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Be wary of your investments -- the TAXMAN is watching

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  • How about gifting the investments to a family trust in Canada?

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    • Originally posted by jrp View Post
      How about gifting the investments to a family trust in Canada?
      That's an interesting idea - Do you have any experience/knowledge to share? I can see why that may be useful for more than a couple of purposes.

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      • Originally posted by Brown Cow View Post
        That's an interesting idea - Do you have any experience/knowledge to share? I can see why that may be useful for more than a couple of purposes.
        I don't know anything about Canadian trusts, I only know about New Zealand trusts.

        One of my jobs a few years ago was extracting money for debts from trusts (or I should probably say 'attempting to extract' more often than not) - so I've had a bit to do with them.

        Personally I like trusts for asset protection - but they're not for everyone.

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        • Originally posted by chainbolt View Post
          Interesting. Where can I read more about this?
          Well here's a best-effort translation of another advisory on the FSA's homepage.
          http://www.fsa.go.jp/ordinary/kanyu/20090731.html

          "Beware of solicitation from unregistered overseas operators!"

          "We have observed cases of overseas operators that are not registered under the Financial Instruments Law creating Japanese homepages on the internet, to conduct solicitation for FX trading and Securities trading."

          "Even for operators based overseas, if conducting business for Japan residents or with Japan residents as counterparties, in principle registration as a financial instruments operator is necessary. It is prohibited to conduct financial instruments business without registration. (Violators will be fined.)"

          "If you enter transactions with unregistered oveseas operators, there is a fear of easily encountering trouble such as your funds being stolen or not returned, please exercise due caution."

          To my mind, there is a basic problem with the mentality of any Japan resident who goes crying to the FSA if they have lost money in the process of investing anywhere, let alone overseas. Of course if Japanese operators have not obeyed the local laws, fine deal with them, but the whole idea of expecting foreign operators to register with the FSA in order to do business with Japan residents is just a massive overreach. The USA is involved in similar nonsense too recently. If I read a homepage and sign up for services it's more my doing than the operator of the business.

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          • SO where does this conversation lead me? I've been here for 11 years, and have been sending money back since the beginning. I have stocks and bonds in the USA. All of the dividend income from my stocks have been reinvested. I have no plans to liquidate any of those holdings until after I leave Japan. What is the legal right of Japan to pursue me at that time, when i am not physically a resident of Japan any longer?

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            • Originally posted by SaminJapan View Post
              SO where does this conversation lead me? I've been here for 11 years, and have been sending money back since the beginning. I have stocks and bonds in the USA. All of the dividend income from my stocks have been reinvested. I have no plans to liquidate any of those holdings until after I leave Japan. What is the legal right of Japan to pursue me at that time, when i am not physically a resident of Japan any longer?
              They'll probably audit you very shortly. They hit SG at the 15yr mark.

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              • Originally posted by edin日本 View Post
                They'll probably audit you very shortly. They hit SG at the 15yr mark.
                Later than that!

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                • Originally posted by SaminJapan View Post
                  What is the legal right of Japan to pursue me at that time, when i am not physically a resident of Japan any longer?
                  Given that both states have massive amounts of public debt, I would imagine the US and Japan will be getting chummier on tax evasion in future.

                  I'm not a US citizen (fortunately, considering it's tax regime) but my guess is that the Land of the Free is unlikely to side with you if any failure to declare income to the Japanese authorities were to come to light, no?

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                  • Originally posted by fxgai View Post
                    Given that both states have massive amounts of public debt, I would imagine the US and Japan will be getting chummier on tax evasion in future.
                    ...
                    Exacitily! Says the Caterpillar.

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                    • Can anybody give us an update? A mate of mine who is an eikaiwa monkey has returned here but he didn't register for the kokumin kenko hoken including not paying nenkin. He has now lived about a total of 6 yrs in Japan counting his last time here. I reckon he is going to be in trouble with the tax office or city hall in March come tax time but he says no. Will he have to pay more tax to compensate for the fact he has not paid into the health and pension?

                      He wants to leave in April anyway. Can he tell them to go take a hike if they try to make him enrol as he doesn't want to renew or work here anymore after April? This kind of stuff makes me happy I own my own business and don't have to deal with that kind of thing. He says his boss can't make him register for the programs two or three months before he leaves Japan.

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                      • And what about Ken? Has the NTA come knocking on your door? Seems to me it's only a matter of time, sorry.

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                        • Health Insurance and Tax are two very different things. If your friend has not paid for Health Insurane he does not have a card, so if he gets sick he has to pay all fees for treatment up front, which can get very expensive depending on what his illness and treatment! Taxes if he has not paid, they can and do grab on to his bank account, they can and do garnish wages, they can and do extend fines and penalties. So if he is lucky he can get away without paying health insurance but he will sooner or later have to pay Taxes !

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                          • Just wondering which broker any canucks moved their accounts to after getting the from TD, etc. I'm in the same situation now and not sure what to do.

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                            • PM me before Gaijinpot closes and I will give you details.

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                              • victorWard, What is, "...after getting the from TD, etc."? Canadians can open a TD International investment account in Luxembourg and not pay capital gains tax. There is also DBS Vickers in Singapore where investors will not pay capital gains taxes. Possibly Saxon in Hong Kong, also. Not aware of any services that have access to TSE, etc. in Japan.

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