When a foreign-exchange receipt, payment or transaction in Taiwan reaches NT$500,000 equivalent, the person who owns or needs the funds becomes the declarant under Article 2 of the Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transactions. Each time the declarant converts New Taiwan dollars into foreign currency or back, they must complete the declaration form truthfully from the underlying contracts or other evidence and file it through a bank, which passes it to the Central Bank of the Republic of China (Taiwan). A deal that never touches New Taiwan dollars does not go through this conversion filing.
The same rules cover foreigners holding an ARC, Taiwan companies and individuals; non-residents face a separate USD 100,000-per-transaction threshold. A non-resident may convert up to USD 100,000 equivalent per transaction on the form alone (Article 4(1)(v)). Above that amount, certain listed payments need Central Bank approval: construction contract payments in Taiwan, security deposits and arbitration fees in Taiwan legal matters, payments for Taiwan real estate acquired with permission or lawfully for own use, and inheritances, insurance proceeds and death benefits obtained in Taiwan (Article 6(1)(iii)).
Minors are treated separately too. A person under 18 who holds a Taiwan national ID card or a residence permit (including an ARC) valid for at least one year needs prior approval for any single conversion of NT$500,000 equivalent or more. Unless the minor is married, a legal representative must file on the minor's behalf and both must sign the form (Article 6(1)(ii) and 6(2)).
Three routes to conversion
Article 4 lets the declarant convert as soon as the form is complete for export and import proceeds, payments for services provided to or by non-residents, office expenses of a representative office with no operating income in Taiwan, and remittances within the annual cumulative limits: USD 100 million equivalent for companies and firms, USD 10 million for groups and individuals. Trade and service payments are not counted toward the annual total. The Central Bank's 31 October 2024 adjustment order, effective 1 November 2024, set these current figures; its press release explains the increase.
Under Article 5, a single conversion of USD 500,000 equivalent or more by an individual or group (USD 1 million for companies) goes through only after the bank has matched the form to the contracts or approval letters. The same check applies to approved direct investment, portfolio investment and futures trading, the original foreign shareholders of a foreign company listed in Taiwan remitting share-sale proceeds, and drawdowns and repayments of medium- and long-term foreign debt by private enterprises. Whether a payment is salary, share-sale proceeds or a loan repayment can decide whether this article applies and what the bank will ask for.
Article 6 requires prior Central Bank approval, sought through a bank with the form and supporting documents, for necessary remittances beyond the annual limits, for the minor and non-resident cases above, and for other necessary remittances. Under Article 7, the Central Bank may adjust the annual limit amounts in light of economic and financial conditions, so check the current figure with your bank before a large conversion.
Filing through someone else, and false filings
You may authorize another individual to file a conversion for you. That person gives the bank a letter of authorization and identity documents for both of you, and files in your name; responsibility for the content stays with you (Article 9(2)). A company or individual who is entrusted with someone else's conversion and files in its own name is deemed a declarant (Article 2(2)(ii)) and must follow the bank guidance rules and Central Bank rules (Article 9(1)). However, when a non-resident individual declares a conversion under Article 4(1)(v) or Article 5(iii), (v) or (vii), the individual must file in person with a passport or other identity document, unless the Central Bank provides otherwise (Article 10(1)).
A declarant who wilfully fails to declare, declares falsely, or fails to explain or explains falsely when queried is punished under Article 16, which applies Article 20(1) of the Foreign Exchange Control Act: an administrative fine of NT$30,000 to NT$600,000.
Tax is a separate question
Filing an FX declaration does not settle income-tax or gift-tax questions. Tax residence is covered in Taiwan income-tax residence, and gift tax on transfers in Taiwan gift tax for foreigners. This column does not advise on the timing or returns of any remittance. If you are abroad and want to instruct a Taiwan lawyer, see hiring a Taiwan lawyer from abroad.
To discuss a remittance structure, send the purpose of the transfer, the contracts, the parties' identities and the annual cumulative conversion amount. Contact Attorney Wei Tseng (曾雋崴), Hovering International Law Firm: wei@hoveringlaw.com.tw. Address: 7F-2, No. 35, Sec. 1, Chengde Rd., Datong Dist., Taipei City 103, Taiwan (103 臺北市大同區承德路一段35號7樓之2).
Official sources
- Regulations Governing the Declaration of Foreign Exchange Receipts and Disbursements or Transactions, full text (pcode G0450009, amended 26 December 2022).
- Article 2: declarants, deemed declarants, the declaration form.
- Article 4: conversion on the form alone.
- Article 5: conversion after a bank document check.
- Article 6: prior Central Bank approval.
- Article 7: adjustment of limits.
- Article 9: entrusted conversions and filing by an agent.
- Article 10: non-resident individuals filing in person.
- Article 16: penalties.
- Foreign Exchange Control Act, Article 20: fine range.
- CBC press release: annual cumulative FX settlement limits (effective 1 November 2024: USD 10 million for groups and individuals; USD 100 million for companies and firms).
- CBC notice of the 31 October 2024 adjustment order.
- Central Bank of the Republic of China (Taiwan).
Verified: 2 October 2026
Frequently Asked Questions
- Is there no declaration below NT$500,000?
- Article 2 of the declaration regulations sets the declaration duty at NT$500,000 equivalent and above, so smaller transactions do not trigger a form under these regulations. A bank may still ask for identity or source-of-funds information under other rules or its own procedures.
- What if an individual exceeds the annual cumulative limit?
- Under Article 4, groups and individuals may convert on the form alone while their annual cumulative purchases or sales stay within USD 10 million equivalent; for companies and firms the figure is USD 100 million. A single conversion of USD 500,000 or more (USD 1 million for companies and firms) still needs the bank to check supporting documents under Article 5. A necessary remittance beyond that limit needs prior Central Bank approval under Article 6, applied for through a bank. These annual figures have applied since 1 November 2024 under the adjustment order the Central Bank issued on 31 October 2024 under Article 7 of the regulations.
- Can someone else file for me, or can I file for another person in my own name?
- Under Article 9(2), you may authorize another individual to file for you. That person must give the bank a letter of authorization and identity documents for both of you, and must file in your name. You remain responsible for what is declared. The separate rule in Article 10 for non-residents applies first. A company or individual who takes on someone else's conversion and files in its own name is deemed a declarant under Article 2(2) and must follow the bank guidance rules and Central Bank rules, as Article 9(1) requires. Wilful non-declaration or a false declaration is punishable under Article 20(1) of the Foreign Exchange Control Act, through Article 16 of the regulations.
This article provides general information and is not legal advice on any individual matter.
