Makes sense. As for the other optional things you mentioned, the odds don’t look good.
I mean, of course it is. That’s kind of part of parenting, figuring out what parts you want to partake in, how to say no to the others. and how to say yes to the things you’re ok with, without the little rugrats getting spoiled and feeling like it’s not optional.
Check the social security. You may have had the 40 quarters/10 years before you came to Taiwan.
I think saving money is a good idea. If you have a US address, Vanguard/Fidelity/Schwab index funds are probably the way to go. But start now, not later. I know a teacher who’s been here 25 years, is now retirement age, has poor health, and lost his job. It is an ugly situation to be in.
1 Like
The Social Security website is pretty good. Once you register, it will tell you all about the benefits you qualify for and what you can get at a specific retirement age. Ah… you probably know this, so this is for SunWuKong. I also know a teacher in that same situation (well not sure about his health though). 
Oh… and you can open an international Schwab account with a foreign address; however, they might have a minimum funding requirement. Ameritrade is also an option and they don’t have a minimum funding requirement, but Schwab is in the process of acquiring them, so it’s best to hurry up on that.
It is very unlikely a bank from your home country will issue a mortgage for a property overseas. Exchange rates can play havoc over long term loans.
Disregard those threads. I’m 62 and banks still ask do I want to obtain another loan.
Have you read this thread?
1 Like
What about online teaching where she can work from home?
Yet plenty of immigrants have done so without any help from others TL. Some started threads on this forum in 2006 on how to do so.
TL has no clue and again is jumping into threads posting his BS about things he has never done or experienced.
1 Like
Yes first home owners scheme and other benefits for children citizens get.
No minimum for banking, for investment account minimum US$25,000
Banks issue loans for different purposes, including buying real estate. Maybe it wont be called “a mortgage”, but ones ability to get a loan in their country of citizneship could be better compared to here.
People invest in overseas properties all the time, Europeans that buy a summer home in Spain or south of France, Canadians buy in Mexico to escape winters, and even Taiwanese invest in Japan, Thailand, and USA. I know from the experience of people in my social circle that they took out bank loans for this, they didnt pay cash out of pocket.
Without a TW citizenship, banks here arent too forthcoming to give us the best deal. I personally still have insurance plans and retirement fund in my home country, since the terms they offer are superior to what i could get here.
if you are looking for a way to get money to buy a house here, its worth the 2 or 3 hours og googling to find out what you can get from your home country.
Exchange rate risk is substantial, in that you are right.
It wont as the OP has no significant saved funds back in the USA. Even a bank in your home country wants to know your income & living expenses and savings. Even if the OP was say sending home US$2000 a month that would not mean his bank would arrange a loan for an overseas purchase.
I had this same problem of not being able to register on the online SSA system – I think they wanted a US address or phone number or some other idiotic thing.
However, you can also give SSA a call on their US toll-free number. Once they are convinced that you are who you claim to be, the phone rep should be able to confirm that you’ve got the minimum 40 credits and can also tell you what you qualify for if you retire at 67 (in today’s dollars – the actual amount you will get at 67 will be adjusted for future PCE inflation, assuming the whole system doesn’t go bankrupt in the interim).
Anyway, that worked for me – I qualify for a whole $330 per month! And I’m not angry about it – Future beer money means more beer in the future.
You can boost your benefit by paying more now – i.e., by reporting self-employment income on your tax return, which you are required to do anyway on any earned income that isn’t from an actual “job” – including private English lessons or whatever.
The rules are that you (all “US persons”) must pay self-employment taxes on such income, even if it’s earned overseas and qualifies for the FEIE – because it is a social security contribution and not an income tax. The rate for self-employment comes out to 15% of earnings. Actually, the returns on this contribution aren’t too terrible for those of us who haven’t contributed very much in our careers.
The latter point is complicated, but the benefit is calculated on a sliding scale where you get back more of what you paid if you haven’t paid very much into the system, whereas you get less of what you paid if you have paid a lot into the system.
Longer story than I intended. Main point – give SSA a call (I mean SSA in the US, don’t waste your time with the ridiculous Manila office) and ask them what you will qualify for at retirement. You might not like the answer, but this is not a good reason for not knowing (and planning/acting) ahead of time.
Just so you know you can use Skype to call a toll free number. You can’t really call it traditionally otherwise (or I tried to at least)
I was able to call the IRS with Skype.
This just passed. “Young” but has no age limit… as long as you never had a house in TW.
Edit… might only be for citizens… aprc too maybe?
You have to be a citizen of course. Permanent residents are not eligible.
So the interest is 1.75 percent for the first three years, then variable.
Loan can be for forty years.
And five years grace period at the beginning. Does this mean you can pay zero for the first five years?
This is going to keep prices high.
2 Likes
I gave up on the buying my own home dream first of all because job insecurity and China risk but most importantly, the rising cost, both here and in the old country.
Unless you have parents that step in for at least the down payment, it’s not doable.
OTOH, yes, you can find properties, older ones, for less than 10 million. Sanzhi. Shenkeng. Add car cost and insurance. Even outside Taipei, you’d need to get out of the cities to buy at single digits.
Look, the actual monthly payments in Taiwan are low, just about the same as rent. But to get the loan approved, as a foreigner, you need a significant cash down payment.
Moreover, you have to consider retirement. You will need several income streams to have a semi decent life. Especially because health considerations.
Additionally, as a foreigner, you need to think that if you don’t have a home, you’re dammed after retirement, since landlords do not like renting to people over 65 years old, since they fear you’ll croak and lower the property value.
In summary… it’s a pickle.