Hi all,
I'm about to load up on a few investment products (a few mutual funds and a 529 for the kids). As a resident of Japan and hopefully PR in about 3 years, I am concerned about the tax ramifications of these investments since I know I have to report earnings and all to the NTA here in Japan.
For example, I understand the 529 will grow tax free over the years. Well, it's got about 17 years to go so I'm sure it will grow grow grow. Do I have to report the earnings every year to the NTA and subsequently pay tax on that growth (even though the 529 itself grows tax free)?
Additionally, for my own investments…they will be funded by after tax money (yen I earn here and pay tax on. Then sent to America as USD.) I am sure I have to report those gains every year and pay tax. But my concern is that when I start to take that money out when I'm retired, will I have to pay double tax (tax in America AND tax in Japan)?
Sorry if this is muddled, my knowledge of tax systems is quite weak. If any additional info is needed, please ask….and thank you in advance! Just for context, we're talking about a $40,000 chunk of money to play with. I don't want to miss anything.
by musashigaoka
