South Korea recently introduced a new visa for foreigners allowing them to visit the country on a working holiday or workation.
About Workation Visa
- The "workation" or "digital nomad" visa allows foreign nationals to visit South Korea on a working holiday.
- 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.