Hello fellow Reddit users. I’m seeking your valuable feedback and insights based on your experiences and knowledge regarding the process of transferring money from the United States to Japan to help purchase a primary residence for my family.
Background: My spouse and children are Japanese nationals, while I am a U.S. citizen residing in Japan on a spouse visa. I have been approved for a loan that covers approximately 75% of the selling price of the house, and I need to cover the remaining portion of the purchase price.
I have a few questions that I would greatly appreciate your guidance on:
- If I transfer funds from my U.S. bank account to pay for the house, will I be subject to taxation on the transferred amount?
- Will Japan be aware of the source of the funds? I may need to sell some investments and would prefer to keep my investment details confidential from Japanese financial institutions.
- If I obtain a “loan” from a family member to assist in covering some of the funds, are there any potential penalties that I should be aware of? Additionally, could they transfer money into my checking account, and will Japan need to know the origin of that money?
I would greatly appreciate any other insights or suggestions you may have on how to navigate this process effectively. Thank you for your time and consideration.
by CGekko