A Diverse and Inclusive Culture
Taiwan, located in the heart of East Asia and the Western Pacific, has a rich history shaped by the presence of various communities over the centuries: Austronesian indigenous peoples, Dutch and Spanish colonizers, Japanese colonial rule, and Chinese immigrants. This convergence has led to a unique blend of indigenous, Chinese, and East Asian cultures. Taiwan's rapid economic growth and democratic development in the latter half of the 20th century has made it a shining example of East Asian democratization. According to the Economist Intelligence Unit’s Democracy Index 2022, Taiwan ranks as the 10th most comprehensive full democracy regime in the world.
Safe and Livable Environment
InterNations ranks Taiwan among the world’s most livable countries for international expats. Thanks to a safe environment, robust healthcare, and the friendly populace, Taiwan possesses key attributes that keep attracting foreigners to settle down for long-term residence. In 2023, UK magazine Time Out named Taipei Metro (the public transport system of Taiwan’s capital) as the 8th best metro system worldwide, touting Taipei Metro as a clean, convenient service that offers seamless commuting for expatriates.
Taiwan is also renowned for its street food, which has been featured on CNN Travel. Authentic Taiwanese snacks like bubble tea, Taiwanese fried chicken, and stinky tofu will ignite your culinary imagination.
An Island of Innovation and Technology
Taiwan stands at the forefront of semiconductor manufacturing, supplying over 90% of global advanced chip production capacity. Major global tech giants have established innovation centers in Taiwan, earning recognition for Taiwan from the World Economic Forum as one of the world’s "Four Super Innovators." Taiwan's exceptional environment for research and development cultivates and attracts top-tier talents from around the globe. In the 2022 IMD World Digital Competitiveness Ranking, Taiwan's nationwide average total R&D manpower ranked first worldwide.
Local banks in Taiwan provide various financial services to foreigners, from opening booking accounts, applying for debit cards, paying utilities bills to handling foreign exchanges, etc. At present, banks in Taiwan are also promoting bilingual services both in Chinese and English. It is recommended to visit a nearby bank and inquire the information of bilingual Chinese and English services at designated branches. Do bring the passport, alien resident card (ARC) and other documents to the bank to open an account. In addition, online banking, current accounts in local and foreign currencies can be opened.
Rental Housing Act& sample contract
When renting a house in Taiwan, it is recommended that you may have a local real estate agent with you to inspect the property before signing a rental contract. Please do not pay any fees in advance before your arrival in Taiwan to avoid plausible scams. The rental contract between the two parties is usually based on the sample rental housing contract issued by the Ministry of the Interior (MoI). According to local regulations, the rental deposit is up to two months' rent, and it is normally paid in cash. For important issues in a rental contract, please refer to the FAQ from Taiwan’s MoI. If you have general inquiries about house leasing or third-party legal counseling, you can also contact the TMM Foundation.
Taiwan boasts the world’s most advanced semiconductor industry ecosystem with specialized industry division. The upstream division includes IC design and silicon IP. TSMC’s cutting-edge wafer fabrication holds the global lead in market share for the midstream division, and our internationally renowned packaging and testing companies like ASE Technology Holding Co., Ltd. dominates the downstream division. Taiwan leverages its advantages in the semiconductor industry to develop smart chips by incorporating artificial intelligence and other applications.
The Internet of Things
IoT primarily spans three major industries: information manufacturing, equipment manufacturing, and software and information services. The Asia-Silicon Valley Promotion Plan was established to accelerate collaboration between startups and systems integrators. The plan focuses on developing smart transportation, smart logistics, smart manufacturing, smart agriculture, smart healthcare, and IoT security. With the expansion of IoT applications and an environment more conducive to startups, Taiwan is poised to become a hub for digital innovation in Asia.
Taiwan's communications industry benefits from a mature industry chain, including network chips, components, touch panels, and system integration. Collaborations with global industry leaders, such as TSMC and Qualcomm, have led to the development and production of 5G chips. When the 5G Open Network Testing Platform was established in 2021, it became the world's second laboratory to offer both 5G open architecture system integration and Telecom Infra Project certification. Since the pandemic, new economic models have arisen. In the future, Taiwan will continue to develop AR/VR/MR, digital twins, and other immersive, virtual-reality integration technologies and services, as well as the metaverse, as we build upon the 5G infrastructure.
Taiwan has a mature machine tool and component industry cluster built upon the precision machinery and ICT industry, and widely applied in automotive, aerospace, mold manufacturing, and digital products, etc. Local businesses offer efficient and flexible production, use smart manufacturing and contribute to the development of the smart machinery industry. Industry 4.0 and trade tensions between the United States and China are prompting companies to readjust production capacity layout. As such, global manufacturers have increased demand for vertical integration and smart machinery (i.e., automation and robots), which will further enhance Taiwan's competitiveness.