Yes, foreign nationals living in Japan can join iDeCo (individual-type defined contribution pension plan) and NISA (tax-free investment accounts), as long as they meet certain conditions.
Here’s an overview:
◆ NISA (including the new NISA)
Foreign nationals can open a NISA account if they meet the following requirements:
- They reside in Japan.
- They are 18 years old or older.
- They hold a valid residency status (such as permanent resident, long-term resident, work visa holder, etc.).
Tourists and short-term visitors are not eligible.
When opening a NISA account, you will be asked to submit your Residence Card and My Number Card (Individual Number).
◆ iDeCo
Foreign nationals can also participate in iDeCo if they meet these conditions:
- They reside in Japan.
- They are between 20 and 59 years old.
- They are enrolled in the National Pension or Employees’ Pension Insurance systems.
In other words, if you are working in Japan and paying into the pension system, you can join iDeCo.
However, those who are exempt from paying pension premiums or are receiving public assistance are generally not eligible.
⚠️ Important Notes When Moving Overseas
- For NISA:
If you leave Japan for work or other reasons, you can submit a “Notification for Continuation of Non-taxable Account” before departure to maintain your NISA account for up to 5 years. However, you will not be allowed to make new investments during this period. - For iDeCo:
If you are temporarily assigned overseas by a Japanese company, or if you move to a country that has a social security agreement with Japan (for less than 5 years), you can continue contributing to iDeCo. Otherwise, you may need to cancel your iDeCo account.
In summary:
Both iDeCo and NISA are great tools for building your savings and investments with tax benefits while living in Japan. If you plan to stay for a few years or longer, it may be worth considering.
For detailed procedures and required documents, it’s best to consult with your bank, securities company, or financial institution directly.
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