Introduction
Hello everyone, and welcome to The Growth Journal. I'm Ariel. Today, we're going to discuss a topic that many of you are interested in. We'll be looking at two cities in Taiwan: Taipei and Taichung. Taipei is a bustling metropolis with a fast-paced lifestyle, offering convenience but at a slightly higher cost. On the other hand, Taichung boasts more space, a better environment, a more relaxed lifestyle, and is generally more affordable.
Life Cost Comparison: Bay Area vs. Taiwan
Entertainment
In the Bay Area, entertainment options are expensive. In contrast, in Taipei, the cost of living is significantly lower. For example, a comfortable two-bedroom apartment in Taipei can cost between $800 - $1,500 per month in rent. With additional expenses such as insurance and transportation, the total monthly expenditure is around $2,000 - $3,000. This is about half or even a third of the cost of living in the Bay Area.
Food Price Example
My husband recently traveled to Asia and passed through Taiwan. When we were video chatting, I complained about the high price of a small piece of strawberry cake at Westfield Lady M in the Bay Area, which cost $11.50. He checked the price of the same cake in Taipei, and it was only 290 NT, equivalent to $9.68, with no additional tax or tip.
Monthly Expenses in Taipei
Rent
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Xinyi District: A two-bedroom or even a three-bedroom apartment in the city center can cost between 36,000 - 60,000 NT per month, approximately $1,200 - $2,000. For instance, a three-bedroom, two-bathroom apartment in Xinyi District costs 55,000 NT per month.
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Shilin and Tianmu: These areas are more suitable for international residents. The apartments are larger, and there are more amenities for pet owners. A 100-square-meter two - to three-bedroom apartment in Shilin can start at 76,000 NT per month. However, I also found a seemingly good deal of a 115-square-meter three-bedroom, three-bathroom apartment for only 15,000 NT per month, but I'm not sure if there's an error in the listing.
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Beitou District: This area is quiet, close to Yangmingshan, and has hot springs and dog-friendly trails. The apartments are also spacious. I found a new apartment under construction, with 92 square meters, three bedrooms, two bathrooms, and a parking space, which might allow pets.
Other Expenses
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Utilities: Air conditioning is commonly used, and the cost is around 3,000 - 5,000 NT per month ($100 - $200).
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Mobile and Internet: Approximately 900 - 1,500 NT per month ($30 - $50).
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Food: I prefer cooking at home, and the monthly cost is around 12,000 - 18,000 NT ($400 - $600).
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Health Insurance: Considering both national health insurance and private insurance, it's 1,500 - 3,000 NT per month ($50 - $100).
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Transportation: Including MRT, taxis, and occasional car rentals, it's 2,100 - 3,600 NT per month ($70 - $120).
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Entertainment and Leisure: This includes cafes, restaurants, and short trips, costing 4,500 - 9,000 NT per month ($150 - $300).
Total Expenses
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In Xinyi District, the total monthly cost is around 66,000 - 110,000 NT ($2,200 - $3,600).
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In Shilin, starting from a rent of 76,000 NT per month, the total cost is about 106,000 - 150,000 NT ($3,500 - $5,000).
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In Beitou, with a rent of 130,000 NT per month, the total is around 160,000 - 180,000 NT ($5,300 - $6,000).
Life in Taichung
Housing Preferences
My requirements are similar to those in Taipei. I'm looking for at least two - to three-bedroom apartments with two or more bathrooms, an area of at least 50 pings (165 square meters), a relatively new building that allows pets, and a location close to nature, bookstores, cafes, and shopping.
Suitable Districts
The districts in Taichung that meet my needs include Nantun, Xitun, Beitun, and Xiqu.
Rent in Nantun
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I found a large two-bedroom, two-bathroom, two - living - room apartment in Nantun for 39,500 NT per month (less than $1,400). The area is 58 pings (about 2,100 square feet).
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Another option is a three-bedroom, two-bathroom, two - living - room apartment for 65,000 NT per month, with an area of 64 pings (2,300 square feet). I like its minimalist and comfortable design.
Obtaining Permanent Residency in Taiwan
My Goals and Background
My goal is to obtain a Permanent Residency (PR) in Taiwan. I have a background in the technology industry, having worked as a technical project manager for over 15 years before resigning last year. I'm now pursuing financial freedom and early retirement.
The Golden Card
The Golden Card is the most suitable option for me. If I'm approved, I can stay in Taiwan for three years. After three years, if I meet all the requirements, I can apply for PR or renew the card. During these three years, I don't need to stay in Taiwan every day.
Eligibility and Requirements
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High - Skill Talent: The Golden Card program aims to attract professionals in technology, finance, and innovation.
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Tech Background: For those with a tech background like me, a master's degree and at least five years of work experience are required.
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Financial and Economic Experts: Investment analysts are preferred.
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Cultural and Creative Fields: Designers who have won awards are more likely to be approved.
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Education: A master's degree is usually the minimum requirement, and some fields may require a doctorate.
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Work Experience: Five years or more.
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Salary: An annual income of at least 2 million NT (about $60,000).
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Financial Proof: For early retirees, proof of having at least 2 million NT in savings or assets.
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Health Check: A health check is required to prove good health.
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Language: Proficiency in Chinese can be an advantage.
My Plan
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Residency Requirement: After getting the Golden Card, I need to stay in Taiwan for at least 183 days (half a year) per year. These days don't need to be consecutive. For example, I can stay in Taiwan from November to April when it's cold in the US and return to the US for the rest of the year.
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Taxation: If I stay in Taiwan for more than 183 days per year, I'm a Taiwanese tax resident. Even if my income comes from the US, I need to file taxes in Taiwan but can apply for foreign income exemption. If I stay less than 183 days, I'm not a tax resident, but I still need to pay tax on any income earned in Taiwan.
Conclusion
I recently had a viewer ask if $1 million is enough for F.I.R.E. (Financial Independence, Retire Early). After looking at the cost of living in Taiwan, the answer is yes. Moving to Taiwan can be a great opportunity to experience a different environment and lifestyle. I've traveled to Taiwan several times, mostly to Taipei, and I have a good impression of the food, people, and fashion. In the future, I also plan to explore other Asian countries for retirement, such as Malaysia and South Korea. If you have any suggestions for retirement destinations, please leave a comment. Thank you for watching, and I'll see you in the next video.
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