2021-01-04

FSC Lowers the Threshold for Employment Gold Card

Taiwan’s Financial Supervisory Commission (FSC), which, amongst its many other functions, is responsible for establishing the qualifications for foreign financial professionals, announced on 22 December 2020 the amended “Requirements and Determination Principles for Foreign Special Professionals with Financial Expertise” (外國特定專業人才具有金融領域特殊專長之資格條件及認定原則,  “Financial Expertise Principles”).  The amended Financial Expertise Principles have relaxed certain standards set in the previous rules for the purpose of attracting more foreign financial experts.
 
The Financial Expertise Principles sets the requirements for foreign financial professionals to be eligible to apply for the so-called “Employment Gold Card (EGC)”. The EGC is a four-in-one ID certificate, which simultaneously serves as a work permit, a residence visa, an Alien Resident Certificate, and a re-entry permit.  According to the National Immigration Agency, foreign professionals in the following eight fields can apply for the EGC: science and technology, economics, education, culture, arts, sports, finance, and architecture.
 
According to the announcement, the EGC application review process for foreign financial experts who possess one of the following qualifications has been relaxed:
 
  1. Applicant obtained top financial certifications, such as for a chartered financial analyst, certified financial planner, or financial risk manager, and has served in managerial posts at local or overseas financial institutions for at least three years (previously, the requirement was five years);
 
  1. Applicant served in top-level positions, such as chairperson, president, board member, or in senior management at a local or foreign financial company for more than five years (previously, the requirement was 10 years); or
 
  1. Despite not having any working experience in the financial industry, the applicant worked for more than three years in finance-related fields that the government considers to have future development potential.  Currently the fields specified include fintech, e-commerce, digital economy, technology, and renewable energy sources (previously, the requirement was five years).
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