Pretty easy, but no US citizens allowed
I just finished my application to open an account with the THEO robo-advisor service I wrote about last week.
It was very easy and smooth, by far the easiest of any account I have opened in Japan.
Starting at the website, you first fill in a questionnaire that generates your recommended portfolio, then click on the link to continue.
There are six steps, starting with checking several boxes including one that says ‘I am not a US citizen, green card holder, or dependent of a US citizen’. I guess they don’t want to deal with the IRS or FATCA.
You then fill in your personal information, upload a copy of your driving license, and confirm that you have read all the terms and conditions.
It only took me about fifteen minutes to complete the whole process. Apparently they will send some stuff to my address (to confirm it) and email me with the results.
It also seems they have a promotional campaign that runs until the 15th of May giving you a reduced admin fee of 500 yen for the first year (instead of the normal 1%) on the first one million yen.
I’ll write another post once I start using the account.
Darn FACTA! Grrrrr…..