Show all from recent

411. Trial to amend Article 11 of the Nationality Law(2kview/13res) Visa related 2022/07/13 22:19
412. El Marino After School Care(832view/0res) Question 2022/07/13 16:46
413. recession(2kview/5res) Free talk 2022/07/13 14:53
414. alkaline ionized water(3kview/4res) Beauty / Health 2022/07/13 12:45
415. Temporary return to Japan(9kview/55res) Problem / Need advice 2022/07/11 18:38
416. Will Garcy be elected ??(1kview/7res) Free talk 2022/07/10 23:40
417. Pre-departure inspection certificate for children(6kview/5res) Question 2022/07/06 20:44
418. July4, 2022 Fireworks ?.(5kview/15res) Free talk 2022/07/06 14:47
419. Fruit trees ( How to keep trees from getting too t...(3kview/11res) Problem / Need advice 2022/07/06 14:13
420. bridal aesthetic(1kview/0res) Problem / Need advice 2022/07/05 22:02
Topic

About FATCA and FBAR

Problem / Need advice
#1
  • sati2929
  • mail
  • 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)

#8
  • 無知
  • 2022/04/27 (Wed) 23:42
  • Report

Not a marriage visa
until last year I could live here without a working visa
this year I can get a working visa
and after only a few months I can apply for permanent residence
impossible
at the level of the Komuro couple ?.

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)

#9
  • 昭和のおとっつぁん
  • 2022/04/28 (Thu) 07:28
  • Report

If you live in the U.S. but want to receive a Japanese pension in the future,
you should not remove your Japanese resident card but keep it and continue to receive 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)

#11
  • sati2929
  • 2022/04/28 (Thu) 13:04
  • Report

Dear Ignorance,

It is not that easy. Even when I applied for my husband's visa in Japan, I had a hard time. Here, it takes hundreds of documents, 4 months to prepare the application, 2 years to get the visa, and you cannot leave the US until you get a travel permit. It is very strict and I felt that there are tens of thousands of people who want to live in the U.S. even if they have to go through this step.

Dear Showa Ototsan,
Now that I think about it, I don't think I had to remove my Japanese resident card during the application process for permanent residence, but I thought I was a US resident = and asked my family members to go through the process.
However, it seems that even non-residents can voluntarily accumulate pension funds. I think Japan would like to collect more funds.

Mr. Idiot,
You are right. I think I am too serious and stupid. When I asked my family and friends about it, they told me that if they could do a survey with my income, there are so many wealthy people in the U.S. that they wouldn't even have enough researchers to do it.
An expert wrote in a past topic and said that it is better not to do it seriously because it will lead to deprivation of permanent residence.
A friend of mine is setting up a business here and he is filing his own tax return, but he said that if he files a personal return, he will be closely scrutinized and it would be better not to do so. However, I do not consider this advice to be reliable because my friend has filed a tax return.
So, I am wondering what I should do because I am also concerned about the opinion that the penalty is too big ( for now, $10,000 for FATCA alone ) as Mr. Ignorance said.

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)

#12
  • MMYAL
  • 2022/04/28 (Thu) 22:24
  • Report

I am a permanent resident and have removed my Japanese resident card, but I continue to pay the National Pension Plan on a voluntary basis. The National Pension Plan is automatically stopped when you remove your residence card and establish an overseas address. You can join the National Pension Plan again when you go to the city hall or ward office yourself, tell them you want to continue it voluntarily, and fill out the form.

I file FBARs because the fines are huge, and I don't see how filing FBARs can be disadvantageous ( Maybe you just don't know. ) I do it every year.

Finally, 。。。。 I was told by a certain investment company that I cannot purchase Japanese investment products if I am a permanent resident. I still keep my bank account using my parents' address.

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)

#13
  • sati2929
  • 2022/04/28 (Thu) 23:55
  • Report

Dear MMYAL,

Thank you for your kind information.

I heard that the pension is indeed voluntary.
In my case, I have been an employee pensioner for a short period of time, so the expected future amount is quite small, so I am not continuing.

Have you filed FATCA? ? The amount is 1/12 of FBAR, which is small compared to FBAR, but I think I should file it because even $10,000 is large for me.

Thank you for the information about the deposit.
I asked my accountant and he told me that he has a Japanese account even though he has been in the US for 50 years. He told me that it is OK to keep the investment account as long as it is a good one, as long as I can declare it here. However, strictly speaking, I think there is a rule … for non-residents, the same as banks. My impression was that there are quite a few people who continue to do so without telling us.

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)

Posting period for “ About FATCA and FBAR ”  has been closed.
Please create new topic to continue the same topic.