“THE LAW OF NUMBERS” – JAPANESE REI FINANCIAL & LEGAL ASPECTS ZIV MAGEN
As a result, we often fall back to our cadre of slightly pricier, but far quicker, more efficient and well-worth their
time judicial scriveners – even if it’s only to confirm a deal pre-purchase. Flips, short-sales, foreclosures and
such exist in every country, Japan included, and are normally more complicated forms of transaction that
require specific provisions be placed in various documents and work procedures – and it pays to be safe, rather
than sorry, on so many levels.
Hitting the Ground Running
Now, with a team of professionals “covering our backs”, information began to pour through. We quickly found
out through our team about changes, loopholes, options and innovations that we could use to our favour – all
before even looking at our first potential deal!
A good professional adviser will,
first and foremost,
know to tell you when their services
are NOT required
Here are just some of the revelations our legal and financial team helped us realize –
? It is completely possible to facilitate a property purchase remotely, in Japan – with a series of carefully
selected, worded and translated documents, internationally agreed upon methods of verification and terms,
video and voice conferences, and an exchange of signatures. Today’s technology makes this possible
and cost-effective not only for multi-million dollar transactions, but for those of twenty, thirty and
fifty thousand dollar magnitudes as well. The level of legislation and cultural norms binding all realtors,
buyers, sellers, scriveners and other practitioners involved in the process all but negates the possibility
of fraud. (There’s no protection against a bad deal, of course – but more about that in the next few articles).
? A single entity’s annual Japanese income, if under 2 million Japanese Yen (approximately $20,000), is
un-taxed. Earnings above this threshold are taxed at 5% per Yen over.
? Most taxes can be automatically deducted from local bank accounts, free of bank charges. The low
thresholds mean that, in effect, unless you’re holding three or four properties at the very least registered
under the single entity, you won’t even need to see your accountant – just pay your b [ ?\? ^H??YB?[????