RetireJapan

robster wrote: ↑Sun Dec 17, 2023 11:35 am I'm actually in mid-process. Funds have arrived at my bank (Sony Bank - an account which I opened for the purpose of receiving the funds in the original currency rather than let the banks exchange at an unfavourable rate), I today stated the source as "inheritance", and now waiting to see if they ask for any supporting documentation.

I am about to do the exact same thing (well, in a few months) so would be interested to hear how smoothly or otherwise it goes with Sony Bank. It would be especially useful to know what kind of supporting documents they might ask for, e.g. copy of probate or a simple letter from the executor.

Loth wrote: ↑Sun Dec 17, 2023 10:41 am

Tkydon wrote: ↑Sat Dec 16, 2023 4:47 pm It seems they have changed their website. It is now here:

https://zaik.jp/books/472-4

You might find one at Book-Off Online, but they are out of stock at the moment...

https://shopping.bookoff.co.jp/used/0019533464

Thanks again, Tkydon. I'll add 税法 to my itinerary when visiting Book-Off stores.

robster wrote: ↑Sun Dec 17, 2023 5:16 am If your share of the inheritance is within the exemption limit (sounds like it is) then there is no need to declare it as far as the Japan tax agency are concerned. This I was told over the phone from the tax office very recently. When you transfer the funds, the receiving bank will ask for some details about the source of the funds and at that point you may be required to submit a statement or summary from the executors.

Thanks robster. That's good to hear. I'll ask my siblings if they can assist with such when it comes to the funds arriving in the executor's account. May I ask whether you have already done this yourself? You mention getting this information recently.

A big thank you to everyone here, taking your time to comment and advise. Hopefully, I'll be in a position to do likewise for others when things have been resolved.

Cheers!

Everything I have heard/read also says there is no need to file if you are under the limit.

Beaglehound wrote: ↑Sun Dec 17, 2023 11:53 am

robster wrote: ↑Sun Dec 17, 2023 11:35 am I'm actually in mid-process. Funds have arrived at my bank (Sony Bank - an account which I opened for the purpose of receiving the funds in the original currency rather than let the banks exchange at an unfavourable rate), I today stated the source as "inheritance", and now waiting to see if they ask for any supporting documentation.

I am about to do the exact same thing (well, in a few months) so would be interested to hear how smoothly or otherwise it goes with Sony Bank. It would be especially useful to know what kind of supporting documents they might ask for, e.g. copy of probate or a simple letter from the executor.

Likewise, would be very interested indeed to hear what, if any, supporting documentation is requested. Please keep us posted, robster.

Funds arrived in my account with no fuss. They just asked the purpose of the transfer to which I answered truthfully "inheritance". I was also asked to register my MyNumber with SonyBank urgently...which I have not yet done, as I was able to access the funds without doing so.
Pleased also to report that other than the 30euro fee charged by the sending bank, there were no other fees deducted. All very straightforward. I can now hold those funds in the original currency (euro) and convert to yen at a time of my choosing, at the very favorable Sony rates.

Great news to go with the holidays!

robster wrote: ↑Mon Dec 25, 2023 6:23 am Funds arrived in my account with no fuss. They just asked the purpose of the transfer to which I answered truthfully "inheritance". I was also asked to register my MyNumber with SonyBank urgently...which I have not yet done, as I was able to access the funds without doing so.
Pleased also to report that other than the 30euro fee charged by the sending bank, there were no other fees deducted. All very straightforward. I can now hold those funds in the original currency (euro) and convert to yen at a time of my choosing, at the very favorable Sony rates.

Thanks for the update, very useful.

Thanks for keeping us posted, robster. Much appreciated!

Just an update but finally I have my inheritance money transferred from the UK to Japan so in case it's of interest to others, here's how it went:

Everything went smoothly enough - the only reason I say "finally" is that the sale of my late mother's house fell through just before the end of 2023 but was finally sold at the start of April.

I asked my siblings - the executors - to make the remittance of my share to my Sony account set up for GBP. The bank, unsurprisingly, wanted documentation to show where the money came from and my relationship to the remitter. I sent them PDF copies of the following:
- My mother's will & death certificate
- Probate
- UK Land Registry - Transfer of Property i.e. her house to her heirs
- Sale of Property & Financial Statement - showing completion of sale at the start of April
- Statements showing transactions in/out of Executor Account

That was probably more than they actually needed but 'taken as a whole' it demonstrated there was no money laundering going on and the relationships of all involved.

They also asked for evidence of my salary/employment in Japan so I provided them with payslips for the past six months and certificate of withholding tax.

It took them a day or so to verify and then the funds were released to my account.

Hope that's of help to anyone else doing the same. If there are any questions, feel free to ask.

Cheers!

Thanks; I might find myself in this situation one day (hopefully later rather than sooner) so bookmarking.

Why did Sony need evidence of your salary/employment in Japan?

Not really sure why they requested evidence of salary/employment. Possibly linked to demonstrating that I am a settled entity here with a source of income and that the funds were not linked to any business transactions? Who knows?

Just my guess but the request may have been linked to what I had registered with them when opening the account at Sony. When doing so, amongst such things as your intended purpose for the account, you are asked to indicate your income status - if I recall, I selected 'full-time employee' or something similar from the available options. There was no need to submit any specifics or evidence during the opening application but this may have triggered the request when the funds arrived? Had I selected something else, such as self-employed, retired, etc., perhaps they would have requested alterative documentation?

Cheers