We, rather my wife, has been offered a mortgage with Prestia. We are non-Japanese residents.
We are about to make an offer on a property but are concerned about how to make the initial payments and any potential tax or ownership issues that may ensue.
We would appreciate constructive comments on the following;
Ownership
Firstly, we have been told that because the mortgage is in her name, joint 50/50 ownership is only possible, if she gifts me 50% but this has serious tax implications.
Secondly, the extent of my ownership will be limited to how much money I ostensibly pay, with respect to the initial deposit, i.e. 20%.
Foreign Transfers
We have been told that the provenance of the initial deposit is extremely important, to such an extent that the bank will take note from who's account (my wife's or my own) it comes from and how long and from where the money actually came, whilst it was sat in our accounts overseas.
We were considering transferring the majority of the money from savings we hold around the World but often, this is held in joint accounts.
Would it be "wise" to use "Wise" for this purpose and should we consolidate all the money in an account, in my name only, to ensure that I nominally own at least 20%?
Also, how do we establish and demonstrate where the money came from, if asked by authorities in Japan?
Any advice would be gratefully received.
by AlbionJackal