Frequently Asked Questions
【Koshida Accounting Firm Column Date:】
Do I need to report overseas assets in Japan?
You may need to file a Statement of Overseas Assets if you are a tax resident of Japan and the total value of your overseas assets exceeds 50 million yen as of December 31. Reportable assets may include foreign bank accounts, real estate, securities, and retirement accounts such as IRAs and 401(k)s. Even if no Japanese tax is due, failing to file the statement properly may result in penalties.
For more details, please refer to our blog, “Do You Need to Report Overseas Assets in Japan?“