Hongkongers have long enjoyed visiting Taiwan, but since last year, more have been considering making a permanent move. Immigration specialist Pamir Law Group, along with property search platform www.spacious.hk and local property agents, all report increasing inquiries, starting around the middle of 2019. Nicholas V. Chen, managing partner at Pamir, a boutique legal and business consulting firm with offices in Taipei and Shanghai, reports a “sharp increase” in visa applications from Hong Kong residents in the second half of 2019. He believes this was mainly due to uncertainty about the city‘s future in the wake of months of social unrest – fuelled further in recent months since the introduction of the city’s national security law. “Interest remains high”, he says of the situation today, “however actual applications have decreased due to new, stricter requirements established in early 2020.” Pamir Law focuses on the investment immigration route to citizenship (or a “golden passport”), which Chen describes as one of the most attractive of such schemes outside the Caribbean . Why investors are still piling into Singapore’s real estate market It requires an investment of NT$6 million (US$204,000) into a new or existing company that creates two full-time jobs for Taiwanese people. “After obtaining foreign investment approval, the investor and their family are granted residence and can relocate to Taiwan,” he said. “After the investor meets a residence requirement (either one or two years depending on how many days they live in Taiwan), they are able to apply for an ID and passport, which are confirmed after the company shows the required jobs have been maintained for three years.” Other routes to residency include niche visas such as the entrepreneur visa and employment gold card (which have more stringent requirements), and a classification for Hong Kong residents who already hold a second passport. Real estate affordability is one of the main reasons Taiwan is an attractive destination for Hong Kong investors, Chen says. “In most cases, a person who liquidated a property in Hong Kong would have enough resources to make the required investment, purchase a residence with a larger footprint than in Hong Kong, particularly outside Taipei, and cover relocation costs and living expenses for a comfortable period,” he said. “Even for investors on a budget, a move to Taiwan might make home ownership – a dream for many in Hong Kong – a reality.” How to get a second passport in the Caribbean According to data provided by Pamir Law, the average purchase price of a home in Taiwan is 2.65 times per square metre lower than Hong Kong, while renters will find a flat in Taipei City costs an average of 3.7 times less. “Many modern mid-to high-rise apartment projects in New Taipei City often feature river and/or mountain views with inviting upscale decor and amenities,” Chen adds. Marcus Wong, vice-president of international sales at Spacious, says three years ago, most Hong Kong people making the move were interested in retiring in Taiwan. Now, he believes, they‘re attracted by lower real estate prices and the cost, and quality, of living. “Proximity to Hong Kong has a lot to do with it,” he says. Hongkongers‘ motivation in buying overseas property has also changed, says Wong, who in his previous position ran property sales events in Hong Kong. “As savvy investors, Hongkongers used to be looking for return on investment – now they’re interested in quality of life,” says Wong. The buying group has also shifted to a younger demographic, he finds, believing this has a lot to do with the political situation in Hong Kong. “People may have a burning desire to emigrate, but if all their (work) experience is in Asia, they think maybe that‘s not transferable to nations so far away, like the United States or the United Kingdom,” he said. How many homes do Kanye West and Kim Kardashian own, and worth how much? In the second quarter 2020, searches for Taiwan on the Spacious website increased by 25 per cent compared to the first three-month period. Real property agent Adam Yu, of Taiwan agency Ur House Realty, which specialises in rentals, observes a lot of families relocating “because they want their children to have a better future”. This applies to both Hong Kong nationals and expats living in Hong Kong. “They may have stayed in Hong Kong for the past five or six years, but they couldn't take it any more (because of the political situation),” he said. Of the six major cities in Taiwan, Yu says the capital Taipei is the leading destination for the working age demographic. “Young people want to live in a vibrant city which is very convenient, and the employment rate is high,” he said. Taichung is attractive to retirees because it‘s bigger, more relaxed and less cramped than Taipei, and house prices are also lower. “It‘s a beautiful city with a lot of new architecture, many parks, and great restaurants,” Yu said. Even more spacious, with wide streets and a laid-back lifestyle, is Kaohsiung in the south. “A lot of people feel it‘s close to living overseas, like in the US or Canada,” said Yu. “There’s a metro line, so it’s pretty convenient, and the living conditions are good, too.” Why Vietnam is Asia’s next hotspot for property investors For nature lovers, the preferred choice is Hualian, a city surrounded by mountains, while the coastal city of Yilan, about one hour‘s drive southeast of Taipei, is famous for its water sports. “Most people go there for holidays, and there’s not much employment,” notes Yu. However, there is demand for Airbnb or mini-hotel accommodation, which could present a business opportunity for an enterprising Hong Kong investor. Yu believes the main reasons Hong Kong emigrants choose Taiwan over other destinations in the region include language and cultural synergies. Friendly people, convenience, and cost of living also factor in. For those looking to buy, Erin Ting, research director of Savills Taiwan, says there are many residential projects in the pipeline. Prices for a new flat in Taipei City range from NT$21,000 (US$715) to NT$28,000 per square foot; in New Taipei City from NT$10,000 to NT$14,000 per square foot; and in Taoyuan City from NT$5,000 to NT$8,000 per square foot. “The price of a three-bed apartment in Taoyuan is around NT$10 million to NT$13 million, and in New Taipei City is around NT$15 million to NT$20 million,” she said. Citing government data, Ting notes that the number of Hong Kong immigrants to Taiwan has “increased obviously since second half of 2019” when 3,161 Hongkongers received a resident certificate, “which is double compared with the first half of 2019”. Among them, says Ting, Taoyuan City is quite a popular choice. “Affordable housing, completion of Taoyuan international airport MRT and a 40-minute drive to Taipei City are reasons attracting homebuyers who can work in Taipei City and live in Taoyuan,” she said. Buying guide What you can buy for NT$8.98 million (US$310,000): A three-bedroom, one-bathroom flat (1,060 square foot) in Taoyuan City, Taiwan. Built in 2014, the development, with 24-hour security, is located in Zhongfu business circle, near Sogo business circle, Zhongyuan road and the industrial zone. Why it’s the perfect time to buy property in Hong Kong right now What you can buy for NT$23.2 million (US$790,000): a newly built four-bedroom, four-bathroom single family home (6,055 square foot) in Zhongyong 5th Rd, Shilin District, Taipei City. Located atop Yangmingshan Mountain, it is designed by Japan‘s Tange Associates and overlooks Taipei City. Includes a spacious yard and swimming pool. Want more stories like this? 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