Government amends requirements for investment residency

The Macao SAR Government has revised the requirements for applying for investment residency, said Secretary for Economy and Finance, Mr Francis Tam Pak Yuen, after he had discussed the new by-law with members of the Executive Council. The original regulations, which had been in force since 1st April 1995, allowed investors of fixed assets, significant investment projects and professionals, to apply for temporary residency in Macao. The new regulation, the 3/2005 by-law, enhanced the requirements for applicants who invested fixed assets in Macao for residency. It will come into effect on 4th April 2005. Mr Tam said the amendments could accommodate the current real estate market and economic development. The original regulations had required applicants in this category to buy fixed assets in Macao that cost not less than one million patacas. Under the new requirements, applicants should also have a fixed deposit of not less than five hundred thousand patacas in Macao's credit institutions. Moreover, applicants should have achieved tertiary or higher education. For applicants who had only finished senior high school or equivalent education, they should meet one of the following requirements:
1.With lineal relative by blood or collateral relative by blood within three generations who have acquired permanent residence in Macao;
2.With not less than 2 years experience of running a business or working as a high-ranking managerial professional in a company;
3.As the owner or co-owner of a Macao company. Meanwhile, the new by-law excludes applicants' parents from obtaining temporary residency. For retired applicants, the new regulation increased the amount of investment from five hundred thousand to one million patacas. The new regulation would not affect the following applications:
1.Applications received by the Macao Trade and Investment Promotion Institution before the announcement of the new regulation;
2.Renewal of residency of those who had already obtained, as well as the residential applications of their family members.