Taiwan is not your typical tax haven or wealth management center. In fact, most people overlook it altogether, in favor of Singapore, Hong Kong, and even Macau. But, for those who are properly structured and understand the benefits, Taiwan may make a lot of sense.

Also, if you desperately need a personal bank account in Asia as a non-resident, but have a hard time finding a bank that accepts you, banking in Taiwan can also be a useful "backup" option.

Foreigners and foreign companies can open a bank account in Taiwan.

Deposit requirements are low, links with Taiwan are not always necessary, and sometimes remote opening is possible. But only if you choose the right bank, branch, banker and have the right documents.

Certain organizations, structures and individuals have found Taiwan to be a more convenient and welcoming tax haven than traditional Caribbean or Pacific island nations. So it's no wonder that today, Taiwan's banking sector offers some unique traits that literally can't be found elsewhere.

Taiwan is a hidden tax haven because China prevents them from joining international regulatory bodies, this jurisdiction puts in our hand a lot of benefits. Taiwan has foreign, Taiwanese and some mainland Chinese banks.

Taiwan has an own form of bank secrecy, as described in Article 48 of Taiwan's banking law, which requires the confidentiality of all information unless the law provides otherwise. And it is exempt from FATF peer reviews since China prevented Taiwan from joining the OECD.

Taiwanese banks allow RMB banking operations through their Offshore Banking Unit (OBU) divisions, which can be accessed by offshore companies.
 
OBU accounts do not incur any income tax, corporate value added tax, sales tax, stamp duty, or withholding tax for account holders. OBU accounts also allow for simple cross-border trading without monetary restrictions.

Money Transfers

Money Transfer from Your Taiwan Bank Account Transferring Money Abroad from Taiwan is not as easy as in other countries. For example, PayPal only works with one bank and Transferwise doesn't work at all.

If low-cost international transfers are a must for you, you may need to bank at an international bank.

Foster Swiss can help you create a bank account in Taiwan, we provide you with personalized advice from the moment you choose the bank that best suits your requirements and we take care of the whole process for you.

For more information on this topic or any requirement related to our services, you can contact us directly through info@fosterswiss.com