10+ years ago, I received an inheritance of $2.5M USD. I left my job and the US to travel. Later, I started living and working in Japan.
I was always scared to touch the money really. I just let it sit in index funds and lived with the knowledge of financial security. I understood that at least monetarily, I was fortunate. I was content with the benefits of daily life in Japan (safety, public transportation, healthcare, affordable housing, etc.). Those are already luxuries that the US doesn't really offer.
Like most foreigners, I sometimes contemplated returning to my home country. Everywhere has pros and cons. But for various reasons (covid, new job, etc.), I continued living in Japan. Especially now, the US is continuing to spiral downward.
I'm currently at 7-8 years in Japan. My net worth is $7.25M USD. Not married, no kids.
If I continue working until the 10 year mark, I could apply for permanent residency. Then I would quit my job, but have the security of PR. Meaning I could officially retire with all the benefits of Japan (e.g., health insurance). But I'd have to pay a 20% tax on capital gains.
After all these years, I still am not sure what is best for my future.
BUT it seems I made a horrendous error. I mistakenly thought that the Exit Tax occurred after 5 years of attaining PR. However, it is actually after 5 years of residency, which I have long surpassed. Somehow, I had this misinformation in my head all this time.
I'm sick to my stomach as I am realizing my stupidity. I thought I still had time to decide. But now I'll be paying a hefty bill no matter what.
I don't know what to do. Nothing at the moment. I'm just confessing that I'm an idiot.
by 2ndRedAccount