Foreign residents are often filled with a sense of wonder when they first arrive in Japan. Everywhere we look, from Mount Fuji in the distance to the bowl of affordably priced gyūdon on the counter in front of us, all that is Japan is constantly in view. It’s so marvelous, and a key reason for that ability to wow newcomers is Japan’s consistent and rigorous systems. Clean streets and technological prowess don’t just happen; they are honed through years of fine-tuning and adherence to standards.
Those same standards can sometimes impose barriers that keep individuals, especially visa-holders, from participating fully in Japanese society. One example is the six-month restriction on bank accounts, something that was discussed with the anguish of a spurned suitor back in 2022.
To recap, foreigners who have just begun their sojourn in Japan are prohibited from opening a standard bank account for half a year unless they can show evidence of employment at a domestic company. Enforcement of this rule puts an immediate roadblock in the path of exchange students, entrepreneurs, freelancers, retirees, and digital nomads earning their income abroad.
With Japan’s recent efforts to bring more foreign labor into the country, including business entrepreneurs looking to contribute to the success and wealth of this great nation, you might expect the government to eliminate odious restrictions on daily necessities like bank accounts. But this financial obstacle persists.
It is time for Japan to remove this counterproductive restriction on foreign residents. To help make this change possible, Nihon Plus You is pleased to announce today the release of its first official white paper, “Strengthening Japan by Expanding Bank Account Access to All Foreign Residents.” This document helps public and institutional decision makers understand the current constraints, allowing them to make adjustments to the status quo with confidence.
In this white paper, readers will find:
The historical and legal background for the six-month rule,
The specific laws and regulations used to justify the existing restriction,
The impact that current controls have on foreign residents, and
Proposed changes for government agencies and financial institutions.
The report includes references to key government publications. Despite its rigorous approach, it is written using the conversational style that readers have come to enjoy from Nihon Plus You content.
The document is released under a Creative Commons BY-ND license. Nihon Plus You encourages everyone to share the report with those who may benefit from its guidance, especially foreign residents impacted by the current restrictions as well as those in financial institutions who are able to bring about positive changes.
Use the link below to download a PDF version of the report.
[Image Credits: minaa_key/photo-ac.com]
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