Statements of Overseas Assets/
Statement of Assets and Liabilies

Statement of Overseas Assets

  • Japanese residents who own foreign property exceeding 50 million yen must submit a report to the tax office stating the type, amount, etc., of the foreign property.
  • However, non-permanent residents are excluded. Non-permanent residents are individuals who do not have Japanese nationality and have had a domicile or residence in Japan for less than five years within the past ten years.

Statement of Assets and Liabilities

  • Persons falling under either of the following (1) or (2) are obliged to submit.

(1) Persons who fall under both of the following A and B

(A) The year’s income exceeds 20 million yen. (The amount of income here refers to income excluding retirement income).

(B) Has property worth 300 million yen or more, or securities worth 100 million yen or more as of December 31 of the year

(2) Residents with property with a total value of 1 billion yen or more on December 31 (for the year 2023 and after that).

  • The property includes property located outside Japan.
  • Non-permanent residents are also included.
  • In the case where a person who submits the Certificate of Oversea Assets offers the certificate of Assets and Liabilities, the matters related to the foreign property described in the Certificate of Overseas Assets are not required to be described in the Certificate of Assets and Liabilities.
  • Submission deadline

March 15 of the following year

June 30 of the next year (after 2023)

  • Penalty

When a taxpayer files an amended return for income tax, inheritance tax, or gift tax and a penalty is imposed, the penalty would be reduced if the taxpayer has submitted the certificate correctly.

Conversely, the penalty will be aggravated if the Certificate of Overseas Assets is not filed correctly.