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Re: You need a billion won to retire in Korea?
« Reply #20 on: September 14, 2019, 06:38:17 am »
As for the Canadian investor visa, I can't find any specific rules about it but it sounds like you have to have millions of dollars in assets, invest nearly a million in Canada, and have experience as a business manager of some kind. Most elderly Koreans would simply not have the liquid cash to do this.

Yes places like the Phillipines are much easier to immigrate to but who wants to live there in their 80s? Do elderly Koreans make it work?
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  • JNM
  • The Legend

    • 4078

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: You need a billion won to retire in Korea?
« Reply #21 on: September 14, 2019, 07:02:57 am »
As for the Canadian investor visa, I can't find any specific rules about it but it sounds like you have to have millions of dollars in assets, invest nearly a million in Canada, and have experience as a business manager of some kind. Most elderly Koreans would simply not have the liquid cash to do this.

Yes places like the Phillipines are much easier to immigrate to but who wants to live there in their 80s? Do elderly Koreans make it work?

I read 1.2 million CAD.

We are not talking elderly. We are taking 45-50 year olds who are let go.

They can make a go of it in places like Saint John, Winnipeg, or Saskatoon.

I’ve met them there!




  • oglop
  • The Legend

    • 2240

    • August 25, 2011, 07:24:54 pm
    • Seoul
Re: You need a billion won to retire in Korea?
« Reply #22 on: September 14, 2019, 09:31:04 am »
why are workers let go at such an early age, anyway? i used to teach the CEO of Jaguar in korea, and he was coming up to "retirement age"... but he was only 40-something. he was worried about his future. it was really weird. makes no sense


  • JNM
  • The Legend

    • 4078

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: You need a billion won to retire in Korea?
« Reply #23 on: September 14, 2019, 11:45:43 am »
why are workers let go at such an early age, anyway? i used to teach the CEO of Jaguar in korea, and he was coming up to "retirement age"... but he was only 40-something. he was worried about his future. it was really weird. makes no sense
Most Koreans get a raise every year based on years of service (not merit).
In their mid-40s, their employers often decide that their no longer worth the increased salary, so that let them go.
They call this “retirement”.


  • oglop
  • The Legend

    • 2240

    • August 25, 2011, 07:24:54 pm
    • Seoul
Re: You need a billion won to retire in Korea?
« Reply #24 on: September 14, 2019, 12:26:02 pm »
same as ESL teachers in the public system, then

just as you get good at your job, you're let go and replaced by a noob who doesn't know what they're doing. still makes no sense


  • L I
  • The Legend

    • 3389

    • October 03, 2011, 01:50:58 pm
    • Seoul
Re: You need a billion won to retire in Korea?
« Reply #25 on: September 14, 2019, 12:33:44 pm »
Young people are thought to have more energy.

(Which is true to some extent.)


  • oglop
  • The Legend

    • 2240

    • August 25, 2011, 07:24:54 pm
    • Seoul
Re: You need a billion won to retire in Korea?
« Reply #26 on: September 14, 2019, 12:53:13 pm »
and people who have been doing a specific job for many years have experience, knowledge and expertise


  • pkjh
  • Hero of Waygookistan

    • 1539

    • May 02, 2012, 02:59:44 pm
Re: You need a billion won to retire in Korea?
« Reply #27 on: September 14, 2019, 02:17:18 pm »
why are workers let go at such an early age, anyway? i used to teach the CEO of Jaguar in korea, and he was coming up to "retirement age"... but he was only 40-something. he was worried about his future. it was really weird. makes no sense
Might have to do with recent history. Not that long ago, like early-80s, Korea's life expectancy was only like 65 years old. Go back to the late 60s it was 60.

That's why so many Koreans want to be public servants (like teachers). You don't retire until like 63, and the pension is pretty good. You trade higher salary in the private sector for a longer, virtually guaranteed, life-time employment.
« Last Edit: September 14, 2019, 02:20:09 pm by pkjh »


  • L I
  • The Legend

    • 3389

    • October 03, 2011, 01:50:58 pm
    • Seoul
Re: You need a billion won to retire in Korea?
« Reply #28 on: September 14, 2019, 02:20:03 pm »
and people who have been doing a specific job for many years have experience, knowledge and expertise

And older folk tend to be more mature, meaning more responsible.

On the other hand, less physically attractive, declining fluid intelligence, and more health problems. Less alertness. Slower reaction times.

Distasteful to say but true.

If you're an aging person who believes this:

really weird. makes no sense

...well, it actually does make sense. At least somewhat. In a cutthroat  business environment where money is king.

There are some harsh realities in life. This is one.


  • stoat
  • Veteran

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    • March 05, 2019, 06:36:13 pm
    • seoul
Re: You need a billion won to retire in Korea?
« Reply #29 on: September 14, 2019, 02:39:15 pm »
and people who have been doing a specific job for many years have experience, knowledge and expertise

It'd be on a case by case basis anyway. My father in law - manager of several chemical plants -  didn't retire until he was in his seventies and the company was still trying to persuade him to stay on.

« Last Edit: September 14, 2019, 02:54:40 pm by stoat »


  • Lazio
  • Veteran

    • 161

    • January 27, 2018, 03:56:10 pm
    • Gyeongi-do
Re: You need a billion won to retire in Korea?
« Reply #30 on: September 14, 2019, 02:46:38 pm »
As for the Canadian investor visa, I can't find any specific rules about it but it sounds like you have to have millions of dollars in assets, invest nearly a million in Canada, and have experience as a business manager of some kind. Most elderly Koreans would simply not have the liquid cash to do this.

Yes places like the Phillipines are much easier to immigrate to but who wants to live there in their 80s? Do elderly Koreans make it work?

I read 1.2 million CAD.

We are not talking elderly. We are taking 45-50 year olds who are let go.

They can make a go of it in places like Saint John, Winnipeg, or Saskatoon.

I’ve met them there!

The Provincial Nominee Program (for Business) does not require nearly that much asset. In New Brunswick the required minimum net worth is 300,000 CAD. Other Provinces are similar too.
I used to work for companies dealing with applicants and helping them with the whole process. This was over 5 years ago so my numbers could be a bit outdated. But most clients had around 400,000-500,000CAD. Some even less. They were not the retiring age though but mostly in the late thirties and early fourties with children aged typically between 6 and 14 years old. The main reason they were heading to Canada was education for their kids.


  • Lazio
  • Veteran

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    • January 27, 2018, 03:56:10 pm
    • Gyeongi-do
Re: You need a billion won to retire in Korea?
« Reply #31 on: September 14, 2019, 02:52:42 pm »

This is an over-exaggeration. More and more Koreans are not planning on living with their children and more and more are saving to fund their retirements.

Yeah because their children refuse to take them in or can't afford to do so. But the fact is that the national pension is worthless and there aren't many better options for many Koreans.

It depends on how long one have contributed and on what kind of salary. Let's not forget that the pension here is a relatively new concept, especially in the private sector. The current 70+ generation did not pay into their pension for more than a decade or two, unless they worked in the public sector.
My friend's father-in-law gets 3 million/month. He was a public school teacher.
« Last Edit: September 14, 2019, 02:55:33 pm by Lazio »


  • L I
  • The Legend

    • 3389

    • October 03, 2011, 01:50:58 pm
    • Seoul
Re: You need a billion won to retire in Korea?
« Reply #32 on: September 14, 2019, 03:02:57 pm »
The main reason they were heading to Canada was education for their kids.

English immersion. Their kids will become fully bilingual. Then they'll head back to Korea.


  • Lazio
  • Veteran

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    • January 27, 2018, 03:56:10 pm
    • Gyeongi-do
Re: You need a billion won to retire in Korea?
« Reply #33 on: September 14, 2019, 06:05:33 pm »
The main reason they were heading to Canada was education for their kids.

English immersion. Their kids will become fully bilingual. Then they'll head back to Korea.

I don't know their true intention because most aren't really planning to operate a convenience store or a dry cleaning store. Of course they don't advertise, that they only need the permanent residency and once they are free to leave the province, they head to Toronto or Vancouver, because that could jeopardize their application. But I doubt that most of them are planning to come back. They cut all their ties with Korea, sell their real estate, close bank accounts, pull out their pension etc. And it would take a few years for their kids to become bilingual. By that time they can obtain permanent residency which would be foolish to give up. They would lose most of their business investment there and there is also a deposit which is to ensure that they don't pack up and leave in a few years. Also, being away from their jobs and career in Korea for a few years and come back when they are fifty or so years old... As discussed here above, it ain't easy to land or keep a job after 50, let alone taking a 5 year break to operate a coffee shop and expect to come back to their old positions. No, I don't think so. Perhaps many of them plan to come back later, but once they settle over there, succeed with whatever business, make friends and their kids become more Canadian than Korean, they could easily change their minds.
« Last Edit: September 14, 2019, 06:11:39 pm by Lazio »


  • L I
  • The Legend

    • 3389

    • October 03, 2011, 01:50:58 pm
    • Seoul
Re: You need a billion won to retire in Korea?
« Reply #34 on: September 14, 2019, 06:25:27 pm »
Is education for their kids the main reason they go to Canada? Higher earnings potential could be the biggest draw. And there are about ten times as many Koreans in the USA as Canada, so maybe even higher earnings potential there. (And/or they are going to America for the American education for their kids.)


  • gogators!
  • The Legend

    • 3720

    • March 16, 2016, 04:35:48 pm
    • Seoul
Re: You need a billion won to retire in Korea?
« Reply #35 on: September 14, 2019, 06:41:07 pm »

This is an over-exaggeration. More and more Koreans are not planning on living with their children and more and more are saving to fund their retirements.

Yeah because their children refuse to take them in or can't afford to do so. But the fact is that the national pension is worthless and there aren't many better options for many Koreans.
Many this, many that...define many.

The apartment complex I last lived in was full of senior citizens living in their own apartments. My next door neighbor has bought a smaller apartment outside of Seoul to live in and were giving their apartment to their son.  This is more common that YOU think.


  • JNM
  • The Legend

    • 4078

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: You need a billion won to retire in Korea?
« Reply #36 on: September 14, 2019, 07:07:33 pm »
As for the Canadian investor visa, I can't find any specific rules about it but it sounds like you have to have millions of dollars in assets, invest nearly a million in Canada, and have experience as a business manager of some kind. Most elderly Koreans would simply not have the liquid cash to do this.

Yes places like the Phillipines are much easier to immigrate to but who wants to live there in their 80s? Do elderly Koreans make it work?

I read 1.2 million CAD.

We are not talking elderly. We are taking 45-50 year olds who are let go.

They can make a go of it in places like Saint John, Winnipeg, or Saskatoon.

I’ve met them there!

The Provincial Nominee Program (for Business) does not require nearly that much asset. In New Brunswick the required minimum net worth is 300,000 CAD. Other Provinces are similar too.
I used to work for companies dealing with applicants and helping them with the whole process. This was over 5 years ago so my numbers could be a bit outdated. But most clients had around 400,000-500,000CAD. Some even less. They were not the retiring age though but mostly in the late thirties and early fourties with children aged typically between 6 and 14 years old. The main reason they were heading to Canada was education for their kids.

Thanks for filling in the details.



  • Lazio
  • Veteran

    • 161

    • January 27, 2018, 03:56:10 pm
    • Gyeongi-do
Re: You need a billion won to retire in Korea?
« Reply #37 on: September 14, 2019, 08:26:01 pm »
Is education for their kids the main reason they go to Canada? Higher earnings potential could be the biggest draw. And there are about ten times as many Koreans in the USA as Canada, so maybe even higher earnings potential there. (And/or they are going to America for the American education for their kids.)

Whatever is their reason, the point is: They are not planning to come back.

As for the reason; yes, that's what they say. These people are middle class here with good enough jobs and net worth, lifestyle etc. It's definitely a step-down for them to go to Canada and start a business for real or just to get the visa they need. They are not going to land jobs that pay six figures. Not those that go through the Provincial Nominee Program. They can't just take any job they want. They must invest into a business and do that for at least a few years. At first they get a temporary visa only.
There are of course highly skilled scientist, engineers, IT experts that immigrate too, and they do so for better career opportunities and higher earning potential. But not those people that I'm talking about. They don't even speak English all that well. Their career as a water filter company mid-level manager or a public officer in Korea wouldn't worth anything in Canada. How could they expect to earn more in Canada than they do here?
They sacrifice a lot by giving up their middle class life in Korea and they are doing so for their children and their future. Why Canada? Of course most Koreans wish to immigrate to an English speaking country. High standard of living, good air, solid education system, affordable and quality health care and public safety are on the top of their list of priorities. Canada checks all these boxes. And on top of all, immigrating there, is a whole lot easier compared to the USA.


  • oglop
  • The Legend

    • 2240

    • August 25, 2011, 07:24:54 pm
    • Seoul
Re: You need a billion won to retire in Korea?
« Reply #38 on: September 15, 2019, 12:08:36 am »
and people who have been doing a specific job for many years have experience, knowledge and expertise

And older folk tend to be more mature, meaning more responsible.

On the other hand, less physically attractive, declining fluid intelligence, and more health problems. Less alertness. Slower reaction times.

Distasteful to say but true.

If you're an aging person who believes this:

really weird. makes no sense

...well, it actually does make sense. At least somewhat. In a cutthroat  business environment where money is king.

There are some harsh realities in life. This is one.
yeah but you're talking like they're 80 years old. 45-50 isn't old. and you can still do pretty much any job when you're that age. i though the whole point of retirement age is because you're actually too old to do your job.

i'm not sure what attractiveness/reaction speed has anything to do with having most jobs. less fluid intelligence/health problems... perhaps? but again, questionable.

do any other countries do this? generally experience in your field is considered a good thing, not a detriment. and maybe older people shouldn't be leaders of their countries, then. moon's certainly too old, as is trump. let's make an 18 year old president. after all, they have more energy and a better reaction speed


  • JNM
  • The Legend

    • 4078

    • January 19, 2015, 10:16:48 am
    • Seoul, South Korea
Re: You need a billion won to retire in Korea?
« Reply #39 on: September 15, 2019, 12:47:22 am »
To be fair, Trudeau isn’t doing that well at a young 47.

Nor Macron at 41.