The Ministry of the Interior will propose an amendment to the Regulations Governing Visiting, Residence and Permanent Residence of Aliens (外國人停留居留及永久居留辦法) to lower the permanent residence threshold for foreign investors to encourage more foreign investment in the country.
At present, Article 12 of the regulations stipulates that individuals seeking to apply for investment immigration to Taiwan must first invest more than NT$30 million (US$1 million) in an immigrant investment fund designated by the National Immigration Agency in consultation with the related authorities.
However, the latest proposal would allow foreigners to gain permanent residency by providing the same amount of investment for the same period of time for the purchase of Taiwanese government bonds.
According to the ministry, the proposal came after the continued inability of concerned government agencies to reach a consensus on the operation of the immigrant investment fund.
None of the concerned agencies, including the Ministry of Finance, the Ministry of Economic Affairs, the Council for Economic Planning and Development and the Financial Supervisory Commission, considered themselves the “competent authorities” stipulated in the regulations, the ministry said, which severely impeded the establishment of such an investment fund.
“In light of the aforementioned obstacles, the ministry thus decided to propose the amendment in an effort to push forward with the county’s investment immigration policy and to streamline its operations,” the ministry said.
Meanwhile, the interior ministry also announced plans to adopt a draft amendment to Article 22 of the regulations to extend the maximum allowed time for foreigners to stay in the country after expiration of their residency, as part of its effort to attract more foreign talent.
Foreigners whose residency is granted based on their investment in Taiwan, their employment in the country in accordance with the Employment Services Act or special approval by the Ministry of Foreign Affairs would be eligible for the extension, the ministry said.
If passed, the amendment would allow those individuals, their spouses and offspring to leave the country within 90 days after their residency expires, rather than within 15 days, as previously stipulated.