Can foreigners own land here? take a mortgage?

Legal Legal - Real Estate & Housing
1

My (Taiwanese) future spouse and I are planning to buy a house together. Key questions are whether we can (or should) sign the mortgage together, and whether we can (or should) own the house together.

(Before you ask–yes, I trust her implicitly.)

Mortgage questions:

Can foreigners get mortgages here? If so, what additional hoops would I have to jump through? Pay for a U.S. credit history?

If not, could she get a mortgage by herself? What’s the formula the banks here use to calculate whether to do it or not?

Can foreign banks offer mortgages here? Do they? Will they be allowed to do so in the future?

Land ownership questions:

Can foreigners own land here? Details, please.

To what extent do a husband and wife have rights over one another’s property? To what extent are they responsible for each other’s debts?

Thanks all!

2

I don’t know the answers to all your questions, but if you put the house in your wife’s name, then she should be able to get a ‘first home-owner’s’ mortgage rate of less than 3%.

Brian

3

If foriengers can’t get a credit card or even a phone line, how can they get a mortgage ?

4

Can buy property but perhaps the bank won’t give YOU a mortgage

5

Hi Screaming Jesus, I found something from “National Network of Foreign Spouses - Taiwan” site. To read more, go to this page and scroll all the way to the bottom.

[quote][color=blue]For a foreigner to buy property in the Taiwan area, he/she must first have an ARC. Certain types of property may not be purchased…

The right to buy property is generally viewed according to the “reciprocity rule.” In other words if Taiwanese nationals are allowed to buy property in the foreigner’s home country, then the foreigner may buy property in Taiwan. However, other restrictions, both written and unwritten, are known to apply.

Most lawyers claim that their understanding of the Taiwanese law is that foreigners may not engage in the buying and selling of real estate for profit.[/color][/quote]

But then if you want an official source, check out Taiwan State Department, and its answer to your question: How to acquire the rights or interests in land in Taiwan, R.O.C.?

[quote][color=blue]Requirements: When a foreigner is acquiring the rights or interests in land in the Republic of China, Chinese citizen, according to the reciprocal treaties or their own laws, shall be permitted the same rights or interests in land in his country. (Article 18, Land Law)

Types of Land: Lands for agriculture, forest, fishery, pasture, hunting, salt, mineral deposits, water sources, military areas and lands adjacent to the national frontiers shall not be transferred, encumbered, or leased to foreigners. (Article 17, Land Law)

Usage of Land: The usage of land leased or purchased by foreigners is limited for residences, shops, factories, churches, hospitals, schools for children of foreigners, diplomatic and counselor building, building of organizations for the promotion of public welfare, and cemeteries. (Article 19, Land Law)[/color][/quote]
Good luck.

scchu

6

WRT: “If foriengers can’t get a credit card or even a phone line, how can they get a mortgage ?”

I have an HSBC visa card, cell phone and home phone in MY name, I have nothing more than a bog standard ARC.

7

[quote=“AWOL”]WRT: “If foriengers can’t get a credit card or even a phone line, how can they get a mortgage ?”

I have an HSBC visa card, cell phone and home phone in MY name, I have nothing more than a bog standard ARC.[/quote]

When did you get them?
How hard did you have to fight to get them?
Who did you black mail/sleep with?
If you had to do it all again today how easy would it be?

8

[quote=“Boss Hogg”][quote=“AWOL”]WRT: “If foriengers can’t get a credit card or even a phone line, how can they get a mortgage ?”

I have an HSBC visa card, cell phone and home phone in MY name, I have nothing more than a bog standard ARC.[/quote]

When did you get them?
How hard did you have to fight to get them?
Who did you black mail/sleep with?
If you had to do it all again today how easy would it be?[/quote]

After 6 mos. (3 of which was spent in frustration with various banks including the one with my Savings Acct) in Taipei, I have finally managed to get a CC from ChinaTrust. They are by far the most friendly, problem-free bank I have encountered here. Right after they mailed me a card, I got another one from Citibank (their air miles card, but with 1/5 the credit). Another “international” one was next to impossible, gave me all sorts of bs; i might as well be talking to a wall. (or a Chinese salesperson)

I did manage to get a home phone and cell in my name. but that was through guanxi. some friend of my gf’s friend in a mahjong club who happened to work at CHT. I did try calling myself before, but it was back to the wall.

Kudos to Chinatrust. I got a credit card (with way more credit than I need) in less than 1.5 weeks!

9

Sorry for the delay in responding…

  1. VISA card. Had a local (wifes sister) as guarantor, filled in all the forms and had the CC in a week.
  2. Local land line: applied and got it
  3. Mobile phone account" applied and got it

No guanxi, no ass licking, nothing. Just applied. Have ARC/Id married to local, not sure to what extent this helped tho.

I am sure this doesnt really help anyone, sorry. If I had to do it again? Not sure, but I received ZERO hassles from all parties involved.

10

Not to rain on your parade, but your credit card isn’t really “yours”, anymore than some 17 year old girl whose daddy just gave her her first Visa. The bank is not recognizing you as a valuable customer, but your wife’s sister. Try doing it on your own, and see how well they treat you.

11

I chose the wrong word - replace ‘guarantor’ with ‘referee’.

All the bank did was call my sister-in-law and she acted as my character reference. Her details appeared NOWHERE on my application and all they have from her is a phone number, nothing else. Therefore the CC is MINE and I am FULLY responsible for it, noone else.

12

Ah… In that case, congratulations!

13

China Trust is the devil!

I too had a China Trust card. Well, really, my Taiwanese husband had one and I got one with my name on it but on the same account. I used that card for NT$6,000 worth of maternity clothes when I out grew everything I owned. I signed my name to the bill, but it was my husband’s account.

Ha! The next bill we got incluced 36% interest on the total of what we owed! 36%!!!

My husband called them up and was told, “Oh, you know, if you have 2 cards you pay 2 interest!” I would have sued them so fast in the States! My husband just took out a loan and paid them off.

I hate China Trust! :imp:

14

I have had a land line and cell phone as well as internet in my own name ever since I got my ARC…

CC was another matter… I keep around 200,00 in my ICBC account and initially they would not give me a credit card…!!!

I have had an account with them for three years and have consitently added to that account every month, never letting the total in it slip to under 50,000. Yet they would in no way shape or form entertain giving me a credit card. I then applied for an American Express card thinking that might be a bit easier. I talked to the sales rep on the phone and she was 100% positive that with my credit card and savings I would get a card… she even went as far to say as they would give me a gold card (BTW gold cards in Taiwan are about as common as messy hair on a scooter boy…) They sent me back a letter… DECLINED. I called back the same customer service person seeking an excuse, she declined to give one, I talked to her manager and he hinted that it may be something to do with my residential status… that I don’t own my current accomodation… “hmmm… no” he said… “that I am a foreigner?” I said… “hmmm…maybe” he said…

Anyway, I tried some other banks with no luck. After getting a Chinese name and chop ICBC seemed strangely more accepting in giving me a CC…but as a previous writer stated before they asked for a referee… My wife actedas my referee and a couple of weeks later I had my own CC (or so I thought…) Turns out they email the monthly bills to her… After some extra enquiries it seems my wife has sole responsibility for this card… even though my name is on the front…and the account is in my name… You gotta love Taiwan at times…:slight_smile:

A word from the wise - Wise man say “don’t use credit card on certain websites or for certain purchases when wife gets emailed the bill…”

not only did she find out about a partucularly selacious video…she also found out what she was getting for her birthday (No…not the video…)

Cheers!

Daryl

15

Well, AMEX cards are easy to get here. I got one on my salary statement. The others??? have had a hard time - including Standard chartered. Now my boss is getting me one.

16

This is not necessary! just apply for a citibank card online and then have it sent to your friend in the states and they can mail it to u. U will be able to use the credit card in taiwan and u can pay the bill online using your bank account in the states.

okay

17

Credit cards can be got from Chinatrust, have had one or two for some while now, mortgages CAN be obtained by foriegnors, but it depends entirely on your relationship with the bank, and to some extent the relationship between the bank and your employer.

My wife and i are about to buy the apartment directly above our current one and the mortgage is in my name.

18

As far as the the cell phone/mobile phone issue, that’s easy!
I know that Far East tone for sure will agree to a contract for at least a year based on the provision of your passport and a deposit of about $3,000NT (last time I checked a few months ago). However you must apply through one of their own branch offices as the other outlets cannot offer this service. I assume the same goes for other service providers too, but I have known them to constantly change their policies.

I was told by Chung-Hwa and Taiwan Cellular Corp (Taiwan Da-Gu-Da) representatives that due to many foreigners especially large numbers of Phillipino workers, working up large bills and then fleeing; Their policies were forced to change. Now foreigners require at least a deposit (Taiwanese don’t).

I might add, that the benifits of having a mobile/cell phone contract are great. The calls can be much cheaper and you do get options to purchase new, ,discounted telephones and choose your own line rental schemes.

19

hello I need to take some loan against my house, I heard you can do 房屋超貸? like up to double of the value of your house? can someone tell me exactly how it’s done and risks involved in it and what not? thanks a lot

20

Only credit card I ever cared about was the one from E.Sun Bank, as it has the cool mountain on it. Got it with wife as guarantor…

Did hear many times through many people that Chinatrust is the easiest one to get for a foreigner. Basically, Chinatrust uses their OBU (overseas business unit) in HK or something like that, to get around the local regulation of having a guarantor sign for a foreigner.

Anyone ever get those mini-credit cards of Chinatrust, about the size smaller than a namecard?