RResidents in Japan

Transferring money and taxes

My wife was going to transfer 5,000,000 yen from her savings account to mine. Both our accounts are in Japan and we’re living in Japan.
Is this no problem? Or will this be subject to taxing as a gift or do you need to report it somehow?

5 comments

  1. What’s the nature of the transfer?

    But in general terms, yes, this would be a gift. And your annual gift tax free allowance is an aggregated total of ¥1.1 million from ALL gifts per tax year (gifts include cash, or assets, or anything with monetary value, which is not used for day to day living expenses/uses).

    So because ¥5 million far exceeds your gift tax free allowance you need to file a gift tax return. Go to your local tax office and they will be able to help you out.

  2. This would likely be taxed if you do it all above board, and the gift tax is pretty steep—something like 40% the last time I checked. If I were you I might look for another solution.

  3. I dont know the reason why she is doing that, but a joint account sounds like another solution

  4. You’re better off just leaving it in her account and you could just take it out but by bit and put it in your bank account.

  5. my mother wired me around 100万円 for my wedding a few years back, we are both using mizuho and no taxes were applied.

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