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About FATCA and FBAR
- #1
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- sati2929
- 2022/04/27 12:19
Thank you for your help !
I am currently in the process of applying for permanent residency with Adjustment of Status ≪(I did not initially intend to live in the US, but due to the Corona situation I decided it would be better to relocate to the US )). Let me ask you a few questions ! I am currently anxious and worried.
1 > I had no work permit last year and no income.
2 > I read that FATCA is only required for those who have to file a tax return, so am I right in thinking that I don't have to file if I don't have to file a tax return? ( I have not submitted it yet because I found out about it on April 18, and I would like to do it by October 15 as soon as possible ) I need to submit it
4 > In order to apply for permanent residence, I asked my family to submit a certificate of residence for me in Japan. ( I read that financial assets in Japan ) such as banks, securities firms, etc.are services available only to residents of Japan and must be cancelled, but can Japanese citizens have assets in Japan? But, can I hold deposits, stocks, etc.? If so, you will need to report the cancellation and remit the money to the U.S. the next time you return to Japan, since everything in Japan is considered cancelled when the document is signed by the person in question. I hope the current depreciation of the yen is not continuing. I also saw on your blog that you are talking about freezing my deposit. I am very worried. Please let me know. This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)
- #3
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- 昭和のおとっつぁん
- 2022/04/27 (Wed) 16:10
- Report
1 > I have no income. How did you manage your living expenses?
4 > Since your nationality is Japanese, there is no need to complicate things.This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)
- #4
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- sati2929
- 2022/04/27 (Wed) 16:26
- Report
Showa-no-Otchan-sama,
Thank you for your reply.
1 > I had been making living expenses from my savings.
4 > I also thought it would be ok as long as I am a Japanese citizen, but to my surprise, all financial institutions say they will cancel ( except those who are posted abroad and plan to return to Japan ). However, since my number is not yet widely used in Japan, it seems that in most cases banks do not know unless I report it to them myself. But I hope they don't freeze my account if they find out.This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)
- #5
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- sati2929
- 2022/04/27 (Wed) 18:49
- Report
I found this past topic.
Excerpts below :
First, don't be so nervous about the FBAR.
Japanese who are currently residing in the U.S., permanent residents and citizenship holders, as well as those who are here on
visas. I think that probably 8 - 90% of them have some kind of account in Japan
. However, I think there are not so many people who have more than 1,000,000 yen who
also file their tax returns in FABR.
Most of my clients have lived in the U.S. for less than 5 - 10 years and travel back and forth
to Japan quite often.
If you file this FABR, you will receive a reply and confirmation from
U.S. Department of Treasury's Financial Crimes Enforcement Network (FinCEN)
..
As you can see from the name, it is separate from the original IRS tax collection role and is titled
Financial Crimes.
Originally, this rule was started 3 - 4 years ago as an anti-terrorist measure.
Even if it is interpreted for the purpose of tax evasion, it is highly unlikely that a tax evader ( or a criminal ) would declare
that he/she has 1 billion yen in secret accounts in Switzerland or Panama.
Therefore, I think that the people who would report are limited to those who are extremely serious and do not do anything illegal
. Let's say you have a savings account in Japan worth 2 million yen
. What happens if you don't declare it ?
and the IRS requires every financial institution in Japan to
request something like a W-2 form
and "definitely check the account balancesof people who reside in the US." If anyone thinks that this is a good idea, he or she has no common sense at all.
In police dramas, there are scenes in which police check
bank accounts to check the money movements of criminals, but it is clear that even the police will not
give out account and account balance information without a solid search warrant
from the bank side.without a search warrant.
Moreover, it is not usual for an American institution to know anything about the balance of a particular
Japanese person's account in a Japanese bank without being able to speak Japanese.
Moreover, this FBAR rule is the same for Chinese, Iranians, and Russians
as it is for Japanese. Do you
think you can make a balance inquiry on a Russian bank account from the U.S. ?
Here is an excerpt.
I added this because I think some of you might be worried by the way I wrote it.This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)
- #6
-
- 無知
- 2022/04/27 (Wed) 19:34
- Report
I guess you are applying for GC by marriage anyway ? The reason for applying for GC is too appropriate, and of course, how can you apply for GC if you have no income
You can use your husband's joint for your taxes here. Especially if you're going to joint with your husband.
If your husband gets an audit, he will naturally find out
The penalty for being found out is huge
As long as you are Japanese, you can use your parents' address for your bank account in Japan.
There are GC's who pay Japanese pension even if they live here.This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)
- #7
-
- sati2929
- 2022/04/27 (Wed) 20:22
- Report
Dear Ignorance,
Thank you for your reply. It was very helpful.
I worked diligently to sponsor my husband's Japanese visa. I have been working diligently for over 25 years now. My work permit was granted last month and I have started working here as well. We have savings for this. There are other reasons why I decided to live here, but it is not something I want to talk about on a message board, so I refrained from doing so. I am sorry.I have Japanese acquaintances here, and I was also surprised at how many people do not know about the system. I called my accountant and his assistant didn't know either. But as you say, I don't want to do anything illegal or anything like that, and the penalties are great, so I want to do it properly.
My concern about freezing my account was the following circumstances. :
Japanese financial institutions ( including securities and life insurance companies ) have tax obligations in the US ( FATCA says to cooperate with tax returns ( to report to IRS etc in the US )
Says that by last year, it will be mandatory to report my number to financial institutions and link my number to financial institutions
→ Under this arrangement, information on financial institutions will be disclosed in both Japan and the US
If you report in the US, information will be disclosed in Japan as wellThe financial institution knows that you are a US resident and freezes your account
I interpreted it this way.
No one I know has been frozen, and they say it is only if you are foolish and honest with yourself. ) Ignorance says the same thing, as long as you have an address in Japan, ( even if you have removed your residence card,it's okay.
> There are people who have GC and live here but pay Japanese pension
I see. Many of my friends are elderly people, people who already have a pension. They have to provide proof of residency, and they said they have to be non-residents of Japan to do so.However, I heard that pensions can be paid voluntarily even by non-residents. There is a lot of confusing information when I look it up. Thank you for your clear reply. This text has been translated by auto-translation. There may be a slight difference between the original text and the translation. (Original Language: 日本語)
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