RetireJapan

Hi all,

sadly my plans of retiring in Japan have been cut short. I have to move back to England though will be returning every year to visit the inlaws.

From what I've researched I need to:

- Notify authorities of my leaving and tidy up things like pension etc
- close my Japan based bank accounts before I leave.

The exchange rate is horrendous at the moment. I do not want to transfer and convert all my yen into pounds. I'd rather wait till things return to normal (if they ever will). Being able to move the yen into a UK account as is would be best.

My current bank, Barclays, states I need to be tax resident to open a multi currency account. I have a UK address but I have a feeling they will figure out I'm not tax residient and will deny my application.

This means I'm forced to transfer and exchange into pounds.

Does anyone have any ideas how I can get round this or alternative ideas to getting my nest egg back home.

I've looked at using Wise but I can only hold ¥1,000,000 (£5000) which is not big enough for my life savings.

So sad to hear that you're going back to the UK! Thanks for all your kind advice... no idea how best to take your nest egg back intact though... maybe the best way to maintain the yen value rather than lock in the weak yen value into pounds would be to buy iShares MSCI Japan ETF (EWJ) at an online broker which is accessible from both Japan and the UK? You'd expose yourself to market risk with an equity ETF of course, but because the underlying stocks would be denominated in yen I think that the yen value would appreciate along with the normalization of the exchange rate after the US and UK starts cutting rates and Japan starts raising them?

Thanks for your reply! If I understsand you correctly, I'd still need to open up a Japan based account for this which I believe I have to close before I leave the country. So I'm still stuck.

Or is this an incorrect assumption?

adamtokyo wrote: ↑Tue May 28, 2024 11:20 am Thanks for your reply! If I understsand you correctly, I'd still need to open up a Japan based account for this which I believe I have to close before I leave the country. So I'm still stuck.

Or is this an incorrect assumption?

Firstrade is an US online broker. They accept international account applications from both Japan and the UK so I assume you'll be able to have the full fuction of that account even when you're back in the UK.

https://www.firstrade.com

ChapInTokyo wrote: ↑Tue May 28, 2024 11:14 am So sad to hear that you're going back to the UK! Thanks for all your kind advice... no idea how best to take your nest egg back intact though... maybe the best way to maintain the yen value rather than lock in the weak yen value into pounds would be to buy iShares MSCI Japan ETF (EWJ) at an online broker which is accessible from both Japan and the UK? You'd expose yourself to market risk with an equity ETF of course, but because the underlying stocks would be denominated in yen I think that the yen value would appreciate along with the normalization of the exchange rate after the US and UK starts cutting rates and Japan starts raising them?

No no no no. You are locking in the weak yen when you purchase this ETF.

Deep Blue wrote: ↑Tue May 28, 2024 11:53 am

ChapInTokyo wrote: ↑Tue May 28, 2024 11:14 am So sad to hear that you're going back to the UK! Thanks for all your kind advice... no idea how best to take your nest egg back intact though... maybe the best way to maintain the yen value rather than lock in the weak yen value into pounds would be to buy iShares MSCI Japan ETF (EWJ) at an online broker which is accessible from both Japan and the UK? You'd expose yourself to market risk with an equity ETF of course, but because the underlying stocks would be denominated in yen I think that the yen value would appreciate along with the normalization of the exchange rate after the US and UK starts cutting rates and Japan starts raising them?

No no no no. You are locking in the weak yen when you purchase this ETF.

Surely not. If the yen strengthens by say 10% against the dollar, the value of the basket of Japanese stocks comprising the ETF will automatically increase by 10% in dollar terms. Now if you'd bought a S&P500 ETF with the same money, then you'd be locking in the weak yen.

adamtokyo wrote: ↑Tue May 28, 2024 10:51 am Does anyone have any ideas how I can get round this or alternative ideas to getting my nest egg back home.

I don't know the rules about this so please take it with a pinch of salt, but this answer on the IBSJ FAQ page looks slightly promising:

Q: I will be moving abroad. Can I maintain my account overseas?
A: Accounts held with Interactive Brokers Securities Japan, Inc. are for Japanese residents and cannot be used overseas. Please apply for a new account at your overseas address after you have moved. After opening an account, you will be able to transfer your positions manually. Please submit a request via Help > Secure Message Center from Client Portal.

So if you have time to open an account at IBSJ before you leave:

1. Open an IBSJ account.
2. Deposit your yen there (you don't have to buy anything with it).
3. Open an IB UK account after you have moved.
4. Transfer the yen from IBSJ to IBUK (you don't have to convert it to GBP).
5. Close the IBSJ account.

Sounds too good to be true?

ChapInTokyo wrote: ↑Tue May 28, 2024 11:14 am So sad to hear that you're going back to the UK! Thanks for all your kind advice...

I can't see any history of adamtokyo and you exchanging info in the past

adamtokyo wrote: ↑Tue May 28, 2024 10:51 am Does anyone have any ideas how I can get round this or alternative ideas to getting my nest egg back home.

Is it in cash, or invested? If invested, what in? I'm asking because you mentioned life savings and last time we saw you was 4 years ago asking about NISA.

adamu wrote: ↑Tue May 28, 2024 12:59 pm

ChapInTokyo wrote: ↑Tue May 28, 2024 11:14 am So sad to hear that you're going back to the UK! Thanks for all your kind advice...

I can't see any history of adamtokyo and you exchanging info in the past

adamtokyo wrote: ↑Tue May 28, 2024 10:51 am Does anyone have any ideas how I can get round this or alternative ideas to getting my nest egg back home.

Is it in cash, or invested? If invested, what in? I'm asking because you mentioned life savings and last time we saw you was 4 years ago asking about NISA.

Yes... I had you two mixed up! and had been hoping that my mistake would remain unnoticed! My most profuse apologies! And thanks for all your kind remarks...