I’m looking for advice and a second-look on moving roughly 500K USD to Japan. I plan to wire to a savings account at my local bank. This will likely require answering questions about the source and such but I have no problem answering those. The money is all legit and was a portion of the proceeds from a home I sold in the US about 7 months ago. I’m simply moving it to increase my savings here and take advantage of the favorable yen to usd rates.
I do not foresee any taxable event occurring by simply moving this money. I am PR via spouse, but less than 5 years PR.
Anyone think this will trigger some tax issues?
Anyone know for certain it won’t? Any and all first hand experience is appreciated. Thank you!
by Okinawa_Mike