How to Open a NISA Account as a Foreigner in Japan: Step-by-Step

Last updated: February 2026

So you've decided to take advantage of Japan's NISA tax-free investment program. Smart move. But if you're not a Japanese national, the path from "I want to invest" to "I just bought my first index fund" involves a few extra steps that nobody warns you about.

The good news: foreigners absolutely can open NISA accounts. The process isn't fundamentally different from what Japanese citizens go through. The bad news: most major online brokerages don't let non-Japanese nationals complete the process online, some forms will trip you up with name formatting issues, and the whole thing takes longer than you'd expect.

This guide walks you through every step — from checking your eligibility, to choosing the right brokerage, to making your first investment. No guesswork, no surprises.

→ Related: NISA Explained: Japan's Tax-Free Investment Account for Foreign Residents — start here if you need a primer on how the NISA system works.

Disclaimer: This article is for informational purposes only and does not constitute investment or financial advice. Brokerage policies and procedures may change; always verify current requirements on the brokerage's official website before applying.

Before You Start: Eligibility Check

Not every foreigner in Japan qualifies for a NISA account. Confirm you meet all of the following:

You are a "resident" under Japan's Foreign Exchange and Foreign Trade Act. This means you either work at an office in Japan or have been living in Japan for six months or more since your arrival. If you're on a tourist visa, diplomatic visa, or short-term stay status, you're not eligible.

You are 18 years old or older as of January 1 of the year you open the account.

You have a registered address in Japan. You must have submitted a moving-in notification (転入届) at your local city or ward office. Without a registered address, no brokerage will accept your application.

You have a My Number (マイナンバー). Since 2016, My Number submission has been mandatory for opening any securities account in Japan. If you don't have a My Number Card or your notification card (通知カード), you'll need to obtain one first — more on this below.

Documents You'll Need

Gathering the right documents before you start saves you from the frustration of rejected applications and weeks of back-and-forth.

The Essentials

Residence Card (在留カード / Zairyū Card) — Your valid, unexpired residence card. Most brokerages require copies of both front and back. Some brokerages will reject applications if your card expires within three months, so check the date. Note: residence cards with visa statuses of "Diplomat," "Official," or "Short-Term Stay" are not accepted.

My Number Verification — You'll need one of the following:

The My Number Card (マイナンバーカード) is by far the most convenient option. This single card serves as both your number verification and your photo ID, eliminating the need for additional documents. If you don't have one yet, you can apply at your local city or ward office, but expect it to take one to two months to arrive.

If you have the older Notification Card (通知カード), you can use it together with your Residence Card as your photo ID. However, if your name or address on the notification card doesn't match your current information, it's no longer valid for this purpose.

As a fallback, a Certificate of Residence (住民票の写し) with My Number printed on it plus your Residence Card will also work. You can request this at your local city or ward office for around ¥300, and it's available the same day — making this the fastest solution if you've lost your notification card.

Common Pitfalls with Documents

Name matching is unforgiving. Your name on the application must exactly match the name on your Residence Card — character for character. This includes middle names, hyphens, and spacing. If your Residence Card says "GARCIA LOPEZ, MARIA ELENA" and you enter "Maria Garcia Lopez," your application will be rejected. Rakuten Securities specifically instructs applicants with middle names to include them in either the surname or given name field.

Address consistency across all documents. Your Residence Card, My Number document, and registered address must all show the same address. If you've moved recently, update your Residence Card at your local immigration office (the address change stamp on the back) before starting the brokerage application.

Choosing a Brokerage

You can only hold one NISA account across all financial institutions in Japan. You can switch brokerages, but only on a yearly basis, and it's a hassle. Choose carefully the first time.

Here's how the major options compare for foreign residents:

SBI Securities — Best for Low-Cost, Long-Term Investors

Japan's largest online brokerage by account numbers. SBI offers over 280 funds in the Tsumitate (accumulation) quota, zero commission on Japanese stock trades, and access to US, Hong Kong, and other foreign stock markets.

The foreigner catch: Non-Japanese nationals cannot open accounts online. You'll need to request paper application forms, fill them out, and mail them back with copies of your documents. Expect the entire process to take two to three weeks from mailing your documents to account activation.

Language: Japanese only — website, app, and customer support.

Departure support: Starting May 2025, SBI will allow overseas transferees to maintain NISA holdings across domestic stocks, investment trusts, and US stocks.

Best for: Residents comfortable with Japanese who want the widest product selection at the lowest cost.

Rakuten Securities — Best for the Rakuten Ecosystem

Neck and neck with SBI in terms of market share. If you already use Rakuten services (credit card, mobile, shopping), the point integration is a genuine perk — you can invest using Rakuten Points.

The foreigner catch: Foreign nationals must submit a Residence Card or Special Permanent Resident Certificate. Online application may be possible through document upload, but the smartphone-based identity verification (eKYC) may not be available. Login ID arrives in approximately five business days via email or mail.

Language: Japanese only.

Departure support: Limited — only certain products are eligible for continuation during overseas assignments.

Best for: Residents already embedded in the Rakuten ecosystem who want to leverage points for investing.

Interactive Brokers Japan (IBSJ) — Best for English Speakers and US Citizens

IBSJ is scheduled to launch NISA account services in July 2025. This is a transformative option for the English-speaking expat community.

What makes it different: Full English-language platform. Direct access to US-listed stocks and ETFs within the NISA Growth quota. FATCA-compliant, making it the only realistic option for American citizens who want to use NISA without triggering PFIC complications.

Account opening: Fully online, in English. IBSJ is accustomed to onboarding non-Japanese residents and the process is significantly smoother than at domestic brokerages.

Best for: Anyone who wants to invest in English. US citizens and green card holders. Investors who want direct access to US-listed ETFs like VT or VOO in their NISA account.

Nomura Securities — Best for In-Person Support

Japan's largest traditional brokerage. If you'd rather walk into a branch and have someone guide you through the paperwork face to face, Nomura is your best option.

Account opening: Visit a Nomura branch with your documents. Staff can help you fill out forms and explain the process. The trade-off is time — expect three to four weeks from application to NISA account activation, as Nomura uses the standard (non-expedited) tax office review process.

Language: Japanese (branch-based support can sometimes accommodate basic English depending on location).

Departure support: Nomura supports NISA account continuation for clients transferred overseas.

Best for: Residents who value personal support over cost optimization, or those who find online-only Japanese interfaces challenging.

The Account Opening Process: Step by Step

Here's the practical walkthrough, focusing on online brokerages (SBI and Rakuten) since they're the most commonly used. The process for IBSJ and Nomura differs in specifics but follows the same general flow.

Step 1: Apply for a Securities Account

Before you can open a NISA account, you need a general securities account (証券総合口座) at the same brokerage. Most brokerages let you apply for both simultaneously.

Go to the brokerage's website and find the account opening page. You'll enter your personal information: name, date of birth, address, phone number, email, and employment details.

Critical for foreigners: Enter your name exactly as it appears on your Residence Card, in the same order and format. You'll also need to provide a katakana reading of your name — prepare this in advance. For example, "John Smith" would be entered as "ジョン　スミス."

When asked about account type, select Specific Account with tax withholding (特定口座・源泉徴収あり). This means your brokerage automatically calculates and withholds taxes on your non-NISA investments, saving you from having to file separately for investment income. Check the box to simultaneously apply for a NISA account.

Step 2: Submit Identity Documents

If online submission is available: Upload photos of your Residence Card (front and back) and My Number Card (front and back). Take photos in good lighting with all text clearly legible. Blurry or partially cropped images will be rejected.

If mail submission is required (mandatory for foreign nationals at SBI Securities): Request the application packet. When it arrives, fill out the forms, attach photocopies of your Residence Card (both sides) and My Number document, and mail everything back in the provided return envelope. Keep copies of everything you send.

Step 3: Wait for the Tax Office Review

After the brokerage receives and processes your documents, they submit your NISA application to the tax office (税務署). The tax office verifies that you don't already have a NISA account at another institution — since only one NISA account is allowed per person in Japan.

This review typically takes one to two weeks, sometimes up to three weeks at traditional brokerages like Nomura. Most online brokerages now offer a "provisional opening" system: your NISA account becomes usable before the tax office review is complete. This means you can start investing almost immediately after document approval. However, if the tax office later determines you already hold a NISA account elsewhere, any purchases made during the provisional period will be retroactively moved to a taxable account.

Step 4: Complete Initial Settings

Once your account is fully activated, log in and complete the initial setup:

Set your trading PIN — different from your login password, this is required to execute trades.

Register employment information — required for regulatory compliance.

Choose your dividend receipt method — select Proportional Distribution (株式数比例配分方式). This is essential. If you choose a different method, dividends from stocks held in your NISA account may be taxed, defeating the purpose of NISA.

Step 5: Fund Your Account and Start Investing

Transfer money into your brokerage account. Online brokerages offer instant transfers from partner banks — SBI Securities pairs with SBI Shinsei Bank and SBI Sumishin Net Bank, while Rakuten Securities connects seamlessly with Rakuten Bank.

For the Tsumitate quota: Set up automatic monthly purchases. You'll choose which fund(s) to buy, how much per month, and which day of the month to execute. Once configured, everything runs automatically.

For the Growth quota: Place orders manually, just like buying any stock or ETF. Search for the product, enter the quantity, and submit your order.

→ Related: Best Investment Funds for NISA: A Foreigner's Guide — help choosing what to invest in.

Realistic Timeline: Application to First Trade

For foreign nationals, here's what to expect:

If you have all documents ready and can apply online: Approximately one to two weeks from application to first trade, assuming no document issues and the brokerage offers provisional NISA opening.

If you need to apply by mail (the typical case for non-Japanese at SBI/Rakuten): Three to five weeks total. This breaks down to roughly one week for the application packet to arrive and be returned, one week for the brokerage to process your documents, and one to two weeks for the tax office review.

If you don't yet have a My Number Card: Add one to two months for card issuance before you can even begin the brokerage application. A quicker workaround is to get a Certificate of Residence with My Number from your city office, which is available the same day.

Troubleshooting Common Issues

Application rejected for name mismatch: The number-one reason foreign applicants get stuck. Double-check every character against your Residence Card. If your Residence Card name includes characters that the form can't accept (certain diacritics or special characters), contact the brokerage's customer support for guidance before submitting.

My Number document lost or outdated: Get a Certificate of Residence (住民票の写し) with My Number from your local city office. Costs around ¥300 and is available immediately. This is faster than reissuing a My Number Card.

Residence Card expiring soon: If your card expires within three months, some brokerages may reject your application. Renew your residence status first. If you're in the middle of the renewal process, check whether the back of your card has an "Application for Extension of Period of Stay filed" stamp and consult the brokerage.

Moved recently but haven't updated your address: Update your Residence Card at the immigration office first, then your My Number Card at the city office, then notify your brokerage. All three addresses must match.

Can't read the Japanese application forms: Consider IBSJ (launching NISA in July 2025) for a fully English experience. Alternatively, ask a Japanese-speaking friend or colleague to help — the forms aren't complex, but specific fields matter.

Key Takeaways

Opening a NISA account as a foreigner in Japan takes a bit more patience than it does for Japanese nationals, but the obstacle is procedural, not fundamental. The tax-free benefits — no capital gains tax, no dividend tax, for life — are exactly the same regardless of your nationality.

Your action plan: confirm your Residence Card and My Number documents are current, pick a brokerage that matches your language needs and departure plans, and budget three to five weeks for the process if you're going the mail route. If you can wait until July 2025 and want everything in English, IBSJ will be the obvious choice. If you want to start now and can handle Japanese interfaces, SBI or Rakuten will get the job done at the lowest cost.

The hardest part of investing in NISA isn't the investing itself — it's getting the paperwork done. Once that's behind you, everything else is straightforward.

→ Related: Tsumitate vs Growth Investment: Which NISA Type Should You Choose? | Best Investment Funds for NISA: A Foreigner's Guide

This article is for general informational purposes only and does not constitute investment, financial, or tax advice. Brokerage policies change frequently; always confirm current requirements directly with your chosen brokerage before applying.