November 24, 2004
The Council for Economic Planning and Development (CEPD) says that the Financial Supervisory Commission is studying the possibility of allowing foreign professionals to take out real estate loans in Taiwan after they obtain the right to own real estate. The council contends that this is necessary as an incentive to draw high quality professionals, ranging from those in finance and commerce to creative design professionals, to Taiwan.
The CEPD notes that Taiwan's laws currently only permit foreigners from countries that allow Taiwanese citizens to hold real estate to obtain real estate in Taiwan. Also, foreigners that acquire land for homes, offices, churches, hospitals and schools are subject to the restrictions and management of local governments. The council says that these regulations create a certain degree of difficulty for foreigners wishing to reside in Taiwan.
At present, banks in Taiwan that grant real estate loans to non-Taiwanese citizens do so based on their own internal policies. However, the CEPD maintains that the government must move towards liberalization if it hopes to succeed in enticing foreign professionals to reside in Taiwan.
A special office to be established by the CEPD will be responsible for determining the government's definition of foreign professional.
(United Daily News, Central News Agency)
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