What is South Korea’s Workation Visa?

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About Workation Visa

The “workation” or “digital nomad” visa allows foreign nationals to visit South Korea on a working holiday.
Eligibility:
- Foreign nationals with an annual income twice as much as South Korea’s per capita gross national income will be eligible to apply for the visa.
- It will be given to those having a work experience of over a year in one industry and are eligible for remote work.
- Moreover, the applicants must also have medical insurance of over 100 million won (₹63,62,655.45) and must cover medical treatment and repatriation fees.
- The visa will also be allowed to the families of these employees.
The visa, which is valid for a year and renewable for up to two years, can be issued at South Korean embassies, and those currently residing in the country under a temporary visa can also apply for it if they meet the requirements. (Currently, foreign nationals interested in working and traveling in Korea need a tourist visa, which is limited to stays of less than 90 days)
The people who are awarded this visa cannot be hired by any company in South Korea to work or undertake any profit-making activity.

Q1) What is Korean Won (KRW)?

The Korean won (KRW) is the national currency of South Korea. Its users denote the won by using the symbol “₩,” as in “₩1,000.” Since 1950, it has been administered by the nation’s central bank, the Bank of Korea.The won is fully convertible and is routinely traded against other global currencies.

Source: South Korea launches ‘workation’ visa for foreigners: All you must know