Qualified professionals in the areas of securities, financial management, leasing, fintech, venture capital or private equity funds will be targetted under a newly proposed legal framework for attracting outside qualified personnel.
The Macau SAR government has announced yesterday (Wednesday) the start of public consultation round for a new legal framework aimed at providing a three-year residence permit for highly qualified professionals over 21 years of age that could help the city diversify its economy away from gaming.
The newly proposed legal framework for attracting qualified non-resident professionals to relocate to the city specifies the positions included in the four priority areas of Big Health, modern finance, high-end technology, and culture and sport.
Concerning the Big Health sector, priority will be given to specialists and professionals with extensive technical and/or recognized merit in the fields of medicine and pharmacy.
These would include research, development and application of innovative quality medicine and traditional Chinese medicine; internationalization and commercialization of medicine and drugs; quality control in drug production; medicine inspection and control; biochemistry, molecular biology and microbiology; smart healthcare research and development and related equipments; complementary means of diagnosis and therapy, radiology medical and medical equipment; service research and development and products associated with health and well-being; plus high medical tourism services.
As for the modern finance sector, priority would be given to attract primarily, financial specialists with extensive technical and/or of recognized merit such as in advanced financial management; advanced financial research with experience analysis of
macro-economic and financial policies.
Professionals in five domains of finance ─ securities market, financial management, leasing, technology financial and venture capital or private equity funds ─ will also be covered.
As for high-end technology, the scheme will focus firstly on qualified personnel in information technologies and state-of-the-art communication, cybersecurity, integrated circuit, research, development and production of chips, new energies, new
materials, Internet of Things, micro-electronics, electronic devices, intelligent manufacturing industry, among other innovative technologies.
With regard to the culture and sport sector, the focus will be on qualified staff with extensive technical experience in cultural and sporting activities, namely, leaders in marketing; management and creation of cultural and sports industries or that dominate subjects associated with international trade as well as professionals highly qualified in the field of cultural and sports education.
If approved the new system will replace the previous regime for establishing the residence of investors and qualified staff in force since 2005, with professionals who established themselves via the previous system under the Macau Trade and Investment Promotion Institute (IPIM) to continue to see their residence status renewed under the previous system requirements.
The new system will provide a renewable three-year residence permit to individuals divided under a proposed three-tier system, namely: highly qualified professionals, professionals of excellence and highly specialized professionals, with the last two to include an annual quota system.
When establishing the quota numbers authorities will consider the number of local graduates in related higher education courses and non-worker residents involved and the expected scale of development of the priority industries, with initial quotas no higher than 1,000 per year.
Professionals coming to Macau under the new legal framework would also possibly be allowed to work in the in-depth cooperation zone in Hengqin.