Table of Contents
The Taipei government is stepping up efforts to allow qualified Hong Kong personnel fleeing the former British colony after the entry into force of the controversial new national security law to find new accommodation in Taiwan.
“We hope to attract capital and professionals from Hong Kong, especially talents in the financial sector,” said Chen Ming-tong, Minister of the Mainland Affairs Council. The Taiwanese government is also conducting a review to simplify immigration laws in the country.
Only after a few hours of the entry into force of the law, Taiwan officially opened an office whose purpose is to facilitate immigration from Hong Kong. The office will take care of helping new citizens to find the capital for the new commercial activities that will be created, school placement, and housing.
The potential exodus of thousands of qualified Hong Kong young people could help the Taiwanese economy at this time in difficulty while aging the working population.
Tsai Ing-wen also must meet the expectations of her democratic electorate, which supported her mainly in this instance, rather than on her administrative virtues.
Already in 2019, Taiwan had seen a record increase in investment and immigration from Hong Kong, a trend that will only swell this year.
Between January and May, the number of citizens arriving from Hong Kong increased by 96% compared to the same period last year, while investments grew by 25%.
Taiwan already has simplified rules for granting residence permits for Hong Kong citizens. But due to the precipitate of events, these rules will be further simplified.
Taiwan grants Hongkong residents a minimum investment of NT 6 million (approximately $ 200,000), less than half that required for other nationalities.
From the point of view of Taiwanese entrepreneurs, this influx of qualified staff is excellent news, as more than 75% of local businesses have found it difficult to find staff that reflects the required skills.