.

“The national health fund, made up of our people’s sweat and toil, ought not to drain as ‘medical shopping’ for foreigners,” he said. “I will stop the dine and dash and freeriding on health insurance.”

Kim said Chinese nationals in Korea enjoy more health insurance benefits than Koreans in China, which he blasted as “unjust and unfair.”

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]