Cost of Living in Taiwan - a 2024 Guide for Foreigners

Taiwan is known for being cost-effective and attracts many who are looking for an economically friendly experience. You might be curious about what living in Taiwan is really like, how much it costs, or even think about moving there.

But there's more to Taiwan than just being an affordable travel destination. When you look closer, living in Taiwan full-time is different from just visiting. The real cost of living in Taiwan is more complicated and often higher than what tourists see. For students and people looking to work in Taiwan, everyday expenses can add up, going beyond what you'd spend on a short trip. This makes you wonder about the true cost of living in Taiwan – a place where it seems affordable at first but has its own set of hidden costs. Understanding how much it really costs to live in Taiwan requires digging deeper into the everyday financial realities of this fascinating island.

In the past year, Taiwan has seen a remarkable influx of expats and international students, with statistics from Taiwan's Ministry of Education (MOE) and National Immigration Agency (NIA) reflecting a steady rise in arrivals. According to MOE, the total number of incoming international students in Taiwan increased from 17,000 in 2021 to 19,000 in the next year of 2022. 

Additionally, the MOE proposed to increase its budget to attract a total of 320,000 foreign students by 2030, marking a growing trend in the country's appeal as an educational destination. Similarly, the National Development Council reported a doubling of foreign professional workers in the past 9 years to 54,183, showcasing Taiwan's allure as a place for professional growth and development to consider moving to Taiwan.

Safety and Low Crime Rates

Taiwan's commitment to safety is evident in its low crime rates, creating a secure environment that fosters a sense of ease and tranquility for residents and visitors alike living in Taiwan. Its capital, Taipei, ranks third among “World’s Safest Cities” where residents reportedly feel safe to even walk alone at night. With a strong emphasis on law enforcement and community vigilance, the country ranks among the safest in Asia, reassuring those considering a move here.

Cultural Richness

Rich in history and traditions, Taiwan offers a tapestry of cultural experiences. There are over 800,000 foreigners living in Taiwan according to statistical data from National Immigration Agency. From vibrant festivals to historic landmarks, the island celebrates its heritage while embracing modernity, providing a melting pot for diverse cultural exchanges.

Friendly and Welcoming People

The warmth of the Taiwanese people is legendary. Known for their hospitality and friendliness, locals readily engage with foreigners, offering a sense of belonging that transcends geographical boundaries. Even without the ability to speak the local language, Mandarin Chinese, foreigners living in Taiwan shall still be greeted by friendly locals who will be happy to help if you ask politely.

Efficient Public Transportation

Taiwan's public transportation system is a marvel. With an extensive and efficient network spanning the entire island, accessing different regions is seamless. Trains, buses, and the highly acclaimed MRT in major cities like Taipei, Taichung, and Kaohsiung ensure convenient travel, enhancing the overall quality of life.

Scenic Landscapes and Outdoor Activities

The allure of Taiwan extends beyond urban landscapes. Its breathtaking natural beauty, from majestic mountains to stunning coastlines, provides abundant opportunities for outdoor enthusiasts and nature lovers. Adventurers could reach hiking trails or rivers from easy to difficult levels within 1 hour of public transportation, and be prepared to indulge in the beauty of Formosa!

Undoubtedly, another factor contributing to Taiwan's appeal is its affordable cost of living. While this is often a secondary consideration, it significantly bolsters the island's attractiveness as a destination for both students and expats seeking a balanced lifestyle without financial strain.

Living in Taiwan as an expat or student encompasses a spectrum of expenses, each playing a crucial role in shaping one's budget and lifestyle. Let's delve into the specifics of these costs, offering a detailed breakdown and comparisons in Taiwan currency NT dollars and their approximate US dollar equivalents (using a conversion rate of 1 USD to NT$ 30).

Accommodation/Housing

In Taiwan, accommodation options vary widely, catering to diverse preferences and budgets. From cozy studios to shared apartments or entire houses, expats and students can explore a range of choices. Additionally, condominiums in urban areas and student dormitories affiliated with universities offer tailored living arrangements. 

Taking the cost of living in Taipei, Taiwan, which is considerably high compared to other areas, as a benchmark, a typical studio room monthly rent in Taipei center could cost from NT$15,000 to NT$30,000 (USD 500 to 1,000), while a dorm in public school is charged every semester term (4 to 6 months) for around NT$10,000 (USD 333). But of course, if you decide to have a flatmate or roommates, the price can be much cheaper. 

Public Transport

Taiwan boasts an efficient public transportation system encompassing buses, the MRT (Mass Rapid Transit), Ubike rentals, and high-speed train. Each offers convenient connectivity across cities and regions, with fares varying based on distance and transportation mode. In the northern part of Taiwan, you may enjoy an NT$1,200 (around USD$40)  monthly pass, which covers public transportation in Taipei, New Taipei City, Keelung, and Taoyuan, which will surely save your cost of living in Taiwan.

Food and Dining

A culinary paradise, Taiwan caters to diverse tastes and budgets. Night market delights offer affordable, flavorful options, while grocery costs depend on dietary preferences. Proper dine-in meals vary in price, which could range from NT$300 to NT$900 (USD 10 to 30), and school cafeterias often provide cost-effective meal options for students, where NT$100 (USD 33) would enable you to leave with a full tummy, making the cost of living in Taiwan for students affordable.

Education

Renowned for its quality education, Taiwan presents ample scholarship opportunities for international students, ensuring accessibility and affordability. Scholarships are divided into two main categories according to the source of funding, which are government and university. Various institutions contribute to government scholarships, such as the Ministry of Education, Ministry of Foreign Affairs, Taiwan ICDF, etc. Tuition fees vary across institutions and programs, making education here a viable choice for many. 

Healthcare

Taiwan's National Health Insurance (NHI) system is revered for its inclusivity and affordability. Foreigners residing in Taiwan can also benefit from this comprehensive healthcare coverage, contributing to the overall lower cost of living in Taiwan.

Services

Internet plans and mobile service subscriptions are available at competitive rates, offering convenience without straining the budget. On average, for under NT$900 (USD 30), you could get yourself unlimited mobile internet access.

Gym memberships are also convenient in various cities of Taiwan, with membership fees ranging from NT$900 to NT$1,500 (USD 30 to 50) depending on the provider and your own preferences and budget for cost of living in Taiwan.

Taiwan's burgeoning economy has positioned it as a sought-after hub for expats and graduating students exploring job opportunities across diverse sectors, enabling them to settle and live in Taiwan. Specifically, industries like technology, education, manufacturing, and financial services have drawn considerable attention, showcasing ample potential for career growth and development for your life in Taiwan. Here are the kinds of jobs and industries you can consider when living and working in Taiwan.

Technology Sector

Renowned globally for its technological prowess, Taiwan's tech industry offers a spectrum of opportunities. From hardware manufacturing giants to innovative startups, the sector welcomes skilled individuals. Average pay scales range based on roles, with references from Taiwan's Ministry of Labor citing competitive salaries, notably in software development and engineering roles. While an entry-level engineer’s monthly salary could start at NT$45,000 (USD 1,500), the yearly salary for high-level IT engineers could reach NT$2 million (USD 66,667)

English Teaching

With a growing demand for English language education, Taiwan provides a vibrant market for expats seeking teaching positions. Statistics from reputable teaching platforms and educational institutions indicate a steady demand for qualified English teachers across all education levels. Salaries vary based on qualifications and experience, often supplemented with additional perks like housing allowances. The starting salary of an English teacher could be NT30,000 (USD 1,000) with the possibility of earning up to NT80,000 (USD 2,667) depending on the total teaching time.

Startups

Taiwan's startup ecosystem is thriving, attracting entrepreneurs and professionals globally. The government's initiatives and support systems foster an environment conducive to innovation, also encouraging foreign companies to make Taipei as their headquarters. The government initiatives also welcome new ideas, startups and small businesses, especially in the field of technology. The establishment of the Startup Regulatory Adjustment Platform by the National Development Council (NDC) in 2017 was also an effort to support this initiative.

Manufacturing and Engineering

The manufacturing industry remains a cornerstone of Taiwan's economy. Engineering roles in semiconductor manufacturing, electronics, and precision machinery offer competitive salaries, with references from industry reports illustrating the stability and growth potential within this sector. The average monthly salary could range from NT$60,000 to NT$90,000 (USD 2,000 to 3,000) and even more.

Financial Services

Taiwan's financial sector provides a range of opportunities for skilled expats. With a stable banking system and an evolving financial landscape, roles in banking, finance, and consulting present promising career prospects. Statistics from financial institutions in Taiwan showcase the demand for professionals with expertise in finance and related fields. A professional in the field of finance and insurance could earn a monthly salary of NT$100,000 (USD 3,333).

Once armed with insights into the various costs associated with living in Taiwan, it's essential to have a toolkit of resources at your disposal to facilitate a smooth relocation, especially when the cost of living in Taiwan is one of your main considerations. Whether it's for career progression or educational pursuits, numerous avenues and platforms are available to aid in your transition to Taiwan.

Job Seekers

For those seeking career opportunities, specialized job search sites dedicated to Taiwan's job market offer a treasure trove of employment listings. CakeResume, a prominent platform, connects job seekers with a wide array of job openings and companies actively hiring in Taiwan. Additionally, both offline and online career and employment events provide networking opportunities and direct engagement with potential employers. Events hosted by CakeResume often showcase career prospects and industry insights relevant to those moving to Taiwan and want to enhance their experience of living in Taiwan in the professional realm.

Degree Seekers

For aspiring students, Taiwan's Ministry of Education (MOE) website is a comprehensive resource offering information on English-taught programs, scholarships, and admission procedures at various universities nationwide. Organizations like the International Cooperation and Development Fund (ICDF) and the Study in Taiwan website provide invaluable guidance on scholarships, application processes, and living in Taiwan. University websites and the Taipei Economic and Cultural Office in respective countries serve as additional sources offering detailed program information and support for prospective international students.

Leveraging these resources not only streamlines the relocation process but also empowers individuals to make informed decisions, ensuring a successful transition to life in Taiwan for career or educational pursuits.

In conclusion, the exploration of the cost of living in Taiwan revealed a multifaceted landscape, shedding light on various expenses crucial for expats and students planning a move to this vibrant island. From accommodation choices to transportation, education, and job prospects across diverse sectors like technology, education, and manufacturing, Taiwan presents a promising tapestry of opportunities.

For those relocating to Taiwan for work or study, CakeResume is a standout resource. It's known for its wide range of job listings and easy-to-use interface, making it a top choice for newcomers. CakeResume offers helpful articles and tips, making the move to Taiwan smoother. It's a great tool for anyone looking to settle into life in Taiwan easily.

— Originally Written by Wendy Chang —