I’m receiving an inheritance in my home country, from someone in my home country. I don’t plan to touch it and it’ll sleep in an account (or some fund) in my home country for the time being.
Do I need to declare it in Japan or pay any tax on it here? Does the Japanese government even care / knows about what I have on an account abroad? Happy to get any pointer.
It’ll be in the low 6 digits if that matters.
6 comments
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NAL.
This may be a starting point, but note that I cannot vouch for the accuracy of this info or the site itself!!
https://englishlawyersjapan.com/inheritance-tax-in-japan/#:~:text=Do%20I%20have%20to%20pay%20inheritance%20tax%20on%20inheritance%20within,fully%20liable%20for%20tax%20purposes.
Good luck!
/r/JapanFinance has a lot of information in their Wiki and in many discussion threads about inheritances.
If it’s a low 6 figure amount (assuming USD, EUR, or currency of similar value) then you will not owe tax on it in Japan regardless of your tax residency status. You may need to still file an inheritance tax return showing that you receive the money and that you don’t need to pay tax. You should check the info in /r/JapanFinance to be more certain.
Yes, and no because the exact number matters. And property counts, not just cash.
Head on over to r/JapanFinance and search for “inheritance tax” and you should come up with some useful sites and anecdotes to use before you have to post a direct question with your exact numbers.
IMO it Seems kinda stupid to pay taxes to japan on something that has nothing to do with Japan. Not financial advice.
Not saying it’s the right thing to do but if you keep it in an account (and you never declared this account with the japanese tax entity) in your home country most probably Japan will never go look for it.
It’s up to your risk appetite.
The issue is if you send the money over.