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Can a Canadian invest with SBI in Japan?
Posted: Wed Apr 20, 2022 3:10 pm
by Spydarman
Hello,
I apologize if this is an extremely basic question...
I've been living and working in Tokyo, Japan for over 10 years now.
Born and raised in Canada.
I am not a permanent resident of Japan (I have not applied and gone through the process yet.)
I would like to set up a NISA and iDeCo account with SBI Holdings, as is recommended in the RetireJapan documents (which I purchased and read).
My Japanese wife is helping me set things up, but is worried about the following:
Will my application be approved if I am not a permanent resident of Japan?
My wife has said that since I still have a home address in Canada (my parents' home), that I may not be eligible.
Is this true?
Re: Can a Canadian invest with SBI in Japan?
Posted: Thu Apr 21, 2022 12:40 am
by TBS
Yes you can - based on what you wrote, you are a tax resident of Japan.
Re: Can a Canadian invest with SBI in Japan?
Posted: Thu Apr 21, 2022 6:22 am
by RetireJapan
Spydarman wrote: ↑Wed Apr 20, 2022 3:10 pm
I would like to set up a NISA and iDeCo account with SBI Holdings, as is recommended in the RetireJapan documents (which I purchased and read).
My Japanese wife is helping me set things up, but is worried about the following:
Will my application be approved if I am not a permanent resident of Japan?
My wife has said that since I still have a home address in Canada (my parents' home), that I may not be eligible.
Is this true?
The requirement for iDeCo is to be paying into nenkin.
The requirement for NISA is to be over 20 and a resident of Japan.
No need for permanent residency.
Re: Can a Canadian invest with SBI in Japan?
Posted: Thu Apr 21, 2022 12:22 pm
by Haystack
Yes.
Source: Canadian w/ Spousal visa. I have an ideco and NIsa with Rakuten. I also have a taxable account with Monex. Sbi will be no different.
Re: Can a Canadian invest with SBI in Japan?
Posted: Sat Jun 11, 2022 1:30 pm
by Spydarman
Thanks for everyone's replies!
I'm confident that I can go ahead and open account with SBI now.
However, I need some advice regarding the application process:
Since I'm not a permanent resident of Japan (I'm only a non-permanent resident), will I be able to complete the application process online or will I need to submit paper documents.
I'm worried since the first thing that is asked in the process is "Is Japan your only country of residence OR are there other countries of residence?"
The second choice leads to a screen basically saying online application process will not work and I will need to phone someone to request paper form documents.
If paper form is the only possible way, how difficult will this be to complete (with my poor Japanese skills).
Re: Can a Canadian invest with SBI in Japan?
Posted: Sat Jun 11, 2022 1:59 pm
by Beaglehound
Spydarman wrote: ↑Sat Jun 11, 2022 1:30 pm
Thanks for everyone's replies!
I'm confident that I can go ahead and open account with SBI now.
However, I need some advice regarding the application process:
Since I'm not a permanent resident of Japan (I'm only a non-permanent resident), will I be able to complete the application process online or will I need to submit paper documents.
I'm worried since the first thing that is asked in the process is "Is Japan your only country of residence OR are there other countries of residence?"
The second choice leads to a screen basically saying online application process will not work and I will need to phone someone to request paper form documents.
If paper form is the only possible way, how difficult will this be to complete (with my poor Japanese skills).
You are resident here if you live here. Permanent residency status doesn’t enter into it. Different story if you, for example, split your time 50/50 between here and Canada, but the fact your parents live in Canada is neither here nor there.
Re: Can a Canadian invest with SBI in Japan?
Posted: Sat Jun 11, 2022 2:06 pm
by Haystack
Spydarman wrote: ↑Sat Jun 11, 2022 1:30 pm
Thanks for everyone's replies!
I'm confident that I can go ahead and open account with SBI now.
However, I need some advice regarding the application process:
Since I'm not a permanent resident of Japan (I'm only a non-permanent resident), will I be able to complete the application process online or will I need to submit paper documents.
I'm worried since the first thing that is asked in the process is "Is Japan your only country of residence OR are there other countries of residence?"
The second choice leads to a screen basically saying online application process will not work and I will need to phone someone to request paper form documents.
If paper form is the only possible way, how difficult will this be to complete (with my poor Japanese skills).
Paper, almost always. You start the application online, and they mail you a paper document to complete.
My experience.
Monex, -> No phone call. Easy form to fill out with the electronic aids.
Rakuten -> They quizzed me in Japanese over the phone. I Yoshi`d/Hai`d my head off. My wife whisper 1 or 2 answers in my ear that I didn`t follow. The Form took a few minutes and my wife corrected my mistakes.
PayPay-> Nothing. But do not bother with this disaster of an app/broker.
Re: Can a Canadian invest with SBI in Japan?
Posted: Sat Jun 11, 2022 2:41 pm
by Beaglehound
Haystack wrote: ↑Sat Jun 11, 2022 2:06 pm
Spydarman wrote: ↑Sat Jun 11, 2022 1:30 pm
Thanks for everyone's replies!
I'm confident that I can go ahead and open account with SBI now.
However, I need some advice regarding the application process:
Since I'm not a permanent resident of Japan (I'm only a non-permanent resident), will I be able to complete the application process online or will I need to submit paper documents.
I'm worried since the first thing that is asked in the process is "Is Japan your only country of residence OR are there other countries of residence?"
The second choice leads to a screen basically saying online application process will not work and I will need to phone someone to request paper form documents.
If paper form is the only possible way, how difficult will this be to complete (with my poor Japanese skills).
Paper, almost always. You start the application online, and they mail you a paper document to complete.
My experience.
Monex, -> No phone call. Easy form to fill out with the electronic aids.
Rakuten -> They quizzed me in Japanese over the phone. I Yoshi`d/Hai`d my head off. My wife whisper 1 or 2 answers in my ear that I didn`t follow. The Form took a few minutes and my wife corrected my mistakes.
PayPay-> Nothing. But do not bother with this disaster of an app/broker.
To add to this, with SBI, it was a paper form but no phone call and no dramas (Unless you count return of said paper form with accusatory post-it due to one UTTERLY MINOR AND INCONSEQUENTIAL ERROR (The nature of which escapes me now)). But that is par for the course, and it was quickly sorted.
