Short answer

  1. If you live in Japan and are 18 or older on January 1 of the year, you can open a NISA account. The official conditions do not mention nationality.
  2. NISA has two parts: up to ¥1.2 million a year in the tsumitate quota and ¥2.4 million a year in the growth quota, with a lifetime cap of ¥18 million.
  3. If you move out of Japan (stop being a resident), the account is normally closed. A trip abroad does not count. Only people who leave because of an employer's transfer order (or a similar unavoidable reason) can keep it for a limited time, and only if they file a form by the day before they leave.

I'm Tori, an individual investor in Japan. Clear English information about NISA is hard to find, so this article sums up the rules in plain English. I used only official Japanese government sources and list them at the end.

Checked on October 2, 2026.

Who can open NISA

NISA (少額投資非課税制度) is Japan's tax-free investment account. Normally, about 20% tax is charged on profits from selling stocks or funds and on dividends. Profits from investments made in a NISA account are tax-free, up to set limits.

The Financial Services Agency (金融庁, FSA) says anyone who lives in Japan and is 18 or older can open one. The age is checked as of January 1 of the year you use it.

The law uses the word "resident" (居住者). Japan's Income Tax Act defines a resident as a person who has a domicile (住所, the center of their life) in Japan, or who has had a residence (居所) in Japan continuously for one year or more. Nationality is not part of this test.

You may also see the term "non-permanent resident" (非永住者). This is a category in the Income Tax Act, and the law defines it as one type of resident.

The law also covers a narrow group of non-residents who have a "permanent establishment" (恒久的施設) in Japan. If you are not sure whether you count as a resident, ask the tax office or your financial institution.

Two more basics:

  • You can open only one NISA account per person.
  • You can't split the two parts between different financial institutions. Both must be at the same one.

A note on children: a 2026 change to Japan's tax law opens the tsumitate quota to children aged 0 to 17 from January 2027 (up to ¥600,000 a year and ¥6 million in total). Details on how it works in practice are still being prepared by financial institutions. This article covers the current adult rules.

The two parts and the limits

The new NISA started in January 2024. It has two parts, and you can use both at the same time.

Tsumitate quota (つみたて投資枠) Growth investment quota (成長投資枠)
Annual limit ¥1.2 million ¥2.4 million
What you can buy Certain investment trusts suited to long-term, regular, diversified investing (only funds that meet FSA standards) Listed stocks, investment trusts, etc. (with some exclusions)
Tax-free period No time limit No time limit
Age 18 or older 18 or older

The growth quota excludes some products. Examples on the FSA site are stocks designated for delisting or under supervision (整理・監理銘柄), and investment trusts with a trust period under 20 years, monthly-distribution funds, or certain funds that use derivatives.

Annual limit. Together, you can invest up to ¥3.6 million a year.

Lifetime limit. The lifetime tax-free holding limit (非課税保有限度額) is ¥18 million. Of that, the growth quota can use up to ¥12 million. You can fill the whole ¥18 million with the tsumitate quota alone.

Reusing the limit. Both limits are counted by purchase price (book value), not market value. If you sell something, the purchase price of what you sold is added back to your lifetime limit from the next year. The annual limits (¥3.6 million in total) do not increase.

Old NISA. Investments made under the old NISA (up to 2023) are kept outside the ¥18 million limit.

How to start

At a high level, the official steps are:

  1. Choose one financial institution. This can be a bank or a securities company. Remember: both quotas must be at the same place.
  2. Submit the application form. The form is called the 非課税口座開設届出書. You must show ID documents, such as a copy of your residence record (住民票の写し) or your My Number Card. You also give your name, date of birth, address, and My Number (個人番号). Ask your institution which documents it accepts.
  3. Keep your details up to date. If your name, address, or My Number changes, you must submit a change form (非課税口座異動届出書) to all the institutions where you have opened a NISA account.

Changing institutions. You can switch on a yearly basis. Submit a change form (金融商品取引業者等変更届出書) to your current institution between October 1 of the previous year and September 30 of the year you want to switch. You can't switch for a year in which you have already bought something in your NISA at the old institution.

If you leave Japan

This is the part foreign residents most need to know.

If you stop being a resident because you leave Japan, you must submit a form to your financial institution by the day before you leave. There are two forms.

Form 1: Continuation form (継続適用届出書)

You can use this form only if all of these are true:

  • You are leaving because of a transfer order from the employer who pays your salary, or a similar unavoidable reason.
  • You plan to come back and use the same NISA account again.
  • You are not subject to Japan's exit tax (国外転出時課税) for that year. This tax applies to certain residents who hold ¥100 million or more in securities and similar assets when they leave.

If you file it, you are treated as a resident for NISA purposes. What you already hold stays tax-free. But you can't buy anything new in the account while you are away, and until you file the return form.

When you come back, submit a return form (帰国届出書) to the same institution. The deadline is December 31 of the year in which five years have passed since you filed the continuation form. If you miss it, the account is treated as closed on that December 31.

Not every financial institution handles this. Check with yours before you make plans.

Form 2: Departure form (出国届出書)

Everyone else files this form. In that case, the account is treated as closed at the time you leave. After that, dividends and sale profits on those holdings are no longer tax-free under NISA. Ask your institution what will happen to your holdings before you go.

Common questions

Q. I'm not Japanese. Can I still open NISA? A. Yes, if you meet the conditions. The FSA lists living in Japan and being 18 or older. The law's test is being a resident for income tax purposes. Nationality is not one of the conditions.

Q. Can I have NISA at two banks to get more space? A. No. You can invest through NISA at only one institution in any year. You can change institutions on a yearly basis (holdings from earlier years can stay at the old one), and your lifetime limit is tracked centrally by the National Tax Agency.

Q. I'm moving back home for good. Can I keep my NISA? A. No. If you leave Japan for good, the account is treated as closed when you leave. The continuation form is only for people who leave temporarily (for example, because of a transfer order) and plan to come back.

Q. Is NISA income tax-free in my home country too? A. NISA is part of Japanese tax law. Your home country may also tax this income — check with a tax professional.

Sources

All pages were opened and checked on October 2, 2026.

This is general information, not tax or investment advice.