(1) Limitations on the extent of activities and the period of stay shall not apply to an alien granted the status of permanent residency under subparagraph 2 of Article 10 (hereinafter referred to as "status of permanent residency").
(2) Persons who intend to acquire the status of permanent residency shall be persons eligible for the status of permanent residency prescribed by Presidential Decree and meet each of the following requirements:
1. He or she shall be of good conduct, such as observing the Acts and subordinate statutes of the Republic of Korea;
2. He or she shall be able to make a living, relying on the income, assets, etc. of his or her own or of a family member with whom he or she share livelihood;
3. He or she shall have basic knowledge necessary to continuously live as a national of the Republic of Korea, such as Korean language capability and the understanding of Korean society and culture.
(3) Notwithstanding paragraph (2)2 and 3, the Minister of Justice shall wholly or partially alleviate or exempt the requirements referred to in paragraph (2)2 and 3 for the persons prescribed by Presidential Decree, such as those rendering distinguished services to the Republic of Korea, those with excellent capabilities in a specific field, including science, management, education, culture and arts, and athletics, and those making investment of a certain amount or more in the Republic of Korea.
(4) Matters necessary for the standards, extent, etc. of the requirements under each subparagraph of paragraph (2) shall be prescribed by Decree of the Ministry of Justice.[This Article Added on Mar. 20, 2018]