Re: Offshore vs Onshore Investment
Posted: Wed Jul 21, 2021 12:38 pm
Many thanks for your helpful comments; they're a useful start for me.beanhead wrote: ↑Wed Jul 21, 2021 10:00 am Welcome! I will try and answer as best as I can.
For Japan, when you bring money in, you will be liable for taxes on the gains you have made if the gain is more than 500,000. Splitting the amount into 2 different years could maximize that 500,000 per year.
https://www.nta.go.jp/taxes/shiraberu/t ... u/1490.htm
Second thing is that if the amount is large, your bank here will want to know what it is. You may have to prove to them that is your money, so some kind of proof of the regular payments you have been making is good to prepare. This is all to do with money-laundering laws, as you may know, and all banks will ask the same sort of questions (probably in the UK too).
The only other comment I have is to beware of the temptation to spend the money or trade with it! Before is was probably not touchable, but now it will be in an account which allows you to buy and sell.
The capital gains are considerably more than ¥500k, and the overall amount is what I presume you might term as large, but I should still have all the paperwork somewhere as it's all legit. Thanks for alerting me to that.
And I think I have learned my lesson now. I will have no need to spend the money, nor trade with it. I basically want to recreate a similar portfolio to the one I have now, but with less in the way of administration charges (and all the rest). Thanks again!