TOKYO: Japan will revise rules to require foreigners buying domestic property, including for residential purposes, to file a report to the government, finance minister Satsuki Katayama said on Tuesday.
Under current rules, the government only requires foreigners buying property for investment purposes to file a report.
The government will expand the requirement to include property purchased for residential purposes, and aim to introduce the new rules in April next year, Katayama told a news conference.
“We need to grasp the whole picture as we’re seeing cases where residential property is bought (by foreigners) for speculative purposes,” Katayama said.