25 September, 2017
Article 7 of the amended Regulations provides that people of the Mainland shall be permitted to acquire ownership or superficies of registered real estate for residential purpose in Taiwan.
Each person of the Mainland is restricted to acquire one unit singly, and is prohibited to use the real estate for leasing or other non-residential purposes.
Such ownership or superficies shall not be transferred or registered for transfer notice within 3 years from the time of acquisition.
Ariticle 17 of the Regulations further provides that in the event of a violation, the Ministry of the Interior shall revoke or cancel the permission, and notice the municipality or local government where the real estate is situated to order the transfer the real estate, or proceed to auction the real estate in the event of non-compliance of the order to transfer pursuant to Article 19 of the Regulations.
For further information, please contact:
C. Y. Huang, Partner, Tsar & Tsai Law Firm
CYHuang@TsarTsai.com.tw
