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Macao Approves 3,597 Residence Applications in 2005
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The Macao Special Administrative Region approved 3,597 residence-permit applications by non-locals in 2005, a year-on-year rise of 56 percent, according to an official statement issued on Wednesday.

The statement released by the Information Bureau said 22 applications were rejected in the year and 91 percent of the successful applications were based on real-estate investment.

Under Macao's regulations, property-linked residence permit applications require a real-estate investment of "no less than one million patacas (US$125,000)," a term deposit of at least half a million patacas (US$625,000) and proof of education of senior high school or above.

Residence permits are granted to foreign nationals and compatriots from the Chinese mainland, Hong Kong and Taiwan.

Those "habitually" living in Macao as temporary residents for at least seven years are qualified to apply for permanent residence.

The population of the special administrative region stood at 482,000 at the end of September, 2005.

(Xinhua News Agency February 22, 2006)

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