I have an existing NISA account. What steps are required to transition to the new NISA scheme?

好的，关于旧NISA转新NISA的问题，我来给你梳理一下，尽量说得简单易懂。

Key Takeaway: You don't need to do anything; your New NISA account will open automatically.

First and foremost: You do not need to complete any "conversion" procedures.

If you already had an Old NISA account (either "General NISA" or "Tsumitate NISA") with a financial institution (such as Rakuten Securities, SBI Securities, or a bank) in 2023 or earlier, that institution will automatically open a brand new "New NISA" account for you on January 1, 2024.

Think of it like a game version upgrade: your old account remains, and the system automatically grants you eligibility for the new version, with a seamless transition.

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A Few Things You Should Know About Your Old NISA Account

1. Old and New Accounts Are Separate:

   • The investments you've already made in your Old NISA (e.g., investment trusts, stocks) will remain within the Old NISA framework and continue to enjoy tax exemption benefits under the original rules.
   • For example, if you bought an investment trust using "Tsumitate NISA", it will continue to enjoy a 20-year tax-exempt period from the date of purchase. This rule will not change due to the introduction of New NISA.
   • Starting in 2024, you can no longer contribute new funds to your Old NISA account. It becomes a "withdrawal-only" account.

2. What About Assets in Your Old NISA Account?

   • Just leave them there to continue enjoying tax-exempt holding.
   • When the tax-exempt period ends, you have two options:
     • Sell them: Any profits will still be tax-exempt.
     • Transfer them to a taxable account (課税口座): If you sell them after transferring, you will need to calculate profits and pay taxes.
   • Important: Assets in your Old NISA cannot be directly "transferred" to your New NISA account. If you wish to use these funds for New NISA investments, the only way is to first sell the assets in your Old NISA, and then use the proceeds to purchase new investment products in your New NISA.

3. A Significant Benefit:

   • The total value of assets held in your Old NISA does not count towards the New NISA's lifetime investment limit of 18 million JPY. This effectively means the government has given you an additional tax-exempt allowance, which is a benefit for existing investors.

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What if You Want to Change Securities Companies for Your New NISA?

This situation is slightly more complex. If you are not satisfied with your current securities company and wish to use a different one in 2024 (e.g., switching from Bank A to Brokerage B), you will need to complete a "Change of Financial Institution" (金融機関変更) procedure.

• This procedure typically needs to be completed within a specific period in the previous year (usually October to December).
• If you missed this deadline, don't worry. You can still complete the change procedure before making any transactions in your new account in 2024, which would allow you to use your 2025 NISA allowance with the new company.

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In Summary

In short, the entire process is automatic and very hassle-free. All you need to do is decide what you want to invest in with your New NISA in 2024. I hope this explanation helps!