The government next month will ease regulations on the granting of permanent residency to Korean expatriates and foreigners in a bid to counter the nation's declining and aging population.

The Ministry of Justice said Tuesday that Korean expatriates who are not currently in Korea are qualified to apply for permanent residency following two years of formal residency in Korea. Those who work at Korean companies must make an annual income double last year's gross national income (GNI) which is some US$38,000.

Those who do not currently reside in Korea but who are over the age of 60 and make an annual profit exceeding last year's GNI are also qualified to apply for permanent residency. Korean expatriates who paid $430 or more in property tax last year and those who have invested over $500,000 in real estate are qualified as well. H-2 visa holders who have worked in Korea's agricultural or manufacturing industry for more than four years and who hold over $26,000 in property may also apply if their annual income exceeds last year's GNI.

Foreigners can apply for permanent residency if their annual income is double the Korean GNI or if they employ 10 or more Korean workers.

The government decided to ease the regulations after only 30 people met the criteria last year to apply for permanent residency. That number is seen as far too small to overcome the looming demographic challenges that the nation faces.

The revised law permits expatriates to reside abroad as long as they report an address in Korea. However the latest move may increase competition for jobs, leading to concerns that Korea could see a spike in the unemployment rate for young workers.