Leo, let's discuss taxation, retirement, and social rights for long-term immigrants in China and Taiwan.
Important considerations for anyone planning to settle down there. Let's compare them.
In China, long-term immigrants pay income tax, a progressive system where higher earners pay more.
Standard progressive taxation. What about social security?
Employed immigrants with proper documentation usually qualify for China's social security system, including pension, medical insurance, and unemployment benefits.
Sounds comprehensive. And Taiwan?
Taiwan offers a similar system through its Labor Insurance program, providing health insurance, pension, and employment insurance for legally employed immigrants.
Both offer social safety nets. What about specific tax rates?
China's individual income tax rates range from 3% to 45%, though deductions are available.
45% is substantial! Taiwan's top rate is around 40%, still significant but less than China's. They also offer deductions.
So, lower tax burden might favor Taiwan, but benefits are key. What about healthcare?
Both have universal healthcare. Taiwan's is often praised for quality and accessibility, but China is improving its system.
Healthcare is crucial. What about retirement? How easy is it to retire comfortably?
In China, you generally need 15 years of contributions for pension eligibility. The amount depends on contribution history and average wages.
A 15-year commitment. Taiwan has similar requirements; pension amounts depend on contributions and government calculations, a somewhat opaque system.
Both require long-term planning. Beyond finances, social integration matters. Both countries have unique cultures.
Cultural fit is essential. It's not just about the numbers; it's the overall quality of life.
Precisely. Thorough research, talking to expats, and possibly a visit are crucial before making decisions.
Remember, laws change; always verify information with the relevant authorities.