Can a Westerner buy a condo apartment in Taiwan? What is involved?

Question

Do I need a cosignor to just buy a condo apartment? Can I pay everything off early?

Answer 1

Can a Westerner buy a condo apartment in Taiwan? What is involved?Do I need a cosignor to just buy a condo apartment?

Maybe. It depends on your citizenship. Read Land Act of ROC article 18.

Can I pay everything off early?

Yes. Read Article 24

Land Act of ROC (TAIWAN)


Article 18 Only those aliens may acquire or create rights over land in the Republic of China who are nationals of States that have diplomatic relations with the Republic of China and permit, according either to treaty or to their municipal Acts, Chinese nationals to enjoy the same rights in their respective countries.
Article 19 Aliens may acquire land of the following usages for self use, investment and public welfare, but the area and location of such land shall be subject to restrictions imposed according to Act by the competent Special Municipality or County / City Government:
1. Residences.
2. Business place, office buildings, shops and factories.
3. Churches.
4. Hospitals.
5. Schools for the children of aliens.
6. Diplomatic and consular buildings and office buildings of organizations for the promotion of public welfare.
7. Cemeteries.
8. Investments helping important construction in the country, the economy as a whole, and agriculture and pasture, which have been approved by the central authority in charge of the business.
A regulation governing the procedure for application, documents to be attached, the method of examination and other regulatory matters shall be enacted by the Executive Yuan.
Article 20 In leasing or purchasing land for any one of the purposes specified in the preceding Article, aliens shall submit jointly with the original landowner a written request to the competent Special Municipality or County / City Government for examination and approval.
Aliens shall file an application together with related documents to the competent Special Municipality or County / City Government for approval if they intend to acquire land for the usages referred to in the preceding Article. This applies to where there is a change of usages for the land or a transfer of landownership except through inheritance. An acquisition according to Section 8. of the preceding Paragraph requires the advance approval of the central authority in charge of the business.
The Special Municipality or County / City Government shall decide whether an application within the terms of the preceding paragraph is to be approved within 14 days of receipt and shall then refer the matter to the Central Land Administration for examination after approval.
Aliens shall use the land, acquired according to Section 8 of the preceding Paragraph, within the prescribed time limit and usage. Aliens shall apply to the central authority in charge of the business for an extension with full explanation of the causes, if they fail to use the land within the prescribed time limit. The competent Municipal or County / City Government shall instruct the landowners, if they fail to use the land according to the prescribed time limit and usage, to dispose of their land within three years of receiving such notification. If they fail to dispose of the land after the expiration of the said period, the competent Municipal or County / City Government may directly invite a public tender, and return the proceeds to the landowners. Any improvements thereto may be disposed of together.
Rules governing the procedure for public tender, the calculation of proceeds, the treatment of objections and other matters to follow, shall be formulated by the Executive Yuan.

Regulations Governing Land Acquisition by Aliens for Investments in Major National Infrastructure Projects, Overall Economic Development, or Agricultural and Animal Husbandry Industries
Promulgated by Order Tai-Ni No. 0910082180 of the Executive Yuan on 27 February, 2002

Article 1 These Regulations are established in accordance with the provisions specified in Paragraph 2, Article 19 of the Land Law (hereinafter referred to as ¡§the Law¡¨).
Article 2 Investments in major infrastructure projects, overall economic development, or agricultural and animal husbandry industries mentioned in Item 8, Paragraph 1, Article 19 of the Law refer to:
1. Investment in major infrastructure projects means investment in projects approved by the central government authorities concerned or reported to Executive Yuan for approval.
2. Investment in overall economic development means investments as listed below:
(1) Development of tourist hotels, entertainment and tourist facilities, sport centers or stadiums.
(2) Residences and buildings.
(3) Industrial plants or factories.
(4) Development of industrial zones, business and industry complexes, high-technology scientific parks and other special zones.
(5) Tidal land.
(6) Public infrastructure construction.
(7) Development of new cities/towns and new communities, or urban renovation.
(8) Other permissible investments announced by the central government authorities concerned.
3. Investment in agricultural and animal husbandry industries means investments that comply with the categories and criteria of technical intensive and capital-intensive agriculture specified and announced by the Council of Agriculture (COA), Executive Yuan.
Article 3 Aliens acquiring land in compliance with Item 8, Paragraph 1, Article 19 of the Law shall file a land acquisition application with the following required documents required to the competent central government authorities:

This also relate to the Article

http://www.land.moi.gov.tw/law/enhtml/lawquerydetail.asp?elid=68&ntitle=treaty

Article 24 Aliens who have leased or purchased land and have the lease or purchase duly registered shall enjoy rights and be liable for obligations according to Acts and ordinances.

Answer 2

residences and condos may well be stable investments, based on the region and in case you desire to stay in an analogous place for the subsequent 15 years.. additionally condos carry "house costs" this may well be everywhere from $50 funds a month to $3 hundred according to month. you in addition to could could desire to think on the subject of the encompassing friends, etc. that's plenty extra durable to sell a house/apt somewhat than a regular dwelling house in basic terms because of fact they are so definative. people truly could desire to love the placement, in view which you cant do plenty as far as redesigning is going. a house you have room to knock out a wall or make extra suitable a room, not in a house or condominium commonly. as far as creating wealth is going, if its in a great region that rents out apts and condos alot you're in some success, yet dont assume to coach this place in 5 year for a 20% income. wont ensue.