With the new government stimulus is very clear the yen is going to plummet even further and inflation is going to be very high in the near future (that is my investment scenario foresight, don't want to create a debate around that). As a European long term resident in Japan I periodically invested in diverse "moderate" risk assets, mostly ETFs, some stocks and gold.
I spend a significant amount of time traveling abroad for work so I constantly transfer cash in different currencies between my main Japanese bank account, an emergency European bank account, SonyBank (which has not worked well to me), Revolut and Wise (these two are famous for randomly freezing accounts so I only use them for punctual currency exchange and transaction)
Recently I jumped into these issues:
- If my current European bank discovers I am no longer a resident of the EU my account can be frozen as this is a condition of my bank (and very much the case for all banks)
- I use SBI securities as my main bank is SMBC but its foreign offer (specially for ETF and European stocks) is very limited. SMBC allows for foreign
- Since all my assets are traded in JPY (through SBI) even achieving a 10% growth in the last year I expect the currency exchange to grow faster (I will most likely use savings abroad)
I have been considering the option to use a European broker to access more global ETFs, but most require you to be a resident in the EU. Interactive Brokers is the only one that let me open an account but it needs to be from Japan (unsure if I can access their global ETF offer from here). Of course NISA and iDeCo are topped up already
Asking for advise to offshore the investments to Europe (using Wise's low fees to convert my yens in Euros). I have low risk investments already as a safety net so I can afford a higher risk profile for the ones in foreign currency.
it a good idea to open an account with IBKR (or similar) to trade with more global assets in EUR or USD?
Is
by OCA_doctoryellow