Sorry for any of my confusion…
US citizen, early 40s, $5M+ USD net worth (mutual funds), single, no kids, no permanent residency. I received an inheritance many years ago. Never really touched it so it was able to grow over the years.
I had been hoping to get PR someday. I'm quite thankful for universal healthcare, safety, cleanliness, stellar public transportation, overall lower cost of living, etc. And once/if I got PR, I could officially quit my job and retire.
But I recall another redditor saying he would NEVER retire in Japan because of the taxes, which are 20%. I feel quite ignorant for not knowing such things. At $5M, I'd have to pay $1M?! And theoretically by my 60s, I'd have $20M+ and would have to pay $4M?! That's quite a lot.
For high net worth individuals, is it simply foolish to retire in Japan? For that much money, dare I say that living in the US is technically cheaper? Even despite the scam healthcare system, absurd real estate prices, reliance on cars, tipping, etc. Should I simply move back to the US and retire now? And simply accept Japan as an occasional vacation destination?
I've considered other countries like Thailand that have retirement visas. But I like Japan the most honestly. Anyways, that's a separate topic, unrelated to Japan.
Please don't shit on me. I'm genuinely asking for help. And if it's better that I speak to a professional, any tips for how to find someone credible who is knowledgable about US and Japan finances? I'm cautious about who I tell. While in the US, I experienced professionals, who tried selling me bad financial advice.
by 2ndRedAccount