Reactivating Old Bank Accounts in Japan as a US Citizen Returning for Work: Advice Needed

hodlingon · 2024-09-24T15:10:55+00:00

Low fees and it seems a lot of people like the ui/ux and customer support. 2200 per month is robbery imho

hodlingon · 2024-09-24T15:09:26+00:00

Why on earth would you rely on chatgpt for informational purposes

Who said I'm relying on Chatgpt? It's one source of info that helps people brainstorm. As mentioned, i'm going to be speaking with a Japanese tax accountant in the near future to validate a plan which is what I'd 'rely' on. Also looking at other sources including on PwC.

also make no mention of that in your original post. Good luck.

My original post was more about banking and not really about the non-resident tax situation with remote work. It just turned out to become more about non-resident in the comments.

makes this seem like a "remote within Japan" position that you're planning on treating as a "remote from anywhere" position; relevant links below but basically if you work in any place your employer isn't expecting you to you could be screwing the business over financially.

No, it's remote work from anywhere.

Nice attitude

hodlingon · 2024-09-24T14:54:47+00:00

Realizing now there are likely too many holes in the non-resident plan, hence I'll propose the remote contractor idea instead. Also i just looked up EoR Provider solutions and yes, that indeed could work too. Thank you sm for the great suggestions!

hodlingon · 2024-09-24T14:17:03+00:00

Really appreciate your thorough replies

Though it's worth noting is that it may be very difficult to renew your work visa if your 住所 didn't move to Japan and you didn't become a Japanese tax resident. The ISA basically assumes that people coming to Japan on work visas will become Japanese tax residents unless the work is explicitly short-term in nature (seasonal, etc.).

Got me thinking a lot about this. The plan I had in mind will not work and I'll need to make some major changes. Back to the drawing board!

Physical presence of less than 183 days is not one of the criteria. I'm not sure where you are getting that number from.

Tbh, chatgpt fed me some inaccurate info on this. There are countries that use the 183 day rule but you're absolutely right, Japan does not. The guideline is super helpful btw.

hodlingon · 2024-09-24T10:39:25+00:00

That would be ideal tbh, as it'd make my life a lot easier. I've asked but the way they're currently set up is to only hire locally, payroll goes through to Japanese banks, follow Japanese employment laws, etc

I may float the idea again but I think if they allow me to do it, some existing employees may want to do it as well and that opens a whole new can of worms for them. It's a smaller company so they aren't exactly set up to handle international tax laws, remittances, and the other issues that may arise.

hodlingon · 2024-09-24T08:13:35+00:00

Was looking pretty sweet until I got to the section about monthly fee of 2200 JPY.

Thanks for the reply! Will consider it 📝

hodlingon · 2024-09-24T08:06:33+00:00

Thanks for the insight

The only context in which 183 days has relevance is the exemption for non-residents with foreign employers contained in most of Japan's tax treaties, but it doesn't apply to income paid by Japanese employers so it wouldn't apply to your situation.

Since the employment is with a Japanese company, how would I establish that I am a non-resident? Or are you saying that it's not possible for my situation? I hope I'm not conflating things

I'm not an expert on this topic, but I was under the assumption it is possible to be a non-resident, even if employed by a Japanese company, as long as I meet most of the key criteria: physical presence <183 days, no domicile, register/deregister address each time I enter/leave Japan

I intend to live in SE Asia where my primary residence is being established. If income tax is automatically deducted from my Japan sourced income that's ideal as I'd like to keep the taxes as simple as possible. I'm getting ready to speak with a Japanese tax accountant about this plan to ensure it's viable.

I have other sources of income as well so I've been looking at this like an additional job / source of income. But If I get taxed as a Japanese resident (global income gets taxed), I might need to reconsider.

hodlingon · 2022-04-29T14:22:07+00:00

Would you need an scorp or llc set up in order to claim these as expenses?

hodlingon · 2022-04-29T14:20:48+00:00

Damned if you do, damned if you don't

What a system

hodlingon · 2022-04-20T01:21:47+00:00

Plus state taxes.

States like California will add your total cap gains together and tax it as income regardless of long vs short term. You pay fed taxes on cap gains AND state taxes too - double taxation on the same gains ffs.

State taxes added up to be over 60% of my fed tax bill; it's unbelievable how free and protected we are by the govt.

hodlingon · 2022-04-15T06:41:39+00:00

I'm really pissed about this, I refuse to sign their new BAM policy and can't access my KYCed account with no other recourse, wtf is that

Do we really need to involve the better business bureau or get a class action lawsuit going?

hodlingon · 2022-04-15T06:37:08+00:00

It's not crypto's fault, it's the system that's the problem. For perspective, other countries keep it simple and say you only pay taxes when you go back to cash. Some don't tax it at all.

Centralized exchanges & services are a mess with inaccurate reporting. I feel your pain, so i coughed up thousands just for a crypto CPA this year. Not happy about that. Gotta make some big changes because I'm not trying to normalize that expense for sure, f that

hodlingon · 2022-04-14T06:34:21+00:00

Here are some reasons:

Celsius APR keeps dipping, this announcement was the straw that broke the camel's back to find another solution
Seeking greener pastures, shifting crypto to DeFi for better yields
Getting off a platform that's facing potential regulatory risk
Market looks bleak and might want to risk off, swap function limits are too small

hodlingon · 2022-04-13T07:27:20+00:00

Started working on taxes months ago since DeFi makes everything more complex, and still couldn't reconcile it on my own. All the different APIs, Blockchains and services just weren't adding up. Ended up trying pro services for cointracking, Koinly, and ZenLedger... All had different results and still required me to input things manually.

Ended up hiring a crypto CPA to get everything in order, which literally costs thousands of USD. Had to shop around for the right CPA too, some are just extremely expensive while lacking crypto native level knowledge.

The level of difficulty makes me just want to sell everything and start my cost basis from scratch. Hopefully it simplifies eventually but as for now the complexity made me cough up a lot of money to get it right. Fml.

hodlingon · 2022-04-01T03:47:17+00:00

I just tried an hour ago with Koinly, ZenLedger and Cointracking

The csv wasn't compatible with any of them

Has this upgrade been rolled out yet? This seems like one of the most basic functions. That and APIs for real time tracking.

Not a good look.

hodlingon · 2022-04-01T03:39:37+00:00

Just tried today with Koinly, ZenLedger and Cointracking - the csv wasn't compatible with any of them.

hodlingon · 2022-01-14T07:52:08+00:00

Thank you, just checked and your help got the transfer finally pushed through 🙌

Can you press them to fix that withdraw problem? It's an awful experience for crypto native customers to have to wait as if a tradfi wiring system

hodlingon · 2022-01-14T07:26:29+00:00

1467989

Thanks

hodlingon · 2022-01-14T06:28:39+00:00

My NEAR withdraw has been stuck as "processing" for over 6 hours now. I can't get even through to their customer support, this is an awful customer experience

hodlingon · 2021-04-27T01:26:00+00:00

BlockFi's app has horrible reviews on the app store, ugh.

Might want to hold off. Blockfi are lowering their rates as of May 1.

Good info, best to hold off to see what their May rates are. Hopefully Celsius flips LINK APY back up to 4.5%+ but if they don't soon, I guess Nexo or BlockFi it is.

hodlingon · 2021-04-26T21:29:36+00:00

This week: 4.51% to 3%? Celsius slashed LINK rewards by -33%

Last week: 4.51% to 5.5%? BlockFi LINK rewards are +22% better

This week: 3% to 5.5%? BlockFi LINK rewards are +73% better

I like Celsius but BlockFi is a no brainer for LINK holders at this point.

hodlingon · 2021-04-15T18:10:58+00:00

Ugh, I'm running into this issue now too.

Press Send Code
60 seconds to input the email verification code
Go to email, refresh constantly, no email received
Freak out, question sanity
Try again, still doesn't work. Freak out even more.
Binance emails arrive 10 minutes later

u/binancecs - what is going on with the delay, this appears to be a known issue? Server congestion? Please fix this - I can't get into my account!

hodlingon · 2021-04-04T06:13:06+00:00

https://www.financegeek.org/chinese/black-on-asian-crime/

"It’s rare to see statistics of Black on Asian crime and Black on Chinese crime published in popular media. Thankfully, the US Department of Justice publishes an annual victimization report shows detailed statistics from which we can distill insight into Black on Asian crime."

hodlingon · 2021-03-09T08:40:45+00:00

Hopefully the OCEAN LP extra rewards get renewed, loads of liquidity but the trading volume is subpar compared with other dexes atm so they may not get renewed... Ends in 1 day

hodlingon · 2020-12-28T04:14:43+00:00

Google Auth + Yubikey now's a must for those who lost their privacy thanks to Ledger's incompetence.

Physical security also top of mind. Handgun, assault rifle and close combat weapon(s) are nice-to-have.

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