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Notification to the Minister of Finance is necessary

Notification to the Minister of Finance is necessary

Buying a real estate and Notification to the Minister of Finance of Japan

In the case non resident ( even if he is Japanese national ) purchases a real estate in Japan, notification to the Minister of Finance is necessary based on Foreign Exchange and Foreign Trade Act ( Gaikoku kawase hou = 外国為替法 = 外為法 )

When a non resident of Japan, or foreign company  ( hereinafter referred to non resident = Hi kyoju sha = 非居住者 ) acquires ownership of real estate in Japan, it is called ” capital transaction” = Shihon torihiki = 資本取引.

And Non residents have to notify the Minister of Finance of the content of the transaction through the Bank of Japan within 20 days after transaction.

Even if non resident acquires ownership of real estate owing to inheritance or gift, he has this obligation.

Exceptions

However there are some exceptions.

1 When a non resident acquires the real estate for his or his relative, or employee’s residence.

( In the event non resident purchases real estate for second house, submission of this paper is required.

In the event non resident purchases a real estate for renting out, submission of this paper is required.)

2 When a non resident engages in non profit activity and he acquires the real estate for its purpose.

3 When non resident acquires the real estate for her office.

4 When non resident acquires the real estate from other non resident.

Non resident submits documents to the Bank of Japan and he can send it by post.

And he can hire agent without providing power of attorney is not necessary.

Here is the link to this document.

Japanese Real estate transaction by foreigners
( website of Bank of Japan. Japanese language only, though. So, I can assist you if you have any help. )

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