Declaring financial assest over 50 million
Posted: Tue Feb 20, 2024 11:28 pm
Racked with guilt over these past few days, I decided to post for advice.
UK passport holder and have lived in Japan for 30 years. I have PR and make good use of NISA and iDeco options available to me.
I invested offshore for 20 years and that investment (A) made profits which I'm mentally and financially prepared to pay capital gains tax on.
My rural accountant told me that I should pay this tax once those monies are paid into my Japanese bank. Hmm - OK!
My mother passed away recently and that inheritance (B) along with (A) was then put into another offshore fund and is happily ticking over very nicely.
This combined value is now over 50 million.
I don't have any non-financial assets - all my monies are in a diverse set of funds all under this one entity.
I went through a big firm of accountants in Japan to check how much extra inheritance tax I had to pay and that document was sent to my local tax office. But apart from that I haven't declared or informed the Japanese govt about where my total investments are held. I did send 70K GBR into my Japanese account and showed my local bank the inheritance paperwork which they accepted. This was only part of the total inheritance I received.
What do I need to do?
And what do I need to expect after I declare my wealth to the Japanese govt? Will I get taxed on my investments every year (@10% or higher?)
I understand the 'need' to pay capital gains on any profits made after I close my investments and send them to Japan but, and here's another question, if banks only guarantee savings to 10 million, do I need to open various bank and a post office accounts if I send all my savings to Japan?
I want to be as transparent as I legally need to be (but ...)
UK passport holder and have lived in Japan for 30 years. I have PR and make good use of NISA and iDeco options available to me.
I invested offshore for 20 years and that investment (A) made profits which I'm mentally and financially prepared to pay capital gains tax on.
My rural accountant told me that I should pay this tax once those monies are paid into my Japanese bank. Hmm - OK!
My mother passed away recently and that inheritance (B) along with (A) was then put into another offshore fund and is happily ticking over very nicely.
This combined value is now over 50 million.
I don't have any non-financial assets - all my monies are in a diverse set of funds all under this one entity.
I went through a big firm of accountants in Japan to check how much extra inheritance tax I had to pay and that document was sent to my local tax office. But apart from that I haven't declared or informed the Japanese govt about where my total investments are held. I did send 70K GBR into my Japanese account and showed my local bank the inheritance paperwork which they accepted. This was only part of the total inheritance I received.
What do I need to do?
And what do I need to expect after I declare my wealth to the Japanese govt? Will I get taxed on my investments every year (@10% or higher?)
I understand the 'need' to pay capital gains on any profits made after I close my investments and send them to Japan but, and here's another question, if banks only guarantee savings to 10 million, do I need to open various bank and a post office accounts if I send all my savings to Japan?
I want to be as transparent as I legally need to be (but ...)