Hi r/FinanceJapan and r/TechJapan community!
I’m seeking your expertise on navigating a financial scenario related to buying a house in Japan. Your insights, particularly if you’re familiar with the Japanese real estate market, would be incredibly helpful.
*Background*:
* I am a European citizen residing in Europe.
* My wife is Japanese, and we both live in Europe
* I do not have bank account in Japan. She has.
* We plan to purchase a house in Japan using cash.
* I’ve converted a portion of the funds from Euros to Yen using Wise and Revolut (funds are in a European multi-currency account).
*Objective*:
I’m seeking **advice on minimizing costs, avoiding tax implications, and ensuring joint ownership of the property.**
*Specific Questions*:
1. **Transferring Yen**: What’s the most efficient and cost-effective way to transfer this money to my wife’s Japanese account for the property purchase?
2. **Joint Ownership**: We want me to be recognized as a co-owner despite me not being a Japanese citizen, resident, or having a Japanese bank account. What legal considerations and structures are necessary?
3. **Tax Implications**: Is there potential taxation on transferring funds from a European account to my Japanese wife’s Japanese account for the property purchase? Are there any tax-saving strategies or exemptions that we should be aware of?
Your valuable insights and experiences will be immensely helpful as we navigate this complex process.
Thank you in advance for your time and assistance!
by Fabulous_Bake6298