Japan’s exit tax and offshore retirement product (ILAS)

Hey, everyone, now planning on leaving Japan and avoiding the dreaded exit tax. I’ve got about 120 mil. of securities, not including IDECO, and planning to sell them down to under 100 mil before departure in mid-December.

My question is about my offshore “assurance” product, with a current market value of around 27 mil. yen. It is an investment-linked assurance scheme (ILAS). Do the Japanese authorities view this as a security or collection of securities, or as an insurance product, which is what the issuer calls it.

Apparently the policy doesn’t actually own the underlying securities, upon which its value is based.

I suspect this is a gray area, but if someone has some insight or clear knowledge, please let me know. My IFA was unhelpful and my Japanese accountant is not familiar with ILASs.

It comes to maturity next year, when I will no longer be in Japan.

Thanks