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Overseas Assets Report

Source: JAPAN National Tax Agency
February 12, 2014 23:42:00

Individual residents who hold assets outside Japan of more than JPY 50 million in aggregate value as of December 31, 2013 must report such assets to the NTA by March 17, 2014. This report is an annual mandatory requirement.


Who must file the Overseas Assets Report?

Permanent residents of Japan and residents for tax purposes (individuals who have been continuously residing in Japan for more than five years) with assets over JPY 50 million in fair market value on the 31st of December must submit the Overseas Assets Report to the National Tax Authority in Japan.


Assets

Assets include real estate investments, listed shares, financial instruments, cash holdings & deposits, art & antiques, precious metals, life insurance contracts with cash surrender value, partnership interests, intellectual property rights, and other assets as noted on the Overseas Report.

Valuation Date

Determine the fair market value of the assets as of the 31st of December without the offset of any mortgage or debt on the asset.

Penalties for Fraudulent & Non-Filing of the Overseas Report

The penalty of fraudulent reporting is imprisonment of a maximum of one year or a fine of no more than JPY 500,000.

Examples of Foreign Asset Worksheets

financial industry
     

Overseas Assets Report Links

> Overseas Assets Report     Form

> Overseas Assets Report     Attachment

> Overseas Assets Report     Instructions