Okay, been living in Japan for about 3 years now, am moving with my fiance from Kyushu to Tokyo at the end of this month. Due to this, I will need to have some cash on hand because moving costs are going to slaughter me.
About a month or so ago, I made a checking/brokerage account with Charles Schwab. As of this morning the account has been restricted because they were made aware of the fact that I am living in Japan. So I now need to move my investment portfolio as well as my checking account over to a new finanical institution.
I have also recently recieved a 6 figure sum of money from a court settlement, which is currently sitting in my hometown bank checking account gaining no interest (which is killing me on the inside).
Due to my driver's licence info being outdated, I can't open an account at most(any, really) conventional banks. I have a U.S. address (my families address), as well as a family member that holds power of attorney for me, that I can use for opening up an account back home. Schwab was definitely the best option I feel, and I messed that one up.
I have standard Japanese bank account that my salary goes into, and I use Wise to transfer funds into it whenever I may need. Most of my shopping is done online, and I use my American debit card for that.
So I guess my main question is, where should I move everything to? Right now I am thinking of joining American Citizens Abroad or the American Consumer Council in order to open an account with the State Department Federal Credit Union, but I don't believe that will solve all of my problems. Anybody have any advice? I know this is all over the place but I'm so lost.
American With Some Problems
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captainspoke
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Re: American With Some Problems
The "go to" recommendation for US expats in japan is IB (interactive brokers), and you'd want the LLC version of that, so that it's a US account (rather than becoming a client/customer of their japan operations/branch).
This would be a US account, you'd get year-end 1099 statements for tax reporting there in the US, and there would be no worries about PFICs (passive foreign investment companies), which any and all US taxpayers should avoid. Effectively, here in japan, any mutual fund is a PFIC (even supposed 'vanguard' funds), and some stocks are, too. (Schwab would have been nice, too bad about that.)
Your hometown bank should be able to transfer most anything to IB, so once you've moved your money there, your investment horizon/opportunities will be wide open.
This would be a US account, you'd get year-end 1099 statements for tax reporting there in the US, and there would be no worries about PFICs (passive foreign investment companies), which any and all US taxpayers should avoid. Effectively, here in japan, any mutual fund is a PFIC (even supposed 'vanguard' funds), and some stocks are, too. (Schwab would have been nice, too bad about that.)
Your hometown bank should be able to transfer most anything to IB, so once you've moved your money there, your investment horizon/opportunities will be wide open.
Re: American With Some Problems
I've tried to open an account with IB but when entering my country, Japan just straight up isn't an option in the dropdown list. Can I not just make an account on their site?
Re: American With Some Problems
I am guessing you were trying to sign up via their .com address? I queried with them in advance, and they told me that since I reside in Japan, I would need to sign up via their Japanese address:
https://www.interactivebrokers.co.jp/en/home.php
You will be able to choose between signing up for IB Japan (only Japan productions) or IB LLC (everything else).
If you choose IB LLC, you will get 1099s and other US tax documentation.
So far I have found their customer support (before and after signing up) pretty useful, so definitely send them any queries as well.
Re: American With Some Problems
This reply is very late but yes you were absolutely correct. Thanks for this!akiaji wrote: ↑Wed Mar 09, 2022 7:33 amI am guessing you were trying to sign up via their .com address? I queried with them in advance, and they told me that since I reside in Japan, I would need to sign up via their Japanese address:
https://www.interactivebrokers.co.jp/en/home.php
You will be able to choose between signing up for IB Japan (only Japan productions) or IB LLC (everything else).
If you choose IB LLC, you will get 1099s and other US tax documentation.
So far I have found their customer support (before and after signing up) pretty useful, so definitely send them any queries as well.