RESTRICTIONS PLACED ON CHINESE NATIONALS RELAXED FOR OPENING BANK ACCOUNTS
On October 4, 2004 Taiwan’s Bureau of Monetary Affairs under the Financial Supervisory Commission announced new rules permitting Chinese nationals living in Taiwan who possess long-term residence permits and multiple entry and exit permits, or who have family relationship residence permits and multiple entry and exit permits, to open New Taiwan dollar and foreign-currency passbook and time savings deposits at Taiwanese banks. The new rules are a response to the continuing increase in 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 special-skill Chinese personnel are expected to benefit greatly from the new rules.