I am soon moving to Japan for a longer period and I want to transfer my savings from a bank in Sweden to my future bank account in Japan. I wonder if this money will be subject to taxation. Naturally, it has already been taxed in my country. Is it possible to avoid taxation in Japan having proven the money is in fact mine and taxed? Thank you in advance.
There’s no tax issue here. You’re just transferring your own money. The only issue you’ll have is explaining to your Japanese bank that you’re not laundering money. However, since both accounts should have the same name, you should be fine.
Additionally, you won’t be a tax resident of Japan until the year after your arrival. This often catches people out because you don’t get any city taxes in your first year, and you may be charged city taxes after you leave.
Anyway, nothing to worry about!
Note: Not a tax expert but have lived here for 21 years
Thanks so much. I already took care to have proof that it is my account.
No problem. Usually, the larger the amount, the more scrutiny it receives. For amounts under 1 million yen, I’ve just had calls from the bank asking why I am receiving the money before they release it. For larger amounts, I’ve had to send documentation. It’s a really annoying system actually. Inconvenience for everyone, and probably easily avoided by real crims.
It seems a hassle. I would like to transfer more than 1 million. Do you perhaps remember what documentation you were asked to submit? Thank you for your help.
You’re probably still fine for an amount over 1 million yen since you’re transfering it to yourself. I was receiving the amount from a company, so I had to provide an employment contract.