RESTRICTIONS EASED FOR CHINESE NATIONALS OPENING BANK ACCOUNTS IN TAIWAN
Taiwan’s Bureau of Monetary Affairs under the Financial Supervisory Commission announced on 4 October 2004 new rules that permit Chinese nationals in the possession of long-term residence permits and multiple entry and exit permits and who reside in Taiwan, or who have residence permits and multiple entry and exit permits based on family relationships, to open New Taiwan Dollar and foreign-currency accounts and time savings deposits accounts at Taiwanese banks. These new rules are being implemented in order to meet the demands resultant from the increasing exchanges between Taiwan and China. Chinese managers of multinational entities in Taiwan, Chinese spouses of high-ranking managers, Chinese brides of Taiwanese men, and certain specially-skilled Chinese personnel are expected to benefit greatly from the new rules.