TAIPEI (Taiwan News) — Taiwan has loosened the requirements for foreign nationals planning to work in the finance sector as the country seeks to repackage itself as an international financial hub with a diverse pool of talent.
An amendment to the Act for the Recruitment and Employment of Foreign Professionals was published by the Financial Supervisory Commission (FSC) on Monday (Dec. 14).
The 10 years of experience as a chairperson, general manager, board member, or another senior post previously required for those seeking managerial jobs in Taiwan has been slashed to five years. In addition, the five years of related work experience for positions requiring specific skills or expertise in international financial matters has been shortened to three years.
Meanwhile, the five years of relevant experience required for foreigners seeking finance-related employment in “key industries” — for example, fintech, e-commerce, digital economy, technological management, and green tech — has been reduced to three years.
As of Nov. 30, 114 of the 1,711 Employment Gold Cards issued since February 2018 have been in the finance field, according to the financial regulator. Cardholders are entitled to a host of special rights in Taiwan, ranging from income tax benefits to health insurance for their spouses and children.