Unlocking the Legalities: How AI Legalese Decoder Can Simplify the Process of Moving Out of Japan for Japanese Nationals
- March 17, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Situation Overview
Hi everyone,
I have an unique situation where I was wondering if this community would have some advice. As a Japanese citizen who grew up abroad, I have been working in Japan for the last 10 years and am now moving to the UK to work for a local employer this year on a UK local contract. I had two questions about Finance that I would like some guidance on.
## Questions about Finance
1. I currently have a Nisa account with Rakuten in Japan. My question is, can I keep this account and continue contributing to it from the UK? (I have the option to have my juminhyo at my parents’ address in Japan).
2. Additionally, I am curious about whether I can continue contributing to my pension in Japan so that I can receive it upon retirement. Is it advisable to do so, or should I explore other options?
Thank you in advance for any advice or insights from someone who may have had a similar experience.
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> I can have my juminhyo at my parents place
Quite aside from the question of whether that’s fraud, if you did that wouldn’t you need to keep paying health insurance etc. and filling Japanese tax returns?
> I have a Nisa account with Rakuten here, my question is, can I keep it and keep contributing to it from UK?
https://www.rakuten-sec.co.jp/web/support/procedures/non-resident/ is their page with details for different kinds of accounts and lengths of departure. Bear in mind that even though NISA is not taxable in Japan, if you were to realise gains in it while tax resident in the UK you would probably be liable for UK tax on those. So even if it’s technically possible to keep it open, I wouldn’t recommend it; much simpler to be solely UK tax resident and open a UK ISA.
> Can I keep contributing to my pension here so I get it when I retire? Is it advisable to do so?
You can be voluntarily enrolled, https://www.nenkin.go.jp/service/kokunen/kanyu/20140627-02.html
As to whether it’s a good idea, my impression is that the rates of return on the Japanese national pension (not the company employee one) aren’t that great? If you’re worried about meeting the 10 year threshold to get payouts based on what you’ve already contributed, you can use months of foreign contribution to totalise your enrollment time.
> I have a Nisa account with Rakuten here, my question is, can I keep it and keep contributing to it from UK?
You can keep it open if you are being forced to move to the UK (such as by your current employer or your spouse’s current employer); see [here](https://www.jsda.or.jp/nisa/faq/#:~:text=NISA%E5%8F%A3%E5%BA%A7%E3%82%92%E9%96%8B%E8%A8%AD%E3%81%97%E3%81%BE%E3%81%97%E3%81%9F%E3%81%8C%E3%80%81%E6%B5%B7%E5%A4%96%E5%8B%A4%E5%8B%99%E3%81%AE%E3%81%9F%E3%82%81%E5%87%BA%E5%9B%BD%E3%81%99%E3%82%8B%E3%81%93%E3%81%A8%E3%81%AB%E3%81%AA%E3%82%8A%E3%81%BE%E3%81%97%E3%81%9F%E3%80%82%E5%87%BA%E5%9B%BD%E3%82%92%E3%81%97%E3%81%A6%E3%82%82NISA%E5%8F%A3%E5%BA%A7%E3%81%A7%E9%9D%9E%E8%AA%B2%E7%A8%8E%E3%81%AE%E9%81%A9%E7%94%A8%E3%82%92%E5%8F%97%E3%81%91%E3%82%8B%E3%81%93%E3%81%A8%E3%81%8C%E3%81%A7%E3%81%8D%E3%81%BE%E3%81%99%E3%81%8B%EF%BC%9F). Otherwise, you will need to close it. Either way, you won’t be able to keep contributing to it (but as u/m50d already mentioned, you probably wouldn’t want to contribute to it as a UK taxpayer anyway, because UK tax-advantaged investment options would be preferable).
> Can I keep contributing to my pension here so I get it when I retire?
Yes.
> Is it advisable to do so?
Very hard to say. It depends on how much you value future pension benefits compared to the future value of the investment you would make with that money instead. I think most people in this sub would be inclined to invest the money themselves rather than make voluntary pension contributions, but it’s a very personal decision, based on your investment preferences, risk tolerance, etc.
If you keep your juminhyo (I don’t see any advantage as you’re a Japanese citizen), you have to pay health insurance, need to apply for nenkin exemption and afaik cannot vote abroad, probably you want to register as overseas voter with the embassy of Japan in UK.