Taiwan is in Eastern Asia, and comprises islands bordering the East China Sea, Philippine Sea, South China Sea, and Taiwan Strait, north of the Philippines, off the south-eastern coast of China. The climate is tropical marine with a rainy monsoon season (June to August) and persistent and extensive cloudiness all year. The official language is Mandarin Chinese. Many people also speak Taiwanese and one or two other local dialects. Many Taiwanese business people have travelled to Hong Kong or the US and speak good English, but it is unwise to assume that a Taiwanese business partner will speak English, and it is worth picking up a few phrases of Chinese. The main religions are Taoism, Buddhism and Christianity. The economy of Taiwan is a dynamic capitalist economy. Real growth in GDP has averaged about 8% during the past three decades. The service sector makes up 73% of the economy. Expatriate business dress is conservative. The security risk for expatriates in Taiwan is low. Risks include low levels of petty crime. Other risks include earthquakes, flooding and landslides. The currency of Taiwan is the Taiwan Dollar (TWD). While ATMs are available not all international cards are accepted. Major credit cards are accepted at most shops and restaurants. Medical facilities are adequate for routine, emergency and outpatient treatment. The cost of treatment for expatriates can be high. Any medical treatment is required to be paid for on a cash basis. Cases of dengue fever have been reported. The population of Taiwan is 23.5 Million (2019 est.), while the inflation rate (CPI) is 0.4% for Taiwan as at July 2019. Xpatulator Hypothetical Tax for Taiwan is based on the current personal income tax rates which are progressive up to 40%.
Cost Of Living
The cost of living for expatriates / professional migrants in In Taiwan, the cost of each basket, based on local prices, compared to the international average, is categorized follows (Exact cost of living percentages only available in personalised reports): Taiwan as at 1 July 2019 is very high in comparison to other places in the world. 1) Alcohol (where available) & Tobacco: Low 2) Clothing: High 3) Communication: High 4) Education: Low 5) Furniture & Appliances: Low 6) Groceries: Very High 7) Healthcare: High 8) Household Accommodation: Very High 9) Miscellaneous: High 10) Personal Care: Low 11) Recreation & Culture: Average 12) Restaurants Meals Out and Hotels: Low 13) Transport: Low Taiwan is for example 22% more expensive than USA for groceries, 78.8% more expensive for household costs than UK, and 91.3% more expensive for transport costs than India. The hardship premium for Taiwan for an expat from Australia, is for example 10%, i.e. host location (Taiwan) premium of 20% minus home (Australia) location premium of 10%. Taiwan is ranked as a some hardship location. Want to know more about cost of living, hardship (quality of living) or expat salary in Taiwan? Register subscribe to your home location and Taiwan and run your personalised reports.