The cross-strait service trade agreement will not open a backdoor for “investor immigrants” from China, the Investment Commission said yesterday.
Chinese investors can only receive multiple-entry permits valid for one year if they meet a minimum investment amount, the commission said, adding that they are not eligible for permanent residency cards.
Opposition parties have said the service trade agreement could lead to an influx of Chinese immigrants, causing an upheaval in the local job market and draining public resources such as the National Health Insurance Program.
Those concerns were reinforced by media reports that a Chinese agency is advertising “easy immigration to Taiwan with an investment of 3 million yuan” (US$490,000).
Despite the rumors, Taiwan will not allow any permanent immigrants from China through investment, the commission said, citing various rules in place since limited Chinese investment was first allowed in June 2009.
Regulations stipulate a minimum investment of NT$15 million (US$500,000) before foreign individuals are eligible for a one-year multiple entry permit, the commission said.
The company invested in must maintain an annual revenue of NT$10 million for the investor’s permit to be renewed, it said.
The same rules apply to the 11 investor immigrants from the US, Canada and South Korea who are currently in Taiwan.
To ensure that Chinese business owners, managers and workers are following Taiwan’s laws and do not constitute a danger to national security, the Investment Commission will work with the National Immigration Agency to conduct spot-checks and audits of Chinese-invested companies, the commission said.
Violators will face deportation and have their investments rescinded, it added.