Japan Real Estate Transaction Report
As you may already know, foreigners can owns real estate in Japan without limitation.
Some foreigners think that they can not own real estate without Japanese nationality and/or legal domicile in Japan.
But, actually they can own real estate in Japan legally.
In some Asian countries, foreigners can not own land.
However foreigners can own land in Japan legally.
You do not have to get any permit to own land basically.
But, there is restriction enacted in law.
In some cases when a person purchases a real estate in Japan, she needs to submit a Report to Government of Japan and I call it “Japan Real Estate Transaction Report”.
National Land Utilization Law and Japan Real Estate Transaction Report
National Land Utilization Law ( 国土利用計画法 ) stipulates obligation to report about transaction of certain area lot.
If the land is located in area designated for urbanization ( 市街化区域 = Shigaika kuiki ), real estate transaction of over 2,000 square meters, buyer has to report about the transaction (Japan Real Estate Transaction Report) within 2 weeks after transaction.
If the land is located in town planning area ( 都市計画区域 = Toshi keikaku kuiki ), real estate transaction of over 5,000 square meters, buyer has to report about the transaction (Japan Real Estate Transaction Report) within 2 weeks after transaction.
And If the land is located in other area, real estate transaction of over 10,000 square meters, buyer has to report about the transaction (Japan Real Estate Transaction Report) within 2 weeks after transaction.
A person who has violated this provisions shall be punished by imprisonment with work for not more than six months or a fine of not more than 1 million yen, or both.
