Eligible shares, ETFs, REITs, and funds; ineligible securities; the ¥2.4m annual and ¥12m lifetime sub-limits; and foreign-stock support.
The growth-investment allowance (成長投資枠) allows up to ¥2.4m per year — within a ¥12m lifetime sub-limit — for eligible listed shares, REITs, ETFs, and funds, but excludes supervisory/liquidation stocks, sub-20-year, monthly-distribution, and derivative-heavy funds; foreign-stock support is broker-specific.
The growth-investment allowance is the broader of the two NISA frames. It allows eligible individual listed shares, REITs, ETFs, and a wider set of investment trusts than the recurring allowance — so this is where you buy a specific Japanese stock, a J-REIT, or a fund not on the tsumitate list. You can use it alongside the recurring allowance, for a combined ¥3.6m a year.
The annual limit is ¥2.4m, and it sits within a ¥12m lifetime sub-limit — no more than ¥12m of your ¥18m lifetime acquisition-cost capacity can be growth-allowance holdings. The remaining lifetime room can be filled through either allowance.
Several things are excluded to keep NISA aligned with long-term investing. The growth allowance does not include designated supervisory or liquidation stocks, investment trusts with terms shorter than 20 years, monthly-distribution funds, or certain derivative-heavy funds. Across both allowances, ordinary deposits, government and corporate bonds, and margin purchases are outside NISA entirely.
So the growth allowance is broad but not unlimited: it targets mainstream long-term investments, not high-turnover or income-maximising products. Confirm a specific security’s eligibility rather than assuming.
The growth allowance lets you choose between funds and individual securities. Most investors keep a diversified low-cost fund as the core and use individual stocks only as a deliberate, limited sleeve, because a single company can suffer permanent loss. If you buy dividend-paying shares, ETFs, or REITs, select the proportional allocation method so the dividends stay tax-free in NISA.
Foreign stocks and ETFs can be held in the growth allowance when your broker supports them and the security is eligible — but this is broker-specific and not automatic just because a security is exchange-listed. Foreign dividends still carry source-country withholding, and US taxpayers must analyse PFIC treatment separately.
Brokerage (NISA/iDeCo) · Rakuten Securities
A leading low-cost brokerage for NISA and index-fund investing, integrated with Rakuten points and Rakuten Bank.
Fees: Many domestic funds and trades are low- or no-commission — verify current fee schedule.
Brokerage (NISA/iDeCo) · SBI Securities
Japan’s largest online brokerage by accounts, with a very broad low-cost fund lineup and full NISA/iDeCo support.
Fees: Many trades and funds are low- or no-commission — verify current fee schedule.
Brokerage (NISA/iDeCo) · Monex
An established online brokerage often chosen for US-stock access and research tools, with NISA and iDeCo support.
Fees: Commissions vary by product; some funds/trades are low-cost — verify current schedule.
Generally yes, if you are a tax resident of Japan (with a My Number) and at least 18. NISA is tied to residency, not citizenship, so most foreign residents qualify — with two big cautions: US citizens and green-card holders face US tax complications with Japanese funds, and NISA generally cannot continue after you leave Japan. Confirm eligibility and the current rules on the FSA site and with your chosen brokerage.