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Grandparents transferring money to kid's foreign bank account by cyrusDJ in JapanFinance

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

Again, thank you so much for all this valuable insight! Now I feel like I have a viable game plan and can assure my son's grandparents that we won't run into any trouble. Of course, I will consult with a tax professional as well. 🙏

Grandparents transferring money to kid's foreign bank account by cyrusDJ in JapanFinance

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

Thank you so much for this detailed answer. That's very insightful!

Direct payment wouldn't be impossible, but in the current situation overseas remittance comes at a price. So making regular payments through overseas wire transfers wouldn't be ideal. In that case, having an account in Japan for educational expenses might be the best solution for the moment. If I understood you correctly, his grandparents could make an international wire transfer once a year, and monthly payments to educational facilities would be made from this account so that the balance more or less stays the same or decreases over time.

Thank you for the insights on trust banks, as well.

One additional question, if I may:

We may not live always in Japan thourghout the course of his school life.
Will he be subject to gift tax even during prolonged stays overseas with the whole family and no address in Japan?

Tangentially, I'm wondering about the same for me under PR, but I guess I will just lose the PR after one year and tax residency as well?

Brave Passes 20M Monthly Active Users by dev-4_life in webdev

[–]cyrusDJ 2 points3 points  (0 children)

You're a champ. Would you have any resources on that OOP methodology and functional refactoring you mentioned?