I have a life insurance policy from Metlife, but not Metlife Japan. I enrolled in it before I moved to Japan. According to this link https://home.kpmg.com/xx/en/home/insigh ... e-tax.html "Foreign life insurance policies are not eligible for tax deductions"
Since my premium was much higher before I moved to Japan, I was wondering if there is a way around to get some deductions. Has anyone found a way to get any kind of tax deduction on foreign life insurance policies?
Life insurance premiums: For policies entered into after 31 December 2011 (new policies), the maximum deductible amount is JPY40,000 and JPY28,000 for national tax and local inhabitant tax respectively. An additional JPY40,000 (maximum for national tax) and JPY28,000 (maximum for local inhabitant tax) deductions are available if the premiums are paid under an individual pension plan / nursing incurance respectively. Foreign (non-Japanese) policies are not deductible. For policies entered into on or before 31 December 2011, the maximum deductible amount is JPY50,000 and JPY35,000 for national tax and local inhabitant tax respectively. If an individual applies for both old and new policies, the maximum deductible amount in total is JPY120,000 for income tax purpose and JPY70,000 for local inhabitant tax purpose.