APRC - Plum Blossom Card

The FSC is the super regulator for the financial industry. It regulates banks, insurers, securities, and futures. MOF is about taxation and budgets (mainly).

I know what the FSC is. I just meant that most of the other categories are assessed by ministries (science and technology, economic affairs, culture, education, etc.), and I wasn’t aware the FSC was involved. I just found it surprising.

My friend has already a GC for the finance sector (so do I too, and it was extremely fast the approval for me).

He contacted the NIA via the website, he lives on and off between TW and VN. So he didn’t just showed up to MIA centre in Taipei and asked for it. He did a lot of prelim work.

This might be a good advice actually, but his specialisation as a lawyer is financial crime and AML.

Ah, I see your point.

If you look here, you will see that the FSC is a cabinet-level agency equivalent to a Ministry. It handles all the licensing for institutions and professionals in the financial industry, so I guess it makes sense that they have to do foreign professionals too. I would imagine that neither the FSC nor the Ministry wanted this job and the FSC got stuck with it.

Science and Technology has been ‘downgraded’ to a Council and they still review the (hardware) tech and science Gold Cards.

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My turn to clean the lavatory in the office today.

I’ve am the naturalized one promoted to the rank of janitor.

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I’m not sure but I think that would be fine as long as he meets the practice requirements. Note that there is sometimes a bit more flexiblity that you might expect. For example, a UK lawyer who practiced securities law in Hong Kong may be able to count that time.

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@Mataiou, your friend I guess is Vietnamese… can’t he simply restore his nationality?

This is the APRC Plum Blossom thread; I guess if you want to talk dual nationality / renunciation, there are heaps of other threads for that right?

Guy

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He is actually Aussie, he is not interested in citizenship, only in PR

He is already admitted here at the bar in Taiwan and has his MoJ issued lawyer ID, I think I heard as a foreign attorney indeed

From the cases I’ve seen, if not doing the investment route, it seems working for the government or school is one way. Otherwise he probably needs some global award like Nobel laureate or holding a patent that FSC cares about.

If he doesn’t need citizenship then why does he want plum blossom? I think it’s not much different than regular APRC if he’s not going for citizenship.

If you read through the rules, you will see that finance is not really mentioned. The FSC probably thinks that Taiwan does not really need high level foreign professionals in finance, and that is a common view in the industry as well. Taiwan prefers to train its own homegrown talent, of which there is plenty. Also, there is a perception that foreign financial professionals have skills that are not useful in Taiwan’s more provincial market.

The best way for a financial professional to apply would be this qualification:

Having special abilities in science, research, industry, business or teaching, sufficient to offer substantial benefit to Taiwan’s economy, industry, education or welfare, and currently employed in Taiwan due to his/her professional skills.

The trick is that you have to be employed in Taiwan. This becomes a chicken and egg problem. Taiwan’s financial institutions tend to be closed shops so mid-level people have trouble getting hired. High level foreign professionals will not accept the lower salaries.

Medicine is also largely closed to foreigners. Taiwan thinks it already has enough good doctors. I think the same applies to finance.

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I thought his reason for the plum blossom was to be able to get dual nationality

It is just one of the many routes to citizenship. Of course if you can get dual citizenship without renouncing even better. as @fifieldt can attest.

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Not directly, but it is implied that FSC can issue opinions or recommendation letter for senior foreign professional status as it is clearly marked on the HHRO of the MOI in the procedure for naturalisation for high-level foreign professionals (which are the same as senior professionals). It is even provided the window to contact for the process.

It’s not clear cur as for the gold card, but it is still possible, albeit I haven’t heard of any such status approved under the finance sector, which is an area requiring so much work here.

I believe the plum blossom route requires the senior professional designation otherwise you still need to renounce

To be blessed with such choices… to renounce which is good for the soul, or not to renounce and forever keep posting about you don’t like the rules.

Those with the strongest wills will get citizenship if they really want it. Some will just say OK it’s not for me and just get on with their lives. APRC’s aren’t all that bad are they? I cannot truly know as I never had one. Just the mere mortal ARC with no work rights. Woe was I.

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Donating everything and starting over is also good for the soul. Renouncing comes with exit taxes for some nationalities.

I think APRC is better for certain scenarios like being able to switch to non residency mid year if needed.

No, there has been a decision of the MOI streamlining the process: before PBC holder had to to through the review panel to forego the renunciation requirement,but basically the panel was convening to approve and that’s it, so now instead PBC for senior professionals can naturalise directly without renunciation, the application goes directly to MOI for approval.

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So the 1 million investment route also works without renouncing now? That’s good to know, though a big opportunity price to pay.

Or are you saying you need senior professional PBC to not renounce? Which is what I said above:

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