A recent Lifelines column covered the relatively new overseas assets reporting (OAR) law ("Long-term foreign Japan residents must declare overseas assets — and could be taxed on them," Oct. 31).
In a nutshell, the OAR law applies to foreign nationals who have been in Japan more than five years within the last 10, and whose overseas assets have a combined value of ¥50 million or more. Those who fall outside this group have nothing to worry about, for now at least.
This column prompted a flurry of emails from readers, many of whom had never heard of the law and had questions about it. In this follow-up article, two tax consultants, Yuko Urushimatsu and Calvin Tong, answer some of these queries and help to shed light on the issues involved. Calvin also addresses some specific points for Americans.