Employment Status & Home Loan Questions

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mcsim
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Employment Status & Home Loan Questions

Post by mcsim »

The company I work for in the US is currently exploring options for relocating me to Japan and I'm trying to understand what my ideal scenario is if I eventually intend to take out a loan to buy land and property in the countryside.

My company has a small branch in Tokyo (though I will be able to work remote) and will likely be able to provide a work visa. My wife is Japanese but does not have a job lined up in Japan if we moved there, so I would be the primary income earner.

I've heard that it can be difficult for foreigners to get loans and I'm wondering if I should ask my company if they can also transfer my employment to the Japanese KK? Are there any other pros/cons of being employed by a US entity vs a Japanese entity I should consider?

Thanks in advance for any advice!

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Zasso Nouka
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Re: Employment Status & Home Loan Questions

Post by Zasso Nouka »

Perhaps someone else can contribute more information but I have also heard that many smaller Japanese banks are reluctant to give mortgages to folk not having PR but it may be possible with some of the more modern or international banks if you have a solid visa and job but this is more anecdotal than a cast iron guarantee.

Something to consider is your tax situation when working here, US citizens seem to have a lot more complex tax situation than non US citizens so that may affect who it is better to be employed by. Not being from the US I'm not sure what the situation is but I vaguely remember something about having to file taxes both in Japan and the US. I don't think you get double taxed or anything like that but from what I've heard it is somewhat more complex than for the rest of us.

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Re: Employment Status & Home Loan Questions

Post by donguri »

This is a situation that is filled with "depends". I think a major hurdle for getting a loan would be your lack of any employment/banking/living history in Japan. Or maybe you do from the past? However, if your wife is Japanese, her family history/connections may be enough of an advantage to overcome that. Additionally, many rural areas are lenient with rules in order to attract new residents. In any case, be prepared to deal with a lot of hoops to jump through and remember to be patient.

Good luck to you !

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Re: Employment Status & Home Loan Questions

Post by mcsim »

Yeah, fortunately I do have an active bank account there (though there's not much sitting in it right now) and I did live there for 3 years in the past. I'm also hoping that rural areas will be more lenient. I suppose there's nothing to do but give it a shot!