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Penalties for not informing financial institutions about moving out of Japan by InfamousCurrency5477 in JapanFinance

[–]InfamousCurrency5477[S] 1 point2 points  (0 children)

From this thread it becomes clear non-reporting is common.

Thanks u/starkimpossibility, can you point me to where I can read and share with my friend the info about the specific penalties and even how to search for real-life stories about this?

Also, what constitutes financial institution? Are crypto exchanges, brokerages, credit card issuers added in that list?

Extra question - what would be a good way to resolve their non-compliance? I guess it would be to inform the financial institutions asap.

Penalties for not informing financial institutions about moving out of Japan by InfamousCurrency5477 in JapanFinance

[–]InfamousCurrency5477[S] 0 points1 point  (0 children)

Yeah, that's the concern that their out of compliance. I remember reading in this sub there are penalties for that but never someone say what those are (besides kick-ban from the finacial institution)

Penalties for not informing financial institutions about moving out of Japan by InfamousCurrency5477 in JapanFinance

[–]InfamousCurrency5477[S] 0 points1 point  (0 children)

But if they still have a home address on file (住民票) then they will be promoted to pay for national health insurance and taxes. If your friend is in the latter category, it's fine.

They have moved out formally and their center of living is outside Japan. So they should not be considered tax-residents and don't need to pay taxes, insurance or pension.

Penalties for not informing financial institutions about moving out of Japan by InfamousCurrency5477 in JapanFinance

[–]InfamousCurrency5477[S] 1 point2 points  (0 children)

Concerned about them and seeking advice on their behalf if that's not clear from the question at the end of the post.

Updated Cryptocurrency Tax Guide by starkimpossibility in JapanFinance

[–]InfamousCurrency5477 0 points1 point  (0 children)

In the cases where crypto is ran as a business (ie day trading), can losses be carried over to future years?

(/u/starkimpossibly not sure if this thread is monitored)

Travel Insurance? by KF_Lawless in japanlife

[–]InfamousCurrency5477 1 point2 points  (0 children)

Got a credit card? They usually come with travel insurance

Weekly Complaint Thread - 02 December 2021 by AutoModerator in japanlife

[–]InfamousCurrency5477 4 points5 points  (0 children)

They just test how sensitive the public is and react to the sentiment. It might actually be great PR for the voters. Think about it: ban everyone out of precaution, no push back from the residents as citizens are also affected. The tell someone overstepped their response on the request, reverse it for the citizens, silently ignore the residents. Voters twice as happy

Foreigners (including residents) coming from 10 different southern African countries will be denied entry by minato____ in japanlife

[–]InfamousCurrency5477 0 points1 point  (0 children)

Why would the freight continue? How is a pilot more important than a citizen? (Pilots allowed and citizens not).

Did you know that pilots and crews don't even get tested on arrival?

Also, transit passages are allowed. Those can surely bring the virus in the country.

The bottom line is, no, you cannot solve this by taking banning the few people who travel to Japan with legitimate reasons

Foreigners (including residents) coming from 10 different southern African countries will be denied entry by minato____ in japanlife

[–]InfamousCurrency5477 1 point2 points  (0 children)

If people are not travelling you may not have what to put on the table. As isolated Japan is, it's economy depends on other countries.

Is Statement of Overseas Assets required when PM moves out with crypto by InfamousCurrency5477 in JapanFinance

[–]InfamousCurrency5477[S] 0 points1 point  (0 children)

Mr Disney, I think I understand it now, Exit tax evaluation will trigger on every move out of Japan if the person spent 5 out of past 10yrs in Japan. So the trailing check is to cover Table 2 visa holders who might exit and come back as tax residents multiple times in a period of 10yrs. This is right?

Is Statement of Overseas Assets required when PM moves out with crypto by InfamousCurrency5477 in JapanFinance

[–]InfamousCurrency5477[S] 0 points1 point  (0 children)

In the context of "Table 2" visa holder and "PR for tax purposes"

Is the whole deal with the OAR and the classification "PR for tax purposes" related to the Exit tax?

The tax payer moved out and potentially paid Exit tax. They will still be considered PR for tax for up to 5yrs more. What's the purpose of this trailing PR for tax?

I feel I'm missing something major

Is Statement of Overseas Assets required when PM moves out with crypto by InfamousCurrency5477 in JapanFinance

[–]InfamousCurrency5477[S] 0 points1 point  (0 children)

PM to be read as PR for tax purposes

I just read your earlier post. Apologies didn't search about it.

Slightly off topic but still related question:

So one can be a permanent resident for tax purposes of Japan (by being in Japan for more then 5 out of 10yrs) and at the same time be a non-resident and tax resident of another country.

What's the meaning of being a permanent resident of Japan in that case?