- May 1, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Assistance Needed for Family’s Relocation to Japan
Hello Everyone,
I am currently in the process of helping my family members move from the US to Japan in the near future. While I have taken care of the immigration aspects with the help of legal experts in both countries, I now seek guidance on financial matters, particularly regarding home loans, money transfers, and potential tax implications.
### Home Loan Considerations
I already own a property in Japan which I purchased with a 30-year loan through SMBC. For the new home that my family will be residing in (still in the search phase), I am considering taking on a second loan myself. This decision is based on my citizenship status, existing bank accounts, stable employment, and the fact that I am currently paying off my own property. I am curious if others have experience with second home loans and would appreciate any tips or advice on this matter. I came across a website recommending Aeon Bank for home loans, and I plan to explore this option further by submitting a preliminary application.
### Money Transfer Options
In terms of transferring funds from the US to Japan, my family intends to sell their current house and utilize the proceeds for monthly loan payments. I have seen recommendations for TransferWise, but I am open to exploring other options if they are more suitable for our situation.
### Tax Implications for US Citizens in Japan
As my family will be residing in Japan under a Certificate of Eligibility (CoE) while maintaining their US citizenship, I am curious about any tax implications we need to consider. They are retirees whose primary sources of income will be savings, pension, and social security benefits, in addition to the funds from selling their current property.
I would appreciate any advice or insights you may have to offer on these financial matters. Thank you in advance for your assistance.
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As a Japanese citizen you are liable for taxes on gifts, so be sure the loan amount is less than ¥34 million. A ¥34 million second house loan with a 35 year payment period will have a yearly payment just under the ¥1.1 million threshold for gift taxes.
There are other significant tax breaks available when parents contribute to the initial payment for buying a primary residence but not a second house. It might be worth it to sell your current property and buy a much larger primary residence for both you and your parents to share, in order take advantage of these tax breaks.
About transferring money.
Just have your parents wire the money from their bank to yours once a year. No need for a special money transfer service.