Taiwan's new migrant schemes lures increasing numbers of Hongkongers

When Hongkongers think about emigrating, Canada and Australia are the countries that immediately spring to mind, or perhaps Singapore. Now another destination, almost at our doorstep, has emerged as a contender for residents seeking an alternative to the city's astronomical property prices and frenetic pace - Taiwan.

Security Bureau figures show that about 600 people emigrated to the island last year, triple the number in 2011. Push factors aside, the spike in emigration to the island is driven by programmes that the Taiwan government recently launched to attract overseas talent, experts say.

An investment migrant scheme introduced last year that simply requires candidates to place NT$5 million (HK$1.3 million) in a Taiwan bank for one year to be eligible for residency has proved particularly popular, says immigration consultant Eddie Kwan King-hung. Candidates can apply for permanent residency after a two-year stay, during which they must not be away from Taiwan for more than 30 days per year.

"Unlike other countries which require applicants to invest in a business, the NT$5 million can be kept for oneself in the bank and there's no need to buy anything. There's no risk at all besides fluctuations in currency exchange rate," Ng says. "The similarity between Taiwan and Hong Kong culture makes adaptation easier. My company has received inquiries from retirees about the scheme. Taiwan is a good destination for retirees due to the low cost of living, fresh air and quality medical health care."

Former artist management executive McVicar Wong fell in love with the island during his frequent trips to Taipei for work. So when he decided to quit to start his own business after 20 years in the industry, he opted to settle in Kaohsiung.

"All my Hong Kong colleagues love Taiwan. Some come to buy books and I love the food and relaxing pace there," he explains.