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Sbi account & Nisa
Posted: Fri Mar 08, 2024 2:24 am
by n00binvestor
Hi All,
Great forum and fantastic community. Reading the blog post's and following Ben's YT were a big factor in opening an account with Sbi 証券.
I already have money invested in mutual funds with 積立 Nisa and life insurances policies.
I'd like to use the SBI account to create my portfolio and pick companies I like (either because I know personally their CEOs and know about their business etc...)
My question is very specific and maybe a bit odd.
I have some family abroad, whom are willing to send me money to invest on their behalf. Would this potentially be a problem with my investment account? The idea is that I will track their contributions and the shares bought, and then split the payoff accordingly, taking advantage of NISA.
Is there anybody else doing this? Any experiences, advice, or word of warning?
Re: Sbi account & Nisa
Posted: Fri Mar 08, 2024 1:41 pm
by CluelessToshika
n00binvestor wrote: ↑Fri Mar 08, 2024 2:24 amAny experiences, advice, or word of warning
Sounds, if you'll allow me to use a technical term, seriously dodgy.
Though I suppose if your overseas family are gifting you money, and you declare it appropriately for purposes of taxation, and you do [whatever] with the remaining proceeds, you are free to gift whatever you feel appropriate to your overseas family, the only thing they have to worry about is their local taxation for the incoming funds, but you'd still need to be sure whatever you are doing doesn't breach the terms and conditions of the [whatever].
Re: Sbi account & Nisa
Posted: Fri Mar 08, 2024 1:44 pm
by Tsumitate Wrestler
n00binvestor wrote: ↑Fri Mar 08, 2024 2:24 am
Hi All,
Great forum and fantastic community. Reading the blog post's and following Ben's YT were a big factor in opening an account with Sbi 証券.
I already have money invested in mutual funds with 積立 Nisa and life insurances policies.
I'd like to use the SBI account to create my portfolio and pick companies I like (either because I know personally their CEOs and know about their business etc...)
My question is very specific and maybe a bit odd.
I have some family abroad, whom are willing to send me money to invest on their behalf. Would this potentially be a problem with my investment account? The idea is that I will track their contributions and the shares bought, and then split the payoff accordingly, taking advantage of NISA.
Is there anybody else doing this? Any experiences, advice, or word of warning?
This would be illegal. So, do not do it.
Re: Sbi account & Nisa
Posted: Fri Mar 08, 2024 2:33 pm
by n00binvestor
Thank you!
Re: Sbi account & Nisa
Posted: Fri Mar 08, 2024 2:33 pm
by n00binvestor
CluelessToshika wrote: ↑Fri Mar 08, 2024 1:41 pm
n00binvestor wrote: ↑Fri Mar 08, 2024 2:24 amAny experiences, advice, or word of warning
Sounds, if you'll allow me to use a technical term, seriously dodgy.
Though I suppose if your overseas family are gifting you money, and you declare it appropriately for purposes of taxation, and you do [whatever] with the remaining proceeds, you are free to gift whatever you feel appropriate to your overseas family, the only thing they have to worry about is their local taxation for the incoming funds.
Thank you!
Re: Sbi account & Nisa
Posted: Fri Mar 08, 2024 3:45 pm
by beanhead
Tsumitate Wrestler wrote: ↑Fri Mar 08, 2024 1:44 pm
n00binvestor wrote: ↑Fri Mar 08, 2024 2:24 am
Hi All,
Great forum and fantastic community. Reading the blog post's and following Ben's YT were a big factor in opening an account with Sbi 証券.
I already have money invested in mutual funds with 積立 Nisa and life insurances policies.
I'd like to use the SBI account to create my portfolio and pick companies I like (either because I know personally their CEOs and know about their business etc...)
My question is very specific and maybe a bit odd.
I have some family abroad, whom are willing to send me money to invest on their behalf. Would this potentially be a problem with my investment account? The idea is that I will track their contributions and the shares bought, and then split the payoff accordingly, taking advantage of NISA.
Is there anybody else doing this? Any experiences, advice, or word of warning?
This would be illegal. So, do not do it.
Yep. I second that. If you read all the details of the account when you signed up for NISA you would understand that this is not allowed. Simple as that.