TAIPEI (Taiwan News) - Taiwan's Cabinet unveiled a proposal for a New Economic Migrant Act on Tuesday and is mulling relaxation of the rules on a visa scheme targeted at rich foreign investors, which allows investments in designated funds, or other financial products outside government bonds.
According to existing rules for immigrant investors, applicants are required to invest either over NT$30 million (US$1 million) in Taiwanese government bonds or over NT$15 million (US$0.5 million) in a for-profit enterprise in Taiwan, which can create five or more job opportunities for Taiwanese citizens.
National Development Council Minister Chen Mei-ling (陳美伶) admitted that the rule was too rigorous, with less than 20 applicants eligible to get permanent residency so far, reported the United Daily News.
According to the Cabinet's new plan, immigrant investors are allowed to invest in funds, company bonds, and other financial products designated by the government as critical to the country's development.
"The relaxation is applicable to grand infrastructure or business projects to avoid land speculation," said Chen.
She added that those meeting the requirements will be eligible to apply for permanent residency as immigrant investors after a period of three years, and will also be eligible to apply for naturalization to become a Taiwanese citizen. Spouse and children of the successful applicant can apply for dependency and permanent residency.