Hi,
I’m not sure whether this is stupid question or not. So, apologies in advance.
I came to Japan a month ago as a language student and opened a bank account with JP.
One of my friends in Japan is going to transfer me ¥ 500,000 as a personal loan repayment (he owed me money when we in our home country).
**My question is, will Japan Immigration will ask about this transaction (when I’m going for my visa renewal in next year) as this came from an individual account + due to the fact I am only a new language student?**
Is there any monthly fund transaction limit for foreign student that you know of?
Only thing I know is that my account limit is ¥ 13,000,000 (according to the bank passbook).
Thanks
3 comments
500 000 is unlikely to fall under the structiny of immigration, but if it is a foreign remittance it may or may not raise flag for the bank (+ tax bureau). It’s a bit low though, 1 mil is more likely to raise flags, not 500k.
Immigration won’t care about your wire transfers. Only the National Tax Agency could potentially be involved. Banks are known to forward single or a series of “high profile” transactions to the NTA and its up to them whether to act on it or not. 500,000 is not likely going to raise any serious flags though.
Always smart to question financial transactions before making them, rather than after.
You may find that it is considered to be income by the tax agency and need to pay income tax on it.
It will depend on your tax residency status. If as a student you expect to be in Japan longer than a year (eg you are enrolled in a course longer than a year), then you are a non permanent resident for tax. Remittances to Japan will be considered taxable income.
See https://www.nta.go.jp/english/taxes/individual/pdf/incometax_2020/04.pdf