Taipei  - Taiwan said Friday it will grant permanent residence to people who invest at least 30 million Taiwan dollars (1 million US dollars) in the island's economy and create jobs for a minimum of five Taiwan people for three years.

Under the revised immigration law, a foreigner can also achieve permanent residence if he or she invests the same minimum amount for at least five years in a fund set up to invest in Taiwan stocks and bonds.

The fund may also be be deposited in Taiwan financial institutions, according to the revised law posted on the National Immigration Agency's website.

Once an investor has obtained permanent residence, his or her spouse and children can also apply for permanent residence in Taiwan.

Taiwan has been considering offering incentives to attract foreign professionals for several years.

Under the current immigration law, only the foreign spouse of a Taiwan citizen or a foreigner who has made an outstanding contribution to Taiwan can apply for permanent residence.

For national security reasons, Taiwan restricts entry by mainland Chinese and bars them from working in Taiwan, but Taipei is mulling relaxing the ban to woo Chinese professionals to live and work in Taiwan. (dpa)