Invest in TaiwanDepartment of Investment Services, MOEA
[ Accesskey ]
What defines the expat living experience in Taiwan and sets it apart from other places? One thing is the country's size -- it's quite easy to drive the entire length of the island in under six hours. This means that whether based in the north or the south, for expats the entire island has a sense of community. Taiwanese society is generally egalitarian, people are warm, friendly and interested in visitors from other countries -- foreign nationals living in Taiwan often remark on how easy it is to fit in here. In addition, Taiwan's unique blend of Taoist, Buddhist and Confucian traditions creates an atmosphere that is particularly tolerant of other religions and denominations.
Due to a long and energetic construction boom, housing is relatively inexpensive and rents have actually come down over the last 5 years. A commonly cited average for Taipei housing rental is NTD1,000 per ping (about 3.3 sq meters). A security deposit of at least 2 months is generally required. Many corporate expats live in modern security apartments in the Tienmu district in North Taipei and Sindian (formerly spelled Hsintien
) in Southern Taipei. Prices of course vary according to inclusion of amenities and facilities such as air conditioning and swimming pools. Rental is proportionately less expensive in Taiwan's other cities.
Basic utilities like electricity, water, gas, phone and trash collection can depend on the type of building and location but overall these amenities equal standards in most developed countries. One difference is that homes in Taiwan don't usually have central heating and additional appliances may be required during the short winter season. Natural gas, home delivered, is preferred for cooking and water heating.
Recommendations for online information / websites:
In Taiwan shopping is convenient and prices are competitive with other countries in Asia. International retailers such as Carre Four and B & Q have numerous outlets all over the island. Supermarkets, shopping malls and department stores are all part and parcel of modern Taiwan. Surprisingly, Taipei is one of the cheapest places in the world to buy photographic equipment. In the area south west of Taipei Train Station prices can be cheaper than HK, NYC or the Internet.
Recommendations for online information / websites:
Taiwan is renowned for its delicious food all over Asia. In addition to the island's own unique cuisine -- a myriad of fine foods and dining experiences -- most of the world's favorite foodstuffs and beverages are available here. Not just American hamburgers but juicy prime rib steaks, Italian pizza and pasta, sea-fresh Japanese sashimi, German pig knuckles and sauerkraut, spicy Korean Kim-chee, Swiss fondue, chocolate and more are all handy at various restaurants and markets, making Taiwan a virtual gourmand's paradise. And for those who like a drink, there are many cosy bars, outdoor beer gardens, plus traditional British and Irish pubs to quench thirst after a busy day.
Recommendations for online information / websites:
Taiwan boasts a complex and diverse topography. Apart from natural and cultural tourist spots and destinations, Taiwan offers active recreational opportunities for the more ambitious, like mountain climbing, hiking, fishing, camping and other activities. In the warm summer months there's dragon boat racing as well as other water sports and activities such as whale and dolphin watching, snorkeling, white water rafting, wind surfing and surfing, while air-born sports such as hang gliding and paragliding are also enjoyed in Taiwan. Golf is a preferred sporting pastime of Taiwanese businessmen.
Recommendations for online information / websites:
A rich historical legacy has created Taiwan's diverse cultural environment. In Taiwan, not only can aboriginal, native Taiwanese, and Chinese culture be experienced, there are also historical landmarks and relics left by the Dutch and Japanese. The first-time traveler to Taiwan is sure to be amazed by all there is to see and even long time resident expatriates are always discovering previously unknown facets of this exciting and varied culture. From quaint yet holy animist shrines in rice paddy fields to colorful mobile opera, puppet shows and pig festivals to Taipei's National Palace Museum containing world-famous Chinese art and cultural treasures.
Recommendations for online information websites:
Many foreign businesspeople who come to work in Taiwan are concerned about their children's education. Taiwan has many worthy international schools, including the Taipei American School, Taipei Korean School, Taipei Japanese School, Taipei German School, Taipei French School, Taipei British School and there are more in Taichung and Kaohsuing.
Recommendations for online information websites:
For those considering learning Taiwanese or Mandarin to improve business communication and understanding there are of course various institutes and colleges that will tailor their tutoring to the schedule of busy executives and their staff.
Recommendations for online information / websites:
The Ministry of Education of R.O.C. also established a committee to develop and promote an effective Chinese assessment system for Chinese learners worldwide to assess their Chinese proficiency:
Taxation is an issue that foreign nationals living in Taiwan will sometimes face but compared to many other countries personal tax is relatively light. In Taiwan, the main taxes related to foreign nationals are income tax, business tax, inheritance tax, and capital gains tax.
Recommendations for online information / websites:
Taiwan has a complete round-the-island railway network, making rail transportation highly convenient. The high-speed railway, slated to go into service by October 2005, will significantly shorten travel time between north and south Taiwan. The island is developing urban mass rapid transit systems -- Taipei's has already become a major success changing the traveling habits of an entire metropolis in just a few short years. The capital city's bus routes have recently been streamlined and it's even possible to travel by ferry in some areas.
Taiwan's highway system forms an extensive network of convenient transportation routes and as car ownership increases so do the skills of Taiwanese drivers. Many foreign visitors to Taiwan hire or buy autos and the driving experience in this country has much improved over the past five years.
Taiwan currently has two international airports (located in Taoyuan County in the north and the suburbs of Kaohsiung in the south) as well as domestic airports in Taipei, Taichung, Hualien, Taitung, Chiayi, Tainan, Pingtung, and the off-islands of Kinmen and Matsu. All foreign passengers are required to produce their passports before boarding domestic flights.
Recommendations for online information / websites:
Local banks in Taiwan offer foreign nationals a convenient alternative to international banks -- local banks' branches and ATMs are more easily found, and major international banks often require a large minimum amount to maintain an account. In addition, most of Taiwan's banks offer online services.
Taiwan's banks serve a diversity of needs, and accordingly offer a broad range of services. The following provides a basic information on opening a New Taiwan Dollar bank account in Taiwan.
Foreign nationals that wish to open an NT dollar bank account in Taiwan must be at least 20 years old, and should have a fixed place of residence. Interested parties should bring original copies of the following documents in person to process their applications.
| Bank Name | Passport | Identification Documents with ID Number Required | Second Set of Identification Documents Required |
|---|---|---|---|
| Chinatrust | v | v | v |
| Taipei Fubon | v | v | |
| Cathay United Bank | v | v | |
| Bank of Taiwan | v | v | v |
| Taishin Bank | v | v | v |
| Citibank | v | v | |
| HSBC | v | v | |
| ABN AMRO | v | v | v |
Note: All ROC ID Numbers should have 10 digits as of 2002, and include the ID numbers of Alien Resident Certificates, Alien Permanent Resident Certificates, or a Record of ID No. in the Republic of China. For regulations on applying for an ROC ID Number, please refer to: Application Information for ROC ID Number
The common minimum amount required to open a bank account at local banks is NTD 1,000.
Chinatrust requires a minimum deposit of NTD 10,000.
Citibank requires that the holder maintain an average monthly balance of NTD 25,000, otherwise an account management fee of NTD500 per month is incurred.
HSBC requires a minimum balance of NTD 3 million, otherwise an account management fee of NTD 1,000 per month is incurred.
ABN AMRO requires customers to maintain a minimum balance of NTD 3.88 million.
Upon opening an account, banks commonly issue a bank deposit book to the account holder, to be used as a record of transactions.
Citibank, HSBC, ABN AMRO do not provide deposit books, but instead issue monthly statements listing all transactions.
ATM cards and bank cards are issued after an account has been opened.
Taiwan Bank issues its bank card via postal mail one week after opening an account.
HSBC and ABN AMRO send ATM cards and passwords directly to account holder's residence via registered mail within 1 to 3 working days.
Those who reside in Taiwan for less than 183 days will have 20% tax rate deducted from interest on income earned. Those residing in Taiwan 183 days or more will have 10% deducted.
Citibank and ABN AMRO deduct 10% on interest from income for those with residential status, and 20% for those without residential status.
Cathay United and Taiwan Bank deducts 20% on interest from income for both residents and non-residents.
For further information, please refer to the following:
| Name of Bank | Information on Opening an Account | 24 Hour Customer Service Hotline |
|---|---|---|
| Chinatrust | FAQ | 0800-024-365 (7 for English services) |
| Taipei Fubon | Opening an NTD Bank Account | 0800-007-889 (3 for English services) |
| Cathay United | Deposit Services | 0800-818-001 (dial 1 and then 9 for transfer to English services) |
| Bank of Taiwan | How to Open an Account | 0800-025-168 (No English services) |
| Taishin Bank | Opening an NTD Bank Account | (02)2655-3355 (5 for English services) |
| Citibank | Open a bank account (Foreigner) | (02)2576-8000 (4 for English services) |
| HSBC | Service Channel | 0800-066-088 |
| ABN AMRO | Products and Services | 0800-099-990 |
(Updated August 2007)
E-mail this page.