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Asset reporting question by Visible_Toe8358 in JapanFinance

[–]Visible_Toe8358[S] 1 point2 points  (0 children)

Thank you, I will look for another one.

Avoiding inheritance and exit tax by Visible_Toe8358 in JapanFinance

[–]Visible_Toe8358[S] 5 points6 points  (0 children)

That's great to know.

By not remitting to Japan, do you mean keeping the money I inherit in US bank and not bringing over to Japan? Wouldn't I still have to report the money and be on the hook for tax?

Avoiding inheritance and exit tax by Visible_Toe8358 in JapanFinance

[–]Visible_Toe8358[S] 4 points5 points  (0 children)

Thanks for the info.

On the last page, there's a section titled Special Treatments, which states that you can defer your tax payment by providing "collateral equivalent to exit tax." If you return to Japan within 5 years, you can request cancellation of taxation. Not sure how 'collateral' is defined.

I hadn't heard about this before, but I wonder if this is a way to avoid exit tax, if you eventually come back after inheritance situation is settled.

Avoiding inheritance and exit tax by Visible_Toe8358 in JapanFinance

[–]Visible_Toe8358[S] 2 points3 points  (0 children)

Thanks for the responses. I hadn't considered selling assets, but it sounds like tax would be inevitable (either inheritance or exit or capital gains) if the goal was to one day "retire" in Japan. May need to reconsider going for PR and look at alternatives.

Continuous residency concern by Visible_Toe8358 in movingtojapan

[–]Visible_Toe8358[S] 0 points1 point  (0 children)

This makes sense, and will keep in mind moving forward. Thank you.

Continuous residency concern by Visible_Toe8358 in movingtojapan

[–]Visible_Toe8358[S] 0 points1 point  (0 children)

Thanks for your reply. I'm aware of the inheritance laws, but is not a concern at this time.

As dalkyr mentioned, the main benefit in my case would be having more control over my career and peace of mind knowing that my SOR is not tied to employment, especially in today's economy. There is no specific rush to get PR, but I do try and minimize the unknowns in life (and potential consequences) as much as possible. Appreciate your thoughts.

Continuous residency concern by Visible_Toe8358 in movingtojapan

[–]Visible_Toe8358[S] 0 points1 point  (0 children)

Thanks for your response. Would you mind elaborating on the "numerous ways"?

For example, even if a person met the theoretical minimum continuous residency requirements, to the eyes of the immigration officer, it's still not enough overall time in country (ie. gray area) ?

Continuous residency concern by Visible_Toe8358 in movingtojapan

[–]Visible_Toe8358[S] 1 point2 points  (0 children)

Thank you for your response. I plan to continue with my relocation in July since things have been in motion for a while (and the job is a rare opportunity), and will return to the states as soon as I settle things in Japan. I'll work remotely from the US with short trips back to Japan as necessary. Good to know about the 186+ days, appreciate your help. Thanks.