Settlement Lump Sum Withdrawal Japan
Description
How to fill out Agreement To Dissolve And Wind Up Partnership With Settlement And Lump Sum Payment?
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FAQ
You are eligible for lump-sum withdrawal payment if you satisfy all the following seven requirements. You are not a Japanese citizen. You are not a resident in Japan. You have coverage periods of six months or more under the EPI system. You are not eligible for Old-age Employees' Pension period (see note below)
( The national pension itself is not subject to income tax.) The application for refund of the above 20% income tax can be filed within 5 years. Processing of the application for lump-sum withdrawal payment takes 3 to 6 months. Mailing and transaction charges are for your account.
If you withdraw your refund as a lump sum, you'll have to pay 20% in income tax, which means you'll only get 80% of your total payment at first. The good news is that you can get the 20% tax refunded because you won't have to pay income tax in Japan anymore. To get your refund, you need to appoint a tax representative.
How to withdraw a lump-sum pension refund Submit a moving-out notice (tenshutsu todoke) form to your city office. ... Submit a Withdrawal Payment Claim form. ... Fill in the form and gather the required documentation. ... Send it in to the designated Japan Pension Service.
Take cash lump sums You can take your whole pension pot as cash straight away if you want to, no matter what size it is. You can also take smaller sums as cash whenever you need to. 25% of your total pension pot will be tax-free. You'll pay tax on the rest as if it were income.