Taiwan cabinet approves measures to attract foreign talent
Taiwan’s cabinet has approved a draft amendment with the aim of attracting foreign talent to work and reside in the country.
The amendment to the Act for the Recruitment and Employment of Foreign Professionals, enacted in 2018, could “enable foreign professionals to come to Taiwan and stay here for good,” said Cabinet spokesman Lo Ping-cheng in a weekly press briefing, according to Focus Taiwan.
The amendment to the law would also allow foreign professionals to enjoy greater tax concessions, from the current three years to five years.
During the five-year period, should their annual income reach NT$3 million (US$106,643), only half of the amount over that threshold would be included as gross income in the assessment of individual income tax, according to Lin Chih-mei, Director of the National Development Council’s Department of Human Resources Development.
The country is also making it easier for expats to become permanent residents, and they would be able to submit an application after three years of residing in Taiwan, down from the current requirement of five years. This is provided they live in the country for at least 183 days each year.
Taiwan considers those who possess special expertise needed by the country as a “foreign special professional”. These are typically workers in science and technology, education, economics, culture, the arts, and sports.