- December 7, 2023
- Posted by: legaleseblogger
- Category: Related News
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As a Japanese national residing outside of Japan for an extended period, I am facing a complex situation with my investment assets. The investment company holding my cash and bonds, which I obtained through personal means, gifts, and inheritance, has informed me that I lack resident status and has requested that I liquidate these assets and withdraw the funds. This is a significant decision as the amount involved is not insubstantial and could potentially attract scrutiny from the Tax Agency if I transfer it overseas.
I have no intention of hiding anything, but I am wary of unintentionally drawing undue attention, especially considering the other family assets registered under my name. I am at a crossroads and unsure of the best course of action. Would it be prudent to move these funds to a foreign investment firm in Japan that caters to non-residents, or would it be more strategic to find a method to extract the money from Japan entirely? Additionally, I am seeking guidance on who I could consult on this matter, as the accountants and lawyers I have approached have indicated that they avoid international concerns due to the intricate nature of taxation involved.
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****** just grabbed a
> to move these funds to a foreign investment firm in Japan that caters to non-residents?
If you do not have a MyNumber, you won’t be able to open a new account in Japan afaik. MyNumber is required for any new account creation at a bank or trust bank.
These funds are from Japanese investments so you’ll have to pay tax on them. There’s no getting around that.
> investment firm in Japan that **caters to non-residents?**
And this is not a thing.
Wealthy Japanese non residents bank with a big name ibank in whatever locale they are in.
If this is over 1mil JPY, there WILL be reporting to the NTA by the brokerage and any bank that is involved, and they are fairly likely to require you to give them a MyNumber before they let you move the money.
Best to hire a Japanese accountant to sort through this with you. Do it right so it doesn’t come back to bite you in the a## in the future.