- April 20, 2024
- Posted by: legaleseblogger
- Category: Related News
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**Navigating Remittance Taxes in Japan**
As a resident in Japan, it is important to be aware of the potential tax implications when using your US credit card in the country. While using your US credit card may trigger remittance taxes, you may also be wondering if alternative financial services like Wise or Revolut will have the same effect.
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With the help of AI Legalese Decoder, you can gain a better understanding of the legalities surrounding remittance taxes in Japan. By using this tool, you can accurately interpret any legal jargon or complex terms related to remittance taxes, helping you make informed decisions about how to manage your finances in Japan.
**Using AI Legalese Decoder to Safely Use Your Dollars in Japan**
By utilizing AI Legalese Decoder, you can confidently explore different financial options for using your dollars in Japan without triggering remittance taxes. This tool can provide you with the clarity and guidance you need to navigate the complexities of financial regulations in Japan, ensuring that you can make the most of your US credit card or alternative financial services without facing unexpected tax consequences.
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****** just grabbed a
Retired in Japan here. Use my US card for everything. Only reason I have a local bank account is to take the ¥ I withdraw from the ATM and deposit into JP bank to pay the rent and car note. 7/11 ATM lets you withdraw up to ¥100,000 per transaction.
Japan does not have a remittance tax. It’s just that foreigners who have lived in Japan for less than five years can avoid paying Japanese income tax on certain types of income by not making any remittances in the same calendar year as the income. But even then, remittances themselves are never taxed. Only the income is taxed.
A bit of a tangent but I’m genuinely curious – Can someone immigrate to Japan for the purpose of retiring? Is there even a visa existing that you can apply for for such a specific purpose?
There is no such thing as remittance tax. If you are only sending your savings to Japan there is no taxable event.
The only time a remittance causes a taxable event is when you have foreign sourced income which would not otherwise be subject to taxation in Japan. In such cases remittances are taxed up to the amount of foreign sourced income in that year.
Eh, i never heard you’d be taxed for remittance of your own money. Yes you’ll be taxed for remitted foreign earned income, but not your own money I believe. Do you earn any income outside Japan lol
OP as others have said there’s no remittance taxes, but something that concerns me a bit is your statement of “I’ve earned money in Japan”.
Given the current USD<=>JPY exchange rates, it’s very likely that when you earned money in Japan, and presumably sent it to US in dollars. In that case, if you convert those to JPY *now* you’d definitely own taxes on the FX profit!
Let’s put a very hypotetical, since in reality it gets really tricky. You sent 10M JPY 3 years ago to the US for 90k USD, and you bring that same money today to Japan, which converts to (example) 12M JPY, which is after fees/etc. That means you made 2M profit on FX gains, which is taxable.
The exact details are a lot more complex, and if you did send a significant amount+are planning to receive a significant amount as a resident (not just a tourist trip), I’d def recommend talking with an accountant.
Check out if your country has any treaties regarding pension payments. Australia and Japan have a treaty that allows both ways ie Australia -> Japan and Japan -> Australia. Very handy. If no treaty perhaps you can get a decent conversation rate via Crypto