RetireJapan

The last few times I've logged into my kids' JNISA accounts on Rakuten to transfer money in from their Post Office accounts, it has given me the option to a) transfer money from accounts in the child's name, or b) transfer the money in from MY account but warns that I could be liable for gift tax if I transfer more than ¥1.1m a year... Seeing as JNISA limit is what, ¥800k a year per child, that shouldn't be a problem...

So, if you have problems or can't be bothered to create accounts for each child, just use option b).

Thanks. I've been avoiding Japan Post because I don't have a good experience with their online interphase (I mean they sent me my password in the mailbox, lol). But it seems so far no banks provide an easier solution than what you mentioned about the family register and 30mins.

By the way just to add to the conversation above, I inquire with SBI how it is possible to have a Junior NISA when children below 15 years old are usually not allowed to have a bank account. They clarified that the child need not transfer from his own ban account. What is required is that the transfer requester has to have the same name as the child.

It is explained here (sort of):
https://faq.sbisec.co.jp/answer/5efd9bc ... earch=true

edit: While the may be true, to sign up for JNISA, you need to register a bank account where money from JNISA goes which needs to be their name. So in the end you still need an account in the Child's name. FML.

Oh and with the JNISA ending in 2023, does that mean I only have until then to invest tax free? Or do I get a fresh 5 years from now?

crew wrote: ↑Wed Jul 14, 2021 4:31 am Thanks. I've been avoiding Japan Post because I don't have a good experience with their online interphase (I mean they sent me my password in the mailbox, lol). But it seems so far no banks provide an easier solution than what you mentioned about the family register and 30mins.

By the way just to add to the conversation above, I inquire with SBI how it is possible to have a Junior NISA when children below 15 years old are usually not allowed to have a bank account. They clarified that the child need not transfer from his own ban account. What is required is that the transfer requester has to have the same name as the child.

It is explained here (sort of):
https://faq.sbisec.co.jp/answer/5efd9bc ... earch=true

Oh and with the JNISA ending in 2023, does that mean I only have until then to invest tax free? Or do I get a fresh 5 years from now?

2023 is the last year you can contribute.

It does not look like the scheme is being replace by anything.

We're aiming to max it out for all remaining years and use the fund as a "pot" for funding our current child's (and possible future childrens) education.

Kanto wrote: ↑Wed Jul 14, 2021 5:50 am
We're aiming to max it out for all remaining years and use the fund as a "pot" for funding our current child's (and possible future childrens) education.

I was thinking that while Junior NISA is not that attractive with the pending end in a less than three years (better to put the money in MY NISA so its not locked up), but if I want to open an investment account for my kid anyway so they can learn the ropes, this is the only way right, so might as well go for it. Am I correct?

crew wrote: ↑Wed Jul 14, 2021 6:17 am

Kanto wrote: ↑Wed Jul 14, 2021 5:50 am
We're aiming to max it out for all remaining years and use the fund as a "pot" for funding our current child's (and possible future childrens) education.

I was thinking that while Junior NISA is not that attractive with the pending end in a less than three years (better to put the money in MY NISA so its not locked up), but if I want to open an investment account for my kid anyway so they can learn the ropes, this is the only way right, so might as well go for it. Am I correct?

Even if you put money in 2023, you still get the full 5 years tax-free (so 2028). It just means you can't do it again in 2024. I don't have children so I can't comment on the wisdom of doing this but if you have your own account and are maxing it out, there's nothing wrong with putting 800k into your kid's account so you get to enjoy even more tax-free investments.

crew wrote: ↑Wed Jul 14, 2021 6:17 am

Kanto wrote: ↑Wed Jul 14, 2021 5:50 am
We're aiming to max it out for all remaining years and use the fund as a "pot" for funding our current child's (and possible future childrens) education.

I was thinking that while Junior NISA is not that attractive with the pending end in a less than three years (better to put the money in MY NISA so its not locked up), but if I want to open an investment account for my kid anyway so they can learn the ropes, this is the only way right, so might as well go for it. Am I correct?

I had assumed you already maxed out your Nisa, and your SO's NISA. That should come first. But, with the end of the J-Nisa they removed the restriction on early withdrawals, making it an excellent deal.

I think it's still worth opening. By the end of it you'll kids will have a bank account, J-NISA, and Taxable account.

Maybe ask the in-laws to contribute, or slot in that birthday or New Year's money?

Both Shinsei & Sony offer child accounts which can be opened by post. These are good options if kids receives gifts from family abroad. Linkage with the online brokers is not as good as Yucho, however. You can still furikomi money in though, it's just not real-time (takes a couple of hours).

Bushiman wrote: ↑Wed Jul 14, 2021 4:13 am The last few times I've logged into my kids' JNISA accounts on Rakuten to transfer money in from their Post Office accounts, it has given me the option to a) transfer money from accounts in the child's name, or b) transfer the money in from MY account but warns that I could be liable for gift tax if I transfer more than ¥1.1m a year... Seeing as JNISA limit is what, ¥800k a year per child, that shouldn't be a problem...

So, if you have problems or can't be bothered to create accounts for each child, just use option b).

That was the option I decided to go with until I found out that to create an account you need to register a child's bank account where his earnings will be sent. LOL. So he still needs an account after all (This is SBI)

Kanto wrote: ↑Wed Jul 14, 2021 6:36 am

crew wrote: ↑Wed Jul 14, 2021 6:17 am

Kanto wrote: ↑Wed Jul 14, 2021 5:50 am
We're aiming to max it out for all remaining years and use the fund as a "pot" for funding our current child's (and possible future childrens) education.

I was thinking that while Junior NISA is not that attractive with the pending end in a less than three years (better to put the money in MY NISA so its not locked up), but if I want to open an investment account for my kid anyway so they can learn the ropes, this is the only way right, so might as well go for it. Am I correct?

I had assumed you already maxed out your Nisa, and your SO's NISA. That should come first. But, with the end of the J-Nisa they removed the restriction on early withdrawals, making it an excellent deal.

I think it's still worth opening. By the end of it you'll kids will have a bank account, J-NISA, and Taxable account.

Maybe ask the in-laws to contribute, or slot in that birthday or New Year's money?

Nah I haven't maxed out. I want to max to ours first, but I was also thinking it would be nice for them to have their own little accounts they can look in to and see their money grow. I don't expect to be able to max out both NISA and JNISA this year due to some spending.