Junior NISA with funds from overseas grandmother

[IloveJapan]

Hi guys,

I’m thinking of setting up a junior Nisa for my son with funds from his overseas grandmother.

I know that the junior Nisa was first conceived by the government partly to promote the transfer of assets from grandparents to grandchildren, but if the grandparent is overseas, would that pose an issue?

Does anyone have the experience of doing this with an overseas grandparent?

I’m keen to do this, as it is one of the ways the Japanese authorities consider legit when it comes to transferring money to children under age 18.

[RetireJapan]

Should be fine. Gift tax will apply if your child receives more than 1.1m yen in a calendar year.

Easiest will be if the grandmother sends money directly to the child's bank account, and then the money goes from there into the J-NISA account.

[IloveJapan]

Hi retirejapan,

I also think it SHOULD be OK, but at the same time I think I read somewhere on your site that the 15 million yen educational trust product ( a completely different product, I know!) was difficult to do with overseas funds?