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Foreigners can use NISA. The rules ask where you live, not what passport you hold. If you live in Japan and are 18 or older, you can invest up to ¥3.6 million a year and keep the profits tax-free. The tricky part comes when you leave Japan, so this guide covers that too, as of October 2026.
Key facts (as of October 2026)
- Who can open one: Residents of Japan aged 18 or older on January 1 of the year. There is no nationality requirement.
- Yearly limit: ¥1.2 million in the tsumitate investment quota plus ¥2.4 million in the growth investment quota, ¥3.6 million in total.
- Lifetime limit: ¥18 million, with up to ¥12 million in the growth quota. Selling frees up room again from the next year.
- How long it stays tax-free: No time limit.
- Risk: Funds and stocks in NISA can lose value. Your principal is not guaranteed.
Can foreigners open a NISA account?
Yes. The Financial Services Agency (FSA) says anyone who lives in Japan and is 18 or older can open a NISA account. Age is checked on January 1 of the year you use it. (FSA)
The legal wording is “a resident, or a non-resident with a permanent establishment in Japan.” The FSA leaflet lists no nationality condition. (FSA leaflet)
So what counts as a “resident”? Under income tax law, a resident is someone with a domicile (jusho, 住所) in Japan. Someone who has lived here for at least one year also counts. (NTA)
Brokers add their own conditions on top of the law. For example, SBI Securities asks foreign nationals for a residence card valid for at least 2 more months. Rakuten Securities asks for at least 3 months. (SBI Securities, Rakuten Securities) Every broker reviews applications, so approval is not automatic.
You will also need your My Number. When you open the account, you show an ID document and give your name, birth date, address, and My Number. (NTA)
How much can you invest each year?
NISA has two quotas, and you can use both in the same year. Together they allow ¥3.6 million a year. (FSA)
| Tsumitate investment quota (つみたて投資枠) | Growth investment quota (成長投資枠) | |
|---|---|---|
| Yearly limit | ¥1.2 million | ¥2.4 million |
| Lifetime limit | ¥18 million total, shared | Up to ¥12 million of the ¥18 million |
| What you can buy | Certain investment trusts suited to long-term, regular investing | Listed stocks and investment trusts |
| How you buy | Regular, set purchases | One-off or regular purchases |
Sources: FSA, FSA leaflet
The growth quota excludes some products. These include stocks designated for delisting or under supervision, monthly-dividend funds, funds with a trust period under 20 years, and certain funds that use derivatives. (FSA)
Investment trusts in NISA are not savings deposits. Their value goes up and down, and you can get back less than you put in. NISA removes the tax on gains. It does not remove the risk.
How does the ¥18 million lifetime limit work?
The lifetime tax-free limit (hikazei hoyu gendogaku, 非課税保有限度額) is ¥18 million per person. Up to ¥12 million of it can sit in the growth quota. (FSA)
You can fill the whole ¥18 million with the tsumitate quota alone. You can also use only the growth quota, up to ¥12 million. (FSA FAQ)
The limit counts what you paid, not today’s market value. When you sell, the purchase cost of what you sold comes back as room from the next year. (FSA FAQ)
Here is a simple example. You bought funds for ¥1 million and they grew to ¥1.5 million. You sell them all. From next January, ¥1 million of room returns, not ¥1.5 million. The yearly limits still apply when you reinvest.
Two more points on the limit:
- Holdings from the old NISA (before 2024) don’t count toward the ¥18 million. They are managed separately. (FSA)
- Same-year reuse is only a proposal. In August 2026 the FSA asked for room to come back in the same year. This is a request, not a decided change. (FSA)
How long do the tax benefits last?
There is no end date. Gains inside NISA stay tax-free for as long as you hold them, and the system itself is now permanent. (FSA)
This is a big change from the NISA that ended in 2023. If you read older English guides that mention 5-year or 20-year limits, they describe the old system.
NISA vs a regular taxable account
Outside NISA, you pay about 20% tax on gains and dividends from stocks and funds. Inside NISA, those gains are tax-free. (FSA)
| NISA account | Regular taxable account | |
|---|---|---|
| Tax on gains and dividends | None | About 20% |
| Yearly limit | ¥3.6 million | No tax-related limit |
| Lifetime limit | ¥18 million (by purchase cost) | None |
| Losses | Can’t offset gains in other accounts or carry forward | Follow the normal tax rules |
| Number of NISA accounts | One per person | Not applicable |
Sources: FSA, FSA leaflet
The loss rule is the main downside. A loss inside NISA can’t reduce taxable gains in another account, and you can’t carry it forward. (FSA leaflet)
If you are also thinking about a pension-style account, see iDeCo vs NISA.
Can you have more than one NISA account?
No. Each person can have one NISA account in Japan. (FSA) You also can’t split the two quotas between two brokers. Both quotas live at one financial institution. (FSA FAQ)
You can move your NISA to another institution, one year at a time. The steps are set by the FSA. (FSA FAQ)
- Ask your current institution for the change form. It is called the 金融商品取引業者等変更届出書.
- Receive the closure notice. Your current institution gives you a 勘定廃止通知書.
- Apply at the new institution. Send the closure notice with a 非課税口座開設届出書 (NISA account application).
Timing matters. Submit the change form between October 1 of the previous year and September 30 of the year you want to switch. If you already bought anything in NISA that year, you can’t switch for that year. (FSA FAQ)
Moved house or changed your name? Tell your NISA institution with a 非課税口座異動届出書. (FSA FAQ)
What happens to your NISA when you leave Japan?
It depends on why you leave and whether you file a form before you go. NISA is for residents, so leaving changes your status.
Overseas assignment from your employer
If you leave for an unavoidable reason, such as a transfer order, you can keep your holdings tax-free for a set period. You must file in advance. While you are abroad, you can’t buy anything new in NISA. (FSA FAQ)
The form is the 継続適用届出書 (continued application form). Not every institution offers this, so ask yours before you plan the move. (FSA FAQ)
To start buying again after you return, file a 帰国届出書 (return notice) with the same institution. The deadline is December 31 of the year in which 5 years pass from the date you filed the continued application form. (e-Gov, Act on Special Measures Concerning Taxation, Art. 37-14)
Leaving without filing the form
If you leave Japan without filing the continued application form, the law treats your account as closed when you leave. The same happens if you miss the return notice deadline. In that case, the account counts as closed on December 31 of that year. (e-Gov, Art. 37-14)
Leaving for other reasons
Many foreigners leave because they change jobs or move home for good. The official rules we checked only clearly cover leaving for unavoidable reasons like a transfer order. For any other reason, ask your broker how it handles your NISA before you leave.
Tax on your investments after you leave depends on your situation and on the other country. That needs a tax professional, so we don’t cover it here.
Do brokers accept US citizens for NISA?
Some brokers restrict US persons. moomoo Securities does not open accounts for US taxpayers. Monex Securities doesn’t let US taxpayers trade foreign stocks, foreign funds, or foreign bonds. (moomoo, Monex)
SBI Securities limits new purchases of some products for US persons and US residents. (SBI Securities) If you are a US citizen or green card holder, check each broker’s rules before you apply. US tax questions are outside this guide.
How do you start?
Opening a NISA account takes three steps: choose a broker, apply with your residence card and My Number, then set up your first purchase.
Choosing the broker is the hard part for foreigners. Many brokers accept foreign nationals by mail only, and most screens are in Japanese. (SBI Securities, Monex) Interactive Brokers Securities Japan is one broker with an English application and NISA. (Interactive Brokers)
- Compare brokers on English support and NISA in Best NISA Accounts for Foreigners.
- Follow the application step by step in How to Open a NISA Account in English.
- No Japanese bank account yet? Start with How to Open a Bank Account in Japan as a Foreigner.
What changes in 2027 for children?
From January 1, 2027, children aged 0 to 17 can have NISA too. People often call it Children’s NISA (kodomo NISA, こどもNISA). (NTA)
Children get the tsumitate quota only. The yearly limit is ¥600,000 and the lifetime limit is ¥6 million. At 18, the account moves to the adult quota without extra steps. (MOF) The child must be a resident, as with adult NISA. See Children’s NISA 2027 for details.
FAQ
Is there a nationality requirement for NISA?
No. The FSA’s conditions are residence in Japan and age 18 or older. Brokers may add their own conditions, such as time left on your residence card. (FSA leaflet)
What is the NISA limit in 2026?
¥1.2 million in the tsumitate quota and ¥2.4 million in the growth quota each year. The lifetime limit is ¥18 million, with up to ¥12 million in the growth quota. (FSA)
Can I use NISA on a student visa?
The official rules don’t list visa types. They only say “resident.” Brokers decide in their own reviews, so check with the broker. (FSA leaflet)
Is NISA available in English?
The system itself has no language rule, but most brokers run in Japanese. Interactive Brokers Securities Japan offers an English site, application, and phone line. (Interactive Brokers)
Can I lose money in NISA?
Yes. Investment trusts and stocks are not guaranteed, and their value can fall below what you paid. NISA only removes the tax on gains.
What if I sell my NISA investments?
You get the money, and no tax is due on the gain. The purchase cost of what you sold returns as lifetime room from the next year. (FSA FAQ)
This article is general information, not investment or tax advice. We don’t recommend specific products. Information is as of October 5, 2026. Rules and broker conditions change, so check official pages before you act. Sources: FSA NISA site, FSA NISA FAQ, NTA, e-Gov, and each broker’s pages linked above.