Unable to have Monex iDeCo if non-Japanese?

[Roger Van Zant]

I just went through the process online of applying for an iDeCo through Monex, as I wish to buy the "eMAXIS Slim　全世界株式（オール・カントリー）each month.
Everything seemed to go smoothly. I received an email right after filling everything out with my 申込受付番号.
I then clicked on 口座開設, which was on the final confirmation page, and I see this screen:

https://ibb.co/vcqQNTw

Well, my eyes were drawn to the 外国籍ではない part.
I am not Japanese, so it looks like I cannot open an account. If so, how come I was able to complete everything without issue when just applying for the iDeCo. Did I do something wrong?

Any help would be appreciated.

[Kanto]

Is it possible that foreign nationals must complete a paper application and cannot use the online application process?

You need to upload copies of your residence card and such. Perhaps their online system is not equipped.

[Roger Van Zant]

Is it possible that foreign nationals must complete a paper application and cannot use the online application process?

You need to upload copies of your residence card and such. Perhaps their online system is not equipped.

The other day I noticed that my SBI account where I have my NISA has me listed as a Japanese national. Not sure why. I don't remember anything about nationality on the application forms.

My biggest fear with stuff like this is, in twenty/thirty years time, when I want to cash out, they'll say something like "Aha! You shouldn't even have opened this account as you are not Japanese. Pay us back all the tax you owe!".

And yeah, I have to upload my residence card and my My Number card, so surely that is the point when they would realize I am not Japanese.

Weird.

[sutebayashi]

Whaaat, that's weird.
I do have a Monex iDeCo account (and am certainly a foreigner).

In the end, I couldn't get the stupid iDeCo account to show up in my Monex dashboard, due I think to problems with handling characters in my katakana name.

Maybe Monex has been struggling to deal with foreigners and made a strategic decision to just cut loose new customers. That's sucky.

[mule96]

According to this you can only apply via snail-mail:
https://info.monex.co.jp/account/flow.htm

郵送による口座開設の対象となる方

個人番号カードまたは運転免許証をお持ちではない方
未成年の方
外国籍の方
米国の永住権を保有されている方、もしくは米国の滞在日数が年間183日以上の方
日本以外の国にも納税義務がある方

with the link at the bottom you can request the paper work/start the process.

[RetireJapan]

I have a taxable account with Monex and they've been great so far. Really personable service.

Would be interesting to click on that '? Why do we need this` link top right to see what the reasoning is. Hopefully it's just a paperwork thing.

[RetireJapan]

I had a look at the Monex FAQ, and it seems to be a paperwork thing (have to apply by post):

[sutebayashi]

Now that this is mentioned I remember earlier this year Monex contacting me and saying that I'd have to provide some documents to them if I wanted to continue to use their services:

このメッセージは外国籍のお客様を対象に掲載させていただいております。

当社では、マネー・ローンダリングやテロ資金供与対策の
重要性が高まってきていることから、お客様のご登録情報の確認を強化しております。

お客様に提出いただいた在留カード/特別永住者証明書により、
在留期限・有効期限を確認させていただいておりますので、
在留カード/特別永住者証明書を更新した際は、当社にもご提出をお願いします。

(Honestly, as if only foreigners are the ones doing money laundering and terrorist acts? Aum cult, anybody?)

[Roger Van Zant]

Thanks for the replies.

It's still weird to me how I was able to apply for the iDeCo without any issue, but when it comes to opening an account, they suddenly start asking about nationality. Nationality doesn't matter when it comes to iDeCo though? Ho hum.

Okay, next question. I am now in the process of getting the paperwork sent to me so I can open an account.

I am confronted with this part of the application form, and am lost as to which option to choose:

https://ibb.co/nwb2n27

Which option should I choose? I am a regular, full-time employee at a Japanese company. Each year I get a 源泉徴収票 from my company. I never do anything myself regarding my taxes. My company does it all. I would like to keep things like this if at all possible.

Also, how about this part?

https://ibb.co/s696t1S

Many thanks!

[sutebayashi]

The first option relates to the account type, in terms of how taxes will be handled.
From what you have said, it sounds like you want to pick the top option - this is a taxable account where any profits you happen to lock in with a sale will be taxed there at the source, and you won't need to do any tax return business. Looks like dividends you earn would be received in that account too, so similarly no need to worry about paying taxes on your dividends separately.

The second question is asking if you are an "insider" in relation to listed companies. Assuming you aren't (?) then it would be the second option to declare you aren't, if that is your situation.