- May 27, 2024
- Posted by: legaleseblogger
- Category: Related News
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## How Can AI Legalese Decoder Help with Investing While Moving to Japan?
Before you tell me to use IBSJ, yes I have read through many posts in this subreddit about how it’s the only option for US citizens in Japan. However, for the time being, I am still living in the US and will move to Japan later this year. Given that I still have time (and an address) in the US, is there a way I can take advantage of this in order to invest more cheaply/easily when I finally get to Japan? To be clear, I’m not looking to make one big transfer, but rather, figure out a way to steadily invest my savings over many months/years, bogleheads style.
One way AI Legalese Decoder can help in this situation is by providing up-to-date information on the best investment options and strategies for US citizens living in Japan. Our platform can analyze market trends and recommend the most suitable brokerage accounts or transfer methods based on your unique financial situation.
## Exploring Different Brokerage Options and Transfer Costs
I have also read the wiki about transfers, but I noticed that the data is from 2021, so I wasn’t sure if things had changed since.
Some more specific questions:
1. Is another brokerage like Schwab/Fidelity/TD superior to IB in any way? If so, does that advantage outweigh the better foreign exchange rates that IB provides?
2. What about the cost of transferring money from a Japanese bank to IB vs. to another brokerage vs. through Wise/Revolut?
3. If IB is the best choice, is it better to open an IB LLC account in the US now, compared to the IBSJ account that they are migrating people to?
4. Does the equation change if you gain gold/platinum status with any of the Japanese banks?
5. Personal anecdotes about your own investing strategy would also be very appreciated
## Leveraging AI Legalese Decoder for Informed Investment Decisions
With AI Legalese Decoder, you can receive personalized recommendations based on your individual financial goals and circumstances. Our platform can assist you in navigating the complexities of international investing and help you make informed choices when it comes to managing your investments across different countries.
Thank you!
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Is this a long-term move or a temporary move? What kind of visa?
If you’re going to be here a long time and really re-center your life to Japan, then IBJS, you’re done, there is no nuance.
If you’re only going to be here for a small number of years, it gets more nuanced. Keeping your finances all in America simplifies your long-term life a bit.
JPY -> USD transfers with Wise cost about 0.6%. For large amounts, you can probably do cheaper with a Swift transfer through Sony Bank.
Yeah to consider how you will invest, you first have to know where you will withdraw and when you will withdraw to answer this. There are rules and tax considerations that will come in to play.
Since you said boglehead, it’s basically transfer your income in Japan to a US brokerage because low cost index fund in Japan generally means PFIC, so we can’t use it as an American. Also not volunteering to your brokerage that you are moving overseas.
I would consider resetting my cost basis before moving because its a pain to calculate capital gains here when your brokerage is overseas.
Saxo Bank is also an approved broker in Japan and has lowered their price since last month making them much more attractive. I don’t know what they’re worth since I’m pondering opening an account with them and I’m still on the ramp-up phase learning about investing, but they might be worth considering for people in Japan.
Since they’re an approved broker, transfer is mostly free depending of the Japanese bank you’re using. Downside is they do not provide yet any easy method for tax declaration.
[https://www.home.saxo/ja-jp](https://www.home.saxo/ja-jp)
From what I know, IBJS has no margin trading option.
You can open an IBKR account in the US while being a US tax resident, but you most likely will need to change your address once in Japan and they will force you to move to IBJP. But with FACTA and IP login location they will probably know one way or another you’re not a US tax resident at some point. But I’m not a US person nor own an IB account so take this with a grain of salt.
>Does the equation change if you gain gold/platinum status with any of the Japanese banks?
Getting gold/platinum status with JP banks might allow you to get free transfers and probably better rates for example with Sony Bank but you need to grind you way here and depending of your situation it’s not easy.
For the rates I consider Sony Bank > Revolut = Wise. While Revolut has slightly better rates, Wise has more legal securities and is soon to be a Tier 1 licensed bank in Japan allowing people to transfer more than 1 MYen per month. Apparently IBKR has the best rates but you need a big deposit and you can’t use them just for FX exchange. Again that’s my personal opinion and what came up from my research, I might change my mind the further I’m going down the rabbit hole.
>Personal anecdotes about your own investing strategy would also be very appreciated
Not a US person ? Go max out this sweet sweet NISA. Otherwise be careful about PFIC.
Once in Japan apply for the MyNumberCard since it makes the tax declaration much easier and you’ll need it for transfering money outside Japan.
> What about the cost of transferring money from a Japanese bank to IB vs. to another brokerage vs. through Wise/Revolut?
At my bank, and I’m pretty sure at most banks, you get an allotment of X free domestic transfers per month (which is usually determined by your status). So for me, the monthly domestic transfer to IBSJ is completely free.
Bringing in dollars and buying rental spaces