Around 40,000 new people are arriving in Ulan Bator every year for work, resulting in the city's population growing very quickly. However, as rapidly as Ulan Bator is developing, it is important to remember the city is not as modern as many global capitals.
Mongolia's economy is currently growing at a faster rate than most other countries, but growth has slowed after the initial massive impact of the country's mining boom. As Mongolia continues to embrace industrialism it is likely that mining will become increasingly important to the nation's economic strength, and it is estimated that one planned mine that is in development could even contribute as much as a third of the country's future GDP alone.
As a developing country, Mongolia's economy is prone to more change than more stable nations. Anyone moving to Ulan Bator will be able to see for themselves what impact investment is having on the capital city, but in the outskirts of UB many locals still live in poverty and burn their rubbish for fuel. The gap between Mongolia's working class and middle class is a concern.
Mining and banking are two of the boom industries in Ulan Bator, but the rapid pace of growth in the Mongolian capital is also resulting in lots of jobs being created in property development.
Jobs are advertised online in English and it is advisable to find work before planning a move to Ulan Bator, as this is the easiest way to confirm the visas and work permits that are required.
It can be tricky for foreigners who do not speak Mongolian to find work in Ulan Bator itself after arriving due to the fact that the vast majority of local people do not speak any other language.
If expats live in Ulan Bator for 183 or more days in a tax year, they will be classified as a resident taxpayer. Those who are based elsewhere for that time are deemed non-resident taxpayers.
Salaries, wages, bonuses, incentives, and similar employment income are all subject to Mongolia's ten per cent income taxation rate, while there is a further ten per cent charge on income for social insurance premium.