Hello! This is Dave from Nikkei Asia.
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TOKYO — Japan will require foreign corporations to report the nationality of their representatives when purchasing large tracts starting in April, looking to improve the government's grasp of such transactions and prevent the inappropriate use of water resources and forests.
Yasushi Kaneko, Japan's minister of land, infrastructure, transport and tourism, announced the measure at a press conference on Tuesday. The country in July started requiring individuals buying land to report their nationality.
Corporations previously were required to report only the country in which they were legally formed. The pending rules require reporting the nationality of representatives, and if the majority of officers and shareholders share the same nationality, that nationality also must be reported.
Land use laws will be amended to require disclosure for transactions covering at least 2,000 square meters in urban areas like commercial and residential zones, or at least 5,000 sq. meters in designated urban planning zones outside of cities, which can include agricultural land.
For areas beyond urban planning zones, such as forests, the rule will apply from 10,000 sq. meters.
by NikkeiAsia