{"version":"1.0","provider_name":"For overseas forex cashback services, try Money Charger","provider_url":"https://money-charger.com/en/","author_name":"admin","author_url":"https://money-charger.com/en/author/admin/","title":"Is My Number required when opening an overseas FX account? A thorough explanation of required documents and procedures for beginners - Money Charger, an overseas FX cashback service","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\" data-secret=\"05L5aOVIz4\"><a href=\"https://money-charger.com/en/information/overseas-fx-my-number/\">Is My Number required when opening an overseas FX account? A thorough explanation of required documents and procedures for beginners</a></blockquote><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https://money-charger.com/en/information/overseas-fx-my-number/embed/#?secret=05L5aOVIz4\" width=\"600\" height=\"338\" title=\"&amp;quot;Is My Number required when opening an overseas FX account? A thorough explanation of required documents and procedures for beginners&amp;quot; &#x2014; Money Charger, your overseas FX cashback service\" data-secret=\"05L5aOVIz4\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"></iframe><script type=\"text/javascript\">\n/* <![CDATA[ */\n/*! 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Many beginners in overseas FX trading may be wondering whether it's also necessary. This article will cover the basics and points to note regarding My Number when opening an overseas FX account and filing tax returns. It answers common questions about overseas FX trading, so please use it as a reference. Beginners in overseas FX trading are advised to read the complete guide for overseas FX beginners. Is My Number required when opening an overseas FX account? Essential knowledge: What is My Number for? We will begin by explaining the use of My Number in overseas FX account opening and providing basic knowledge about My Number. What is the mechanism and purpose of My Number? Let's start by reviewing the mechanism and purpose of My Number. What kind of system is My Number? My Number is a system for efficiently managing three areas: taxes, social security, and disaster countermeasures. The government believes that My Number will improve the convenience of administration and citizens' lives, leading to the realization of a fair and just society. What is My Number (Individual Number)? - Digital Agency My Number's Purpose and Overview My Number's Purpose Overview Realizing a fair and just society To efficiently grasp income and the status of orders for administrative services Improved administrative efficiency To improve the efficiency of administrative agencies and local governments Improving convenience for citizens To reduce the amount of attached documents and simplify administrative procedures The improvement in convenience through My Number specifically means that income and tax management will become easier. It is also being used to simplify government-related procedures and to improve the efficiency of local government operations. For securities companies and FX services, it is said to prevent tax evasion on profits earned from trading and to help avoid problems such as impersonation and fraudulent activities. In particular, there was a time when many millionaire traders were arrested for massive tax evasion in the FX market. It seems that \"efficiently collecting FX-related taxes without missing anything\" is also one of the purposes of My Number. Note: Submitting your My Number to an FX broker does not mean that the company will know the details of your FX trading or profits. Incidentally, there are differences between overseas FX and domestic FX in various aspects, including taxes. The differences between overseas FX and domestic FX are explained in detail in the following article. Please take this opportunity to read. You don't need to submit your My Number when opening an account with an overseas FX broker Now, let's get to the main point. Is it necessary to submit your My Number when trading overseas FX? To put it simply, there is no obligation to submit your My Number to overseas FX brokers. As we have seen above, My Number is a system within Japan. It is used by domestic financial service providers to understand \"how much income an individual is earning.\" Overseas FX brokers are not Japanese companies, so My Number is not required when opening an account. However, you can use your My Number card as proof of identity or proof of address when opening an overseas FX account. You need to submit your My Number when filing your tax return even with overseas FX While you do not need to submit your My Number when opening an overseas FX account, you are required to submit your My Number when filing your tax return for income earned from overseas FX. In any case, you will need your My Number when filing your tax return for profits earned from overseas FX. Submission of My Number is mandatory with domestic FX brokers In domestic FX, the Financial Services Agency has made it mandatory to submit your My Number. Submitting your My Number is required not only for FX trading, but also when opening accounts with securities companies and banks. Furthermore, even customers who had accounts before the introduction of the My Number system are required to submit their My Number. Even if you do not have a My Number card, you will need to submit a resident registration certificate that includes your My Number or a My Number notification card. Reasons why My Number submission is mandatory for domestic FX brokers Submitting your My Number is mandatory for domestic FX brokers. FX brokers are obligated to issue payment statements detailing \"who was paid how much\" and report this to the government. They cannot provide financial services without disclosing your My Number. The My Number system prevents FX traders from falsifying information about their profits and income. The National Tax Agency uses these payment statements issued by FX brokers to track the income earned by each trader. If there are any suspicious points in each trader's declaration, they conduct a thorough investigation to determine if there is any suspicion of tax evasion. Tax evasion cases of millionaire FX traders Here, for reference, let's briefly check what kind of tax evasion cases have occurred in the past. Housewife evades taxes with 400 million yen in profits! - Yukiko Ikebe One of the most famous cases of FX tax evasion is the \"Yukiko Ikebe tax evasion case,\" in which a housewife from Setagaya Ward was indicted in 2007. Ikebe earned approximately 470 million yen in FX profits over four years. It is said that she evaded 139 million yen in income tax. Following this case, Ikebe became extremely famous under the name \"Mrs. Watanabe,\" and since then has been conducting FX trading seminars and publishing books. Billionaire trader living a lavish lifestyle in Roppongi Hills caught for tax evasion! - Kiyoharu Isogai Another case of FX tax evasion is the \"Roppongi Hills Kiyoharu Isogai tax evasion case,\" in which he was caught in 2009 for evading 160 million yen in taxes. Isogai, who earned 450 million yen in income from FX, was living in the luxury apartment building Roppongi Hills at the time. When his tax evasion was exposed, he suddenly found himself burdened with a debt of 330 million yen due to heavy penalties and other charges. To avoid such massive tax evasion, the submission of My Number (social security number) is strictly required for domestic FX trading. What documents are required instead of My Number for overseas FX brokers? From here, we will explain the documents required instead of My Number when opening an account with an overseas FX broker. The required documents are the following two types. We will explain these two types of documents in detail, so please refer to this if you are considering opening an overseas FX account. […]"}