I'm an American PR with a Charles Schwab account, a lot in unrealized gains, and no NISA account. Unfortunately I also don't have a lot of earnings or savings in yen. My spouse (Japanese) works more, and my personal Japanese yen income is eaten up by other expenses. Taxes have begun to bother me (it's apparently "thinking about tax" week?) and I've been wondering, so long as my ETF dividends and capital gains are getting taxed here in Japan, maybe I should just sell about 2.4 million yen equivalent this year (and each year for a few years hence) and move that money to a NISA account in Japan so at least future earnings aren't taxed here. My understanding is that in SBI, at least, you can buy American-domiciled ETFs, like Vanguard. (?)
Before I carry out this plan for the current tax year, are there any other costs I should consider (e.g. yen might crash and I'll regret not having those dollars, cost of transferring money, etc.)? I know I have to file NISA information on my American tax return. I'm fine with that as long as there are no hidden PFICs. (I'll just make sure I'm buying something like Vanguard if available.)
Thanks!!
by JPcoolstar