Here’s a step-by-step guide to buying property in Taiwan:
1. Research and planning
- Understand the market: Research locations, property types (apartments, houses), and price ranges
- Set a budget: Determine how much you can afford, including down payments, taxes, and fees
- Legal considerations: Familiarize yourself with Taiwan’s property laws and requirements for foreigners
2. Secure financing (If needed)
- Down payment: Typically 10–30% of the property price
- Mortgage application:
- Foreigners may need a local guarantor or collateral (existing property) to secure a loan
- Submit financial documents (income tax forms, bank statements) to banks
- Loan approval: Banks assess your creditworthiness and property value
3. Find a property
- Use real estate agents or platforms:
- Websites like Taiwan Housing 😉, 591.com.tw, ect
- Agents often charge 1–3% of the property price as commission
- View properties: Inspect the location, condition, and legal status (no disputes)
4. Verify property ownership and legal status
- Title deed: Confirm the seller legally owns the property
- Real estate registration certificate: Check for liens, mortgages, or legal disputes
- Survey the property: Ensure it matches the title deed (no illegal construction)
5. Negotiate and sign the purchase contract
- Agree on terms: Price, payment schedule, and responsibilities (repairs)
- Earnest money deposit: A 5–10% deposit to secure the deal (non-refundable if you back out)
- Notarize the contract: A notary public must certify the contract
6. Complete legal and financial steps
- Apply for Ministry of the Interior approval (if foreign buyer purchasing land or non-residential property):
- Submit proof of identity, residency, and financial capability
- Pay deed tax:
- 1–4% of the property price, paid to the local tax authority
- Secure mortgage (if applicable): Finalize loan terms with the bank
7. Register the property transfer
- Land Administration Bureau:
- Submit documents to transfer ownership to your name
- Pay stamp duty and registration fees (minimal costs)
- Receive the new title deed: Confirms your ownership
8. Final payments and handover
- Pay the remaining balance: The final payment (after down payment and earnest money)
- Transfer utilities and insurance: Update accounts to your name
- Handover the property: Inspect the property one last time before moving in
9. Post-purchase considerations
- Property insurance: Optional but recommended (earthquake or fire insurance)
- Tax compliance: Pay annual real estate tax and land tax
Key notes for foreigners
- Visa restrictions: Some visas (student or tourist) may limit property purchases. Confirm eligibility
- Legal representation: Hire a bilingual lawyer to review contracts and handle paperwork
- Guarantor requirement: Banks or landlords may require a local guarantor for loans or purchases
Additional tips
- Budget for extra costs: Include taxes, agent fees, and potential renovation expenses
- Verify everything: Never skip due diligence to avoid legal or financial risks
- Stay organized: Keep all documents (contracts, receipts, tax forms) in a secure folder
Buying property in Taiwan involves multiple steps and legal formalities, but with careful planning and professional guidance, the process can be smooth.
