Changes in Korean Citizenship requirement
Beginning in March 2016, those who are interested in applying for Korean citizenship will be required to show proof of their assets amounting to 60 million won. This was announced today, November 11th, by the Ministry of Justice. HOWEVER, this only applies to GENERAL APPLICATION (일반귀화). It does not cover applications from those who are married to Koreans (혼인귀화).
General citizenship application is for foreigners who have resided in Korea for 5 consecutive years and has no family relation in the country. Foreigners who are married to Koreans apply for the simplified naturalization.
The naturalization fee is 300,000 won and the length of processing depends on the application category. The Ministry of Justice releases a monthly bulletin on the status of applications. According to the latest bulletin in November, applications received in January 2015 from married applicants with kids and applications received in April 2014 from married applicants with no kids are now being processed.
For more information on naturalization and updates, please visit the HI Korea Portal site.