A new system for reporting overseas assets

A new system for reporting overseas assets applies to Japanese permanent residents who own overseas assets valued at over JPY 50 million. This requirement includes individuals of foreign nationality who have been residing in Japan for a period of over 5 years during the last 10 years.Persons violating the laws through non-reporting or misstatement are to face a maximum of 1 years imprisonment or a fine of up to JPY 500,000. These penalties will be applied to all reporting required after January 1st, 2015.