Japan Annual Report of Overseas Assets

[HankNeva]

Any thoughts on this?

https://www.capitaltaxltd.com/japan/202 ... as-assets/

[RetireJapan]

We're not quite there yet to but will file when we cross the threshold.

[eyeswideshut]

It was odd that the article referred to a 'new' reporting requirement and then just restated what the requirement has been since 2015. Anyway, I hate this requirement as it disproportionately affects foreigners here, is tedious and difficult to comply with and, if you fail to report or make a mistake in your reporting, it could give rise to penalties and even jail-time. Plus 50 million JPY is way too low a threshold as it means basically anyone with a house overseas is caught up in the requirement even if they would not normally have to file a tax return. I suspect (know) there are a lot of foreigners here who are oblivious to the requirement and could be at risk of penalties or worse.

[Gulliver]

Yeah, cause if you’re a foreigner with over ¥50 million in assets you MUST be some kind of sneaky oil oligarch or French car executive… Rdiculous

Actually, if you’re an average middle class investor in their 50s or 60s and you DON’T have at least that amount in assets- then I would say there’s something wrong.

Gambate!

[beanhead]

Actually, if you’re an average middle class investor in their 50s or 60s and you DON’T have at least that amount in assets- then I would say there’s something wrong.

Isn't it specifically related to overseas assets, though?
I don't have substantial assets outside of Japan, nor any intention of getting them. I may inherit a bit at some point, but I am not counting on that...

[Gulliver]

Actually, if you’re an average middle class investor in their 50s or 60s and you DON’T have at least that amount in assets- then I would say there’s something wrong.

Isn't it specifically related to overseas assets, though?
I don't have substantial assets outside of Japan, nor any intention of getting them. I may inherit a bit at some point, but I am not counting on that...

Yes you’re right it’s for overseas assets. That doesn’t change the fact that it a low and onerous threshold for your average schmo. I’m not sure what they’re trying to accomplish here. If I do my taxes correctly what business is it of theirs how many jet skis I own in the US (more sarcasm- I don’t own a JetSki but if I did…) also, how is the average taxpayer possibly supposed to know about this requirement (unless he is an avid Retire Japan reader, of course). One year in jail??? I would’ve loved to be a fly on the wall when they came up with this one.

[RetireJapan]

One year in jail?

I'm guessing this is one of those potential penalties that are rarely if ever applied (like the 20,000 yen fine for riding a bicycle with an umbrella or the 300,000 yen fine for not having your zairyu card on you).

[Beaglehound]

One year in jail?

I'm guessing this is one of those potential penalties that are rarely if ever applied (like the 20,000 yen fine for riding a bicycle with an umbrella or the 300,000 yen fine for not having your zairyu card on you).

Wow, 300k for no zairyu card! I don’t take it with me when I go running because I might lose it. May have to revise that, though as you say it would be a harsh copper who actually enforced it.

[captainspoke]

viewtopic.php?t=1194

[RetireJapan]

One year in jail?

I'm guessing this is one of those potential penalties that are rarely if ever applied (like the 20,000 yen fine for riding a bicycle with an umbrella or the 300,000 yen fine for not having your zairyu card on you).

Wow, 300k for no zairyu card! I don’t take it with me when I go running because I might lose it. May have to revise that, though as you say it would be a harsh copper who actually enforced it.

I believe it has never been enforced

I had a car accident once and didn't have my license or my zairyu card on me, the police just asked me to bring them to the station the next day: no penalty.