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Re: Best stockbroker for non-Japanese?
Posted: Thu Mar 02, 2023 2:40 pm
by beanhead
zeroshiki wrote: ↑Thu Mar 02, 2023 2:08 pm
I seem to remember someone here or r/JapanFinance saying that as Japan residents we can't actually use overseas brokers technically. I tried googling and found this on the FSA website:
Stark?
https://www.reddit.com/r/JapanFinance/c ... _my_other/
Re: Best stockbroker for non-Japanese?
Posted: Thu Mar 02, 2023 8:58 pm
by captainspoke
zeroshiki wrote: ↑Thu Mar 02, 2023 2:08 pm
I seem to remember someone here or r/JapanFinance saying that as Japan residents we can't actually use overseas brokers technically. I tried googling and found this on the FSA website:
https://www.fsa.go.jp/ordinary/kanyu/20090731.html
海外所在業者であったとしても、日本の居住者のために又は日本の居住者を相手方として金融商品取引を業として行う場合は、金融商品取引業の登録（日本の「金融商品取引法」に基づく登録）が必要です。日本で登録を受けずに金融商品取引業を行うことは、禁止されています。（違反者は罰則の対象となります。）
It's a general warning regarding using shady foreign "financial" companies but it has that line saying that those companies can't deal with Japan residents unless they're registered in Japan. Nothing about penalties for us but I don't think you actually want to deal with the headache in case you get audited.
I'm not sure about the first part, but the FSA warning is very likely concerned with the outfits that sell various 'offshore' investments/retirement plans. Pre-internet, these folks positioned themselves as the best game in town for expats. (I used one in the 90s and into the 2000s, but luckily didn't bet the farm on it, and eventually escaped their clutches. I think some of the appeal, their niche, was somewhat like crypto today--beyond reach, 'tax friendly', supposedly market-beating gains via access to hedge funds, the illusion of being the 'smart money' way of doing it, etc.)
Re: Best stockbroker for non-Japanese?
Posted: Fri Mar 03, 2023 12:03 am
by zeroshiki
Ah yes, that's where I saw it
Using an unlicensed brokerage can also be seen as more risky, in the sense that the brokerage is breaking Japanese law by serving you, and they may therefore be inclined to stop serving Japanese residents in the future.
I guess according to him its illegal for the broker but maybe not necessarily illegal for us.
Re: Best stockbroker for non-Japanese?
Posted: Fri Mar 03, 2023 10:37 am
by concerned
beanhead wrote: ↑Thu Mar 02, 2023 2:00 pm
No. What would be the benefit of this kind of account? Is this for people who know they are planning to leave Japan in the next 3,4,5 years or so?
Basically this would be for investing non Yen income that ones receives outside of Japan, say a BTL in the UK.
Would prefer to buy funds directly with STG, rather than transferring this to Japan broker and converting it to Yen
Re: Best stockbroker for non-Japanese?
Posted: Fri Mar 29, 2024 3:01 am
by Max
I've been trying to open a Rakuten account. but keep getting emails from them saying the information I supplied is wrong/incomplete. Unhelpfully, it doesn't explain exactly what they think is wrong/ incomplete. I then re-input my details, taking a best guess at what the problem might be, only to get the same message. Is there any way to open an account with Rakuten, SBI or Monex other than online?
Re: Best stockbroker for non-Japanese?
Posted: Fri Mar 29, 2024 8:46 am
by Tsumitate Wrestler
Max wrote: ↑Fri Mar 29, 2024 3:01 am
I've been trying to open a Rakuten account. but keep getting emails from them saying the information I supplied is wrong/incomplete. Unhelpfully, it doesn't explain exactly what they think is wrong/ incomplete. I then re-input my details, taking a best guess at what the problem might be, only to get the same message. Is there any way to open an account with Rakuten, SBI or Monex other than online?
Did you apply via the paper form? That's a requirement for all Japanese securities companies.
Rakuten, monex and SBI send correction with little sticky note flags and clear explanations one what needs to be changed.
Re: Best stockbroker for non-Japanese?
Posted: Sat Mar 30, 2024 8:10 am
by Max
I appreciate your reply, but it's got me really confused. If you have to apply on paper, why does Rakuten offer the option of applying online, and why are there videos from Retire Japan (and others) showing how to do just that?
I'm glad they gave you clear explanations, but as I stated, I haven't been as lucky. No sticky notes either.
Re: Best stockbroker for non-Japanese?
Posted: Sat Mar 30, 2024 11:36 am
by Tsumitate Wrestler
Max wrote: ↑Sat Mar 30, 2024 8:10 am
I appreciate your reply, but it's got me really confused. If you have to apply on paper, why does Rakuten offer the option of applying online, and why are there videos from Retire Japan (and others) showing how to do just that?
I'm glad they gave you clear explanations, but as I stated, I haven't been as lucky. No sticky notes either.
You are basically applying online to be mailed the PAPER application.
It comes with some information already completed.
Re: Best stockbroker for non-Japanese?
Posted: Sun Mar 31, 2024 12:28 pm
by eetc155
Can't remember what the process was for Rakuten, but I just opened a SBI account.
Basically filled in the online stuff to request the paper forms, filled those out, I wasn't requesting NISA so got my login details around a week later.
Logged in for the first time just now to get set up only to find that I need to fill out all over again, the same details as to what I had written down in my paper application e.g. company name, dept, role, address etc.
Re: Best stockbroker for non-Japanese?
Posted: Mon Apr 01, 2024 10:57 am
by Max
OK, thank you for the clarification.