Report to authority is necessary
When a resident ( excluding non permanent resident. hereinafter referred to “RESIDENTS” ) has property out side of Japan, and meet following conditions, RESIDENTS have to report details of the property to Japanese tax agency.
1 The property is worth 50 million or over 50 million yen as of end of year.
2 The property is located out side of Japan.
So, assumed a foreign national who is permanent resident of Japan has property in her home country.
If the current price of the property as of 31st December 2015 is 50 million yen, she has to report details of the property to Japanese tax agency ( Zeimusho ) by 15th March in 2016.
This report is called ” Kokugai zaisan chosa = 国外財産調査”.
If RESIDENTS do not submit this report and found out RESIDENTS do not pay
income tax as for the property located in foreign country, additional tax due to understatement ( 過少申告加算税 ) shall be levied.
And if RESIDENTS do not submit this report without reasonable excuse by due date, imprisonment with work less than one year or a fine of not more than 500 thousand yen shall be sentenced.
If you need any help to submit this report, please contact with me.