Taipei, Oct. 31 (CNA) A new law aimed at attracting more foreign professionals to Taiwan was approved by the Legislative Yuan on Tuesday.
The Act for the Recruitment and Employment of Foreign Professional Talent, which passed the legislative floor on that day, eases Taiwan's regulations pertaining to visas, work permits, taxes, insurance, pension and residency for foreign professionals and their families.
The Act extends work and residence permits for foreign white-collar professionals from the current maximum of three years to five.
It also removes the requirement that such workers must remain in Taiwan for 183 days per year to maintain their status.
In addition, it allows foreign nationals to enter Taiwan on a job-seeking visa that will be valid for six months instead of the current three.
Under the revised Act, an Employment Gold Card that includes a work permit, residence visa, alien residency permit and re-entry permit will be introduced for foreign professionals.
The "four-in-one card" makes it easier for foreign nationals to change jobs in Taiwan because they will no longer be dependent on their employer to apply for a work permit.
Meanwhile, foreign white-collar workers who have been approved for permanent residency will be eligible for inclusion in Taiwan's labor pension system and upon retirement have the option of either a lump-sum payment or a monthly pension.
The Act also stipulates that the spouses, minor children and disabled children of foreign professionals can apply for permanent residency in Taiwan.
Furthermore, spouses and children will no longer have to wait six months to become eligible for Taiwan's National Health Insurance and can be insured as soon as they obtain documentary proof of residence.
A supplementary resolution was also passed Tuesday, stating that a limit will be placed on the number of individuals eligible to receive job-seeking visa annually. The quota will be based on demand and submitted to the Legislative Yuan for review every year, according to the resolution.