Japan tax regulations re: overseas assets

[vidaboa73]

Hi all,

I am looking for general advice on Japanese tax laws. I may need to see a professional but thought I'd ask around first.
I recently saw that foreigners living in Japan are required to submit a list of assets overseas if their gross assets overseas total more than 50 million yen.

1. Does this mean I only submit a list of assets (and not liabilities)?
2. Do I submit the most recent valuation appraisal of real estate or the purchase price?
3. What repercussions does submitting this information have on such things as tax rate in Japan or other areas I need to be aware of?

Thanks a lot in advance!

 

[johnnyG]

1. Present value, or rather value as of 12/31/2013. (I guess you could add a worksheet, which the instructions suggest, showing liabilities.)

2. Again, value on 12/31/2013. (Not sure how you do this for real estate.)

3. Tax rates: at this point, nothing.

But in the future, when you die, and there are heirs here in Japan, the NTA might be interested.

 

[vidaboa73]

thanks a lot JohnnyG. That was very helpful.

 

[Crorepati]

相続税 or inheritance taxes are applicable in Japan, and often at 50 percent. This is why they want to know what you own. But for those who are non Japanese, the laws of the country of their citizenship applies, rather than Japanese inheritance law.

 

[Majestic]

窶佛?窶伉ｱﾂ静 or inheritance taxes are applicable in Japan, and often at 50 percent. This is why they want to know what you own. But for those who are non Japanese, the laws of the country of their citizenship applies, rather than Japanese inheritance law.

No that's not accurate. The Japanese inheritance tax will apply to anyone who has an address in Japan, regardless of citizenship. Check out the document here for details.

http://www.grantthornton.jp/pdf/newsletter/international/international_200706.pdf