How AI Legalese Decoder Can Simplify the Process of Selling Your House Before Moving to Japan
- April 29, 2024
- Posted by: legaleseblogger
- Category: Related News
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Seeking Advice on Moving Money from US to Japan
Hello everyone!
I recently sold my house in the US and will be relocating to Japan next month. I am looking to transfer my funds into a Japanese bank account promptly to capitalize on the advantageous exchange rate. While I believe I have a grasp on the basic steps involved, I am seeking reassurance that I am not overlooking any essential details that could potentially lead to complex tax implications in the future.
Here’s an overview of our current situation:
- I am a US citizen, while my wife is Japanese
- The property sold was our primary residence, and we file taxes jointly (eligible for a $500,000 capital gains tax exclusion, as per my understanding)
- I have yet to establish a Japanese bank account
- The property closing will take place while we are still residing in the US
Although I presume this is a common procedure, I have been unable to locate a comprehensive guide that clearly delineates every aspect involved in the process.
Thank you in advance for any assistance!
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It’s simple. You move here and make a sony or shinsei bank. Then transfer the money there and convert it to yen. Alternatively, you can transfer 10k chunks with Wise, but that will take longer and have more fees.
You’d need a Japanese bank, bear in mind that most (all?) won’t give an account to a foreigner who hasn’t been a resident for less than 6 months.
If your wife is a JP citizen she coule probably open one faster, but also be aware Japan doesn’t do joint accounts, so the bank account she opened would be hers alone.
Also, nobody knows what the yen will do, it could lose further against the USD as well as recover somewhat.
Just fyi, you can exchange the dollars for yen in your own bank in the us; no need to send it all to Japan.
Unless you plan to spend it all in Japan, long-term the interest gained if you invest the dollars in the us will likely outperform the yen
I would think that you’ll want to transfer that money to Japan before you become a resident here to avoid the tax on the remittance. Japan doesn’t recognize the $500k capital gains exclusion. So, perhaps try and get an acct setup and transfer before residency if possible though banks will require residency to setup account. Maybe have your wife open an account here and have her transfer from an account under her name in the states to avoid gift tax and foreign income tax on the remittance.