RetireJapan

Wales4rugbyWC23 wrote: ↑Sat Feb 03, 2024 11:49 pm

goodandbadjapan wrote: ↑Sat Feb 03, 2024 11:18 am

Wales4rugbyWC23 wrote: ↑Sat Feb 03, 2024 10:55 am I wish I had had any capital gains to claim- almost zero percent growth. I cashed it in after 10 years when I was due a bonus (it was originally a 15 year policy) The only saving grace was I was invested in Yen and I sent it back to the UK in sterling at the height of all the Brexit shenanigans and got a really good exchange rate, I bought a flat with it and now I don't have to put up with expat financial advisor rip-off merchants but nightmare tenants.

This is almost my story exactly. Cashed in after 10 years of 15 year policy with very modest gains. Bought a flat in UK when pound was low because of Brexit! My 'tenants' are my parents, though.

Were you also Generalli?

Wales4rugbyWC23 wrote: ↑Sun Feb 04, 2024 2:27 am pulled in by one of their sales man at a ETJ or JALT conference??

goodandbadjapan wrote: ↑Sun Feb 04, 2024 4:03 am

Wales4rugbyWC23 wrote: ↑Sun Feb 04, 2024 2:27 am pulled in by one of their sales man at a ETJ or JALT conference??

No, to my shame I sought out someone to deal with my finances before I knew any better! The guy was very nice and had an OBE and was Chairman of the British Chamber of Commerce in Japan for a while. Also had a career in banking before coming to Japan so seemed very respectable. Whilst he wasn't overly pushy, I would have hoped he might have said 'this product I'm offering is shit for you, not bad for me'' at some point. He also brushed off my concerns when I learned a bit more and started asking awkward questions about index funds etc!

Tkydon wrote: ↑Sun Feb 04, 2024 9:33 am Would that we could go back in time and start Retire Japan 30 years ago...

Hayabubu wrote: ↑Fri Mar 08, 2024 4:04 am ...
Documentation/Information required – please arrange to submit this to us

Certified ID. (Passport, driving license)

Certified proof of residential address. (Bank statement or utility bill.)


Certification Required - Please note that all documents must be certified by either a Financial Adviser (suitable certifier), Registered Solicitor, Notary Public, Commissioner of Oaths, Lawyer or Advocate and must bear their official company stamp. In order to comply with our requirements, the certification must contain the following:

The Certifier must print their full name in capitals and add their contact details i.e. a telephone number or email address.
The Certifier must sign and date the document.
The Certifier must state their company name and the position within the company.
A statement that the document is a true copy of the original, the actual wording must read: “I hereby confirm that this document is a true copy of the original which I have seen and any photograph represents a good likeness of the client whom I have met”.
The Certifier must print their full name in capitals and add their contact details i.e. a telephone number or email address.
If the certifier is not already registered with us as a suitable certifier we will require a website link which verifies their position; please note websites such as LinkedIn will not be accepted."[/b]

Has anyone been through a similar process and if so, where did you go to get your documents certified?

Tkydon wrote: ↑Sat Feb 03, 2024 4:20 am You have to pay Capital Gains Tax on the Capital Gain.

You have to calculate the Tax Basis:

The total amount of money you paid in in Yen, so if the payment was a regular JPY amount, the sum the payments.

If the payment was a regular GBP amount or other currency, you have to work out each payment amount in JPY at the TTS Exchange Rate on that day, or the actual exchange rate if you have it.

There is a little flexibility on selection of the rates, but not much...
https://www.nta.go.jp/english/taxes/ind ... /12017.htm

If you need, you can get the exchange rates from here:
https://www.murc-kawasesouba.jp/fx/past_3month.php

Rates for whole years can be downloaded at the bottom of the page.

If you decide to keep the GBP in GBP, you then have to convert the amount in GBP that you receive to JPY at the TTM exchange rate on the day you receive it for calculation purpose.

If you actually convert the GBP to JPY on receipt, you can use the actual exchange rate and the actual JPY amount received.

You then have to declare the difference between the Tax Basis (The JPY amount of the sum of all contributions) and the final JPY amount.
You have to declare the Gain in your Kakutei Shinkoku (in March 2025 if you receive the money in 2024).
You then get the Capital Gains Tax Allowance of Y500,000 tax free, and pay Capital Gains Tax on the remaining Taxable Gain.
You will have to pay the National and Reconstruction Capital Gains Taxes of 15.315% on the Taxable Gain in April 2025.

Then, Residents' Taxes will also be payable on the Taxable Gain and included in your Residents' Tax Bills at 5%, payable from July 2025 to June 2026, for a total of 20.315% Capital Gains Taxes.