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Long term residents-tax on world wide income

You're right, so it has. haven't had any relatives pass since the change, so haven't had a need to look it up. And hopefully won't have a reason to remember it for a long time!

Here is hoping they have time to revise those numbers many many times before you need to check them up next.
 
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That is wrong basically.

You have an obligation to report your foreign bank holdings to the JPN government. That was introduced about 3 years ago ( I think). Foreign banks will ask you for evidence that you have filed notifications with the JPN government ...coupled with a vague threat to discontinue the banking relationship if you don't show them a copy of the filing. That is my personal experience with two foreign banks.

No one is probably interested in the $862 you may have with Citibank in New York. ...but once the numbers get interesting....banks get interested in reporting.
I was responding under assumption that you have no moral obligation to pay taxes to the J or US government on income or capital gains earned outside of those countries - and you would set up the account ownership so that you do not technically have ownership or control, so you can truthfully answer that you do not 'have' any assets. It costs money to set up and maintain this sort of structure. I have had no problems with my banks nor do I anticipate any no matter how the situation might change. The key is to find good global wealth managers that have no direct presence in either Japan or your country of citizenship. They cannot then be pressured.
 
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Again I don't know how this works in USA but in Europe it is now same all over the place. The bank is required to be able to identify you in person, and update your information regularly. One of the items they need to know is all the countries you are taxable. They are then required to offer this information to the tax authorities in the bank's own country.

The tax man then shares the information with all the countries the bank reported. They will give out your name, tax ID, bank name and account number as well as the balance in that account. This will be done automatically with the CRS end of every year.



This is certainly not true in Europe. On the contrary if the bank doesn't keep it's customer information up to date and offer that information to the tax authorities they face penalties and in worst case revoking their banking license.



I am pretty sure that's what they want us to believe.



If by offshore you mean in a country that will not provide the information to other countries then you are absolutely correct. However those countries are now few and even they are being pressured to join the agreements. And as soon as you move your money away from them to any other country they will require you to report what is that money and where did it appear.

Anyway , so better to spend it all on booze , vacations, escorts and SBs
 
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and you would set up the account ownership so that you do not technically have ownership or control, so you can truthfully answer that you do not 'have' any assets.
Couple of guys I know keep their assets in their wife's name, for those married to a Japanese woman. It's risk that she could run off with the money, but not likely.
 
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Again I don't know how this works in USA but in Europe it is now same all over the place. The bank is required to be able to identify you in person, and update your information regularly. One of the items they need to know is all the countries you are taxable. They are then required to offer this information to the tax authorities in the bank's own country.

The tax man then shares the information with all the countries the bank reported. They will give out your name, tax ID, bank name and account number as well as the balance in that account. This will be done automatically with the CRS end of every year.



This is certainly not true in Europe. On the contrary if the bank doesn't keep it's customer information up to date and offer that information to the tax authorities they face penalties and in worst case revoking their banking license.



I am pretty sure that's what they want us to believe.



If by offshore you mean in a country that will not provide the information to other countries then you are absolutely correct. However those countries are now few and even they are being pressured to join the agreements. And as soon as you move your money away from them to any other country they will require you to report what is that money and where did it appear.

I dont know anything about retail banking in Europe. I do know that most European countries do not tax their citizens on money earned abroad unless it is repatriated, so this changes the drivers completely. US and Japan want it all. Greedy fuckers.
 
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Funny enough, many international banks won't deal with me because I hold a U.S. passport.

Same with many stock brokers in Europe. They don't want to have anything to do with me as soon as they find out I am taxable in Japan.
 
Couple of guys I know keep their assets in their wife's name, for those married to a Japanese woman. It's risk that she could run off with the money, but not likely.
Wife is risky in the sense that you would open her up to litigation as Japan tries to tax on ww income. But I would not be worried about the J tax authorities. Its the US that are scary. They will chase you just because they like to cause pain. Two concepts: Nominee and Power of Attourney.
 
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I do know that most European countries do not tax their citizens on money earned abroad unless it is repatriated, so this changes the drivers completely.

Actually they don't tax you at all if you live abroad and are liable to pay taxes in your country of residence. So I can earn as much as I want in Japan, send all the money back to Europe and still don't owe anything to them.

It was even better at the time the stock options were invented. The country I am a citizen of wanted to tax my options as they had a law for that but because Japan had the right to tax all my income they couldn't. And Japan didn't have any laws to tax options, so they didn't.
 
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It costs money to set up and maintain this sort of structure.

That's why it's funny how these laws are usually formed with the promise "we will tax the rich only" and people cheer. Because if you are rich enough you will have ways to keep your assets away from the tax man. So in the end, most probably after they lower the initial levels, it is the middle class that ends up paying through the nose. Again and again.
 
Same with many stock brokers in Europe. They don't want to have anything to do with me as soon as they find out I am taxable in Japan.

Being a US citizen in Japan is a challenge. No domestic investment opportunities
That's why it's funny how these laws are usually formed with the promise "we will tax the rich only" and people cheer. Because if you are rich enough you will have ways to keep your assets away from the tax man. So in the end, most probably after they lower the initial levels, it is the middle class that ends up paying through the nose. Again and again.
So true. And when governments hire senior execs from Goldman Sachs to manage banking regulation, as is usually the case in the US, it is exactly like letting the fox guard the chickens.
 
Actually they don't tax you at all if you live abroad and are liable to pay taxes in your country of residence. So I can earn as much as I want in Japan, send all the money back to Europe and still don't owe anything to them.

It was even better at the time the stock options were invented. The country I am a citizen of wanted to tax my options as they had a law for that but because Japan had the right to tax all my income they couldn't. And Japan didn't have any laws to tax options, so they didn't.
Nice. Yea I was refering to offshore capital gains where you would be subject to no taxes. On that you would need to pay a bill if you repatriated.
 
Being a US citizen in Japan is a challenge. No domestic investment opportunities

So true. And when governments hire senior execs from Goldman Sachs to manage banking regulation, as is usually the case in the US, it is exactly like letting the fox guard the chickens.

I love the way they spinned the inheritance tax as some kind of "death tax" that would devastate the Midwest farming families or similar bullshit . Gimme a break ... (pun intended)
 
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