TAIWAN OFFERING PERMANENT RESIDENCY TO FOREIGNERS WHO CAN INVEST NT$ 5 MILLION($169033) IN A TAIWAN BANK FOR ONE YEAR AND THEY CAN APPLY FOR RESIDENT PERMIT AFTER TWO YEARS AND REMAIN 30 DAYS EVERY YEAR IN THE COUNTRY 22th November 2013 An investment migrant scheme introduced last year that simply requires candidates to place NT$5 million (HK$1.3 million) in a Taiwan bank for one year to be eligible for residency has proved particularly popular, says immigration consultant Eddie Kwan King-hung. Candidates can apply for permanent residency after a two-year stay, during which they must not be away from Taiwan for more than 30 days per year. Unlike other countries which require applicants to invest in a business, the NT$5 million can be kept for oneself in the bank and theres no need to buy anything. Theres no risk at all besides fluctuations in currency exchange rate, Ng says. The similarity between Taiwan and Hong Kong culture makes adaptation easier. My company has received inquiries from retirees about the scheme. Taiwan is a good destination for retirees due to the low cost of living, fresh air and quality medical health care. Former artist management executive McVicar Wong fell in love with the island during his frequent trips to Taipei for work. So when he decided to quit to start his own business after 20 years in the industry, he opted to settle in Kaohsiung. All my Hong Kong colleagues love Taiwan. Some come to buy books and I love the food and relaxing pace there, he explains. A friend and I invested NT$1 million to set up a hostel, Angels Backpack, which accommodates 24 people. Monthly rental is NT$30,000. I will soon open a branch in Taitung. We reckon we will recoup the capital in five years. In the meantime, I can still earn a decent salary. Although the money is not as much as what I earned in Hong Kong, the lifestyle here more than makes up for it, Wong says. Just last month a Facebook group, Evacuation to Taiwan, was set up to offer Hongkongers tips on how to emigrate to Taiwan. The interest in relocating to the island also led Centaline Immigration Consultants to hold the first-ever investment emigration talk covering Taiwan on November 1. Of the three destinations the talk dealt with, Taiwan, Singapore and Britain, the first drew most interest, says Centaline sales director for China and overseas, David Hui. Many locals are interested in buying property [in Taiwan]. Properties there are much cheaper. Centalines housing project in Yangmingshan, outside Taipei, which is accessible by mass rapid transit, costs only HK$3,000 per square foot. Most buyers are from Hong Kong, Hui says. For those who do not have the funds to make the million-dollar deposit, Taiwan offers an alternative small business scheme.The entrepreneurial scheme does not stipulate minimum capital needed, and commerce department officials approve applications based on the merits of business proposals, Kwan says. Hong Kong people can start a coffee shop under the scheme. Thats exactly what 26-year-old Ted Siu Yik-ting has done. Last year, Siu grouped with five friends who each contributed HK$200,000 to open the Artista Perfetto cafe in Taipei. All six partners used to work for cafes in Hong Kong and saw it as a chance to run their own business. Theres no way you can open a coffee shop with just HK$1.2 million capital [in Hong Kong]. The rent is four times that [of Taiwan], Siu says. They are on three-month travel visas, which can be extended for another three months for a HK$100 fee. So the partners must return to Hong Kong every six months. Siu has no regrets: I love living in Taiwan; its coffee culture is much stronger. Hong Kong people are too busy to savour life. Taiwanese are more friendly. Everywhere in Hong Kong is filled with crowds. People wont even say sorry if they bump into you in the pedestrian crush. Despite the idyllic image, doing business in Taiwan isnt as easy as many Hongkongers think. The tax structure here i
Posted on: Tue, 26 Nov 2013 03:11:02 +0000
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