A Practical Guide to Acquisition Taxes, Transaction Costs and All-In Investment Cost
Introduction
A ¥10 billion commercial property in Japan does not require only ¥10 billion of capital.
The purchase price is only one component of the total acquisition cost.
Depending on the transaction, an investor may also incur:
- Real estate acquisition tax
- Registration and license tax
- Stamp tax
- Consumption tax
- Brokerage fees
- Legal fees
- Due diligence costs
- Appraisal fees
- Financing fees
- Trust-related costs
- Asset-management and structuring costs
- Other transaction expenses
For foreign investors, these costs are important for two reasons.
First, they affect the amount of equity required to complete an acquisition.
Second, they affect the investor’s actual return.
An acquisition that appears attractive based only on the purchase price and headline yield can look different once transaction costs are incorporated into the investment model.
The correct question is therefore not simply:
“What is the purchase price?”
It is:
“What is our total cost to acquire, finance and establish this investment?”
This article explains the principal costs institutional investors may encounter when acquiring commercial real estate in Japan and how those costs should be incorporated into underwriting.
Purchase Price vs. Total Acquisition Cost
Consider a simplified transaction.
An investor agrees to acquire a commercial property for:
Purchase price: ¥10 billion
That number may form the basis of initial negotiations and yield calculations.
But before the investor owns a fully established and financed investment, additional costs may be incurred.
A simplified calculation is:
Purchase Price
+ Taxes
+ Professional Fees
+ Due Diligence
+ Financing Costs
+ Structuring and Setup Costs
+ Other Acquisition Expenses
=
Total Acquisition Cost
The distinction matters because investment returns should ultimately be evaluated against the capital actually required to execute the investment.
If an investor calculates yield only against the property price while ignoring material acquisition costs, the effective return on invested capital can be overstated.
The Cost Categories
Institutional investors can think about acquisition costs in several broad categories.
| Cost Category | Examples |
|---|---|
| Property | Purchase price |
| Taxes | Acquisition tax, registration tax, stamp tax, consumption tax |
| Transaction | Brokerage, legal, documentation |
| Due Diligence | Engineering, environmental, appraisal |
| Financing | Arrangement fees, legal fees, hedging, registration |
| Structure | SPC, trust, accounting, tax and setup costs |
| Initial Capital | Repairs, reserves, leasing or other business-plan costs |
Not every transaction will contain every item.
The applicable costs depend heavily on:
- Asset
- Ownership structure
- Financing
- Investor
- Seller
- Transaction form
- Location
- Business plan
This is why investors should build a transaction-specific acquisition-cost schedule rather than applying a single percentage to every Japanese investment.
Real Estate Acquisition Tax
Real estate acquisition tax is a local tax imposed when real estate is acquired.
A critical point for foreign investors is that the tax is generally not calculated simply by multiplying the negotiated purchase price by a tax rate.
The tax base is generally linked to the property’s assessed value for fixed-asset tax purposes.
In simplified form:
Real Estate Acquisition Tax = Taxable Assessed Value × Applicable Tax Rate
The applicable calculation can vary depending on the type of property and any available statutory measures.
For example, the Tokyo Metropolitan Government explains that real estate acquisition tax applies to acquisitions of land and buildings and that the taxable property value is generally based on the value determined under the fixed-asset valuation system rather than the actual purchase price.
This distinction can be material.
A building purchased for ¥5 billion does not necessarily have a ¥5 billion tax base for real estate acquisition tax.
Investors should therefore obtain the relevant assessed values and calculate the expected tax rather than estimating it directly from the transaction price.
Real Estate Acquisition Tax Is Often Paid After Closing
Another practical point is timing.
Some acquisition costs are paid at or around closing.
Real estate acquisition tax may arise separately following the acquisition and assessment process.
This means an investor should not assume that the cash required on closing day represents the entire acquisition-related tax burden.
The investment model and cash-management plan should include taxes expected to become payable after completion of the transaction.
Registration and License Tax
Japan imposes registration and license tax on various registrations, including real estate registrations.
In a direct real estate acquisition, ownership transfer typically requires registration.
The tax can therefore become a significant transaction cost.
A simplified concept is:
Registration and License Tax = Relevant Registered / Assessed Value × Applicable Rate
The applicable rate depends on the type of registration and the transaction.
Registration may relate to matters such as:
- Transfer of land ownership
- Transfer of building ownership
- Preservation of ownership
- Creation of mortgage security
If acquisition debt is used and a mortgage is registered, that financing structure can therefore create an additional registration-related cost.
Investors should calculate registration and license tax using the actual transaction structure rather than treating it as a generic closing expense.
Purchase Price Is Not Necessarily the Registration Tax Base
As with real estate acquisition tax, investors should distinguish between:
transaction price
and
tax valuation.
Registration and license tax on real estate is generally calculated by reference to the value used for the relevant registration-tax purposes, which commonly relates to fixed-asset assessed values.
The commercial purchase price can be substantially different.
This is another reason the fixed-asset valuation information for the property is important during underwriting.
Stamp Tax
Certain documents executed in connection with a Japanese real estate transaction can be subject to stamp tax.
This may include qualifying contracts and other taxable documents.
The amount depends on the type of document and, where relevant, the amount stated in it.
Compared with the purchase price of a large institutional property, stamp tax may not always be one of the largest acquisition costs.
However, it remains part of transaction budgeting and documentation planning.
Investors should confirm the treatment of the actual documents being executed rather than assuming every document is taxed in the same way.
Consumption Tax
Consumption tax is another area where foreign investors should avoid applying a simple percentage to the total purchase price.
For a direct acquisition of Japanese real estate, land and building need to be distinguished.
The transfer of land and the transfer of a building do not necessarily receive the same consumption-tax treatment.
This means the allocation of consideration between land, building and other taxable components can be relevant.
For institutional transactions, consumption-tax consequences can also interact with:
- Investor status
- Investment vehicle
- Trust structure
- Seller
- Use of the property
- Recoverability or creditability of input tax
- Timing
The gross amount paid at closing and the ultimate economic cost to the investor are not necessarily the same.
Foreign investors should therefore have Japanese tax advisers model consumption tax as part of the acquisition structure rather than simply adding the prevailing consumption-tax rate to the headline property price.
Direct Real Estate vs. Trust Beneficiary Interest
The form of the asset being transferred can materially affect transaction costs.
As discussed in Understanding Japanese Real Estate Investment Structures: GK-TK, TMK and Trust Beneficiary Interests, institutional investors in Japan do not always acquire registered ownership of land and buildings directly.
A transaction may instead involve a trust beneficiary interest backed by real estate.
This distinction can affect:
- Documentation
- Registration
- Taxes
- Trust fees
- Regulatory requirements
- Professional fees
- Financing structure
Investors should therefore avoid assuming that the acquisition-cost profile of a direct real estate transfer is identical to that of a trust beneficiary interest transaction.
The first question should always be:
“What exactly are we acquiring?”
Brokerage Fees
If a real estate broker is involved in the transaction, brokerage fees may become part of the acquisition cost.
The actual fee arrangement depends on the transaction and engagement.
Large institutional transactions can differ substantially from small residential transactions in how opportunities are sourced, negotiated and intermediated.
An investor should therefore establish early:
- Whether a broker is involved
- Who engaged the broker
- Who is responsible for the fee
- How the fee is calculated
- When it becomes payable
- Whether consumption tax applies to the service fee
The brokerage fee should be incorporated into the acquisition model before the investor determines its final return.
For more on the role of intermediaries, see How to Choose a Commercial Real Estate Broker in Japan.
Not Every Transaction Has a Buyer-Side Brokerage Fee
Foreign investors should not automatically assume that every Japanese commercial real estate acquisition requires the buyer to pay a brokerage fee.
The transaction may have been sourced:
- Directly from a developer
- Directly from an owner
- Through an asset manager
- Through an adviser
- Through a broker
The economics depend on the actual transaction.
Direct sourcing can eliminate one category of intermediary fee in some cases, but it does not make the acquisition cost-free.
Legal, technical, financing, tax and structuring costs remain.
For more on direct acquisitions, see Buying Commercial Real Estate Directly from Developers in Japan.
Legal Fees
Institutional acquisitions generally require Japanese legal advice.
Legal work may include:
- Title review
- Contract review
- Lease review
- Transaction structuring
- Financing documentation
- Trust documentation
- Regulatory analysis
- Corporate documentation
- Closing
- Legal due diligence
The cost depends on the complexity of the transaction.
A straightforward stabilized acquisition can require a different level of work from:
- A development-stage acquisition
- A complex trust structure
- A multi-investor vehicle
- A heavily negotiated financing
- An operational asset
Foreign investors should therefore obtain an appropriate legal-fee estimate early in the process.
Legal cost should be treated as part of executing the investment rather than as an incidental expense outside the underwriting.
Due Diligence Costs
Before acquiring a property, institutional investors typically perform due diligence.
Potential advisers may include:
- Lawyers
- Engineers
- Environmental consultants
- Appraisers
- Tax advisers
- Accountants
- Specialist consultants
These costs can be incurred even if the acquisition does not close.
This creates an important distinction between:
transaction costs
and
successful acquisition costs.
An investor that evaluates ten transactions and closes only one may incur due diligence and professional expenses on unsuccessful opportunities as well.
At the individual asset level, however, the investor should at minimum understand the costs required to investigate the proposed acquisition properly.
For a detailed framework, see Commercial Real Estate Due Diligence in Japan: A Guide for Foreign Investors.
Engineering and Building Investigation
Physical due diligence can create separate professional costs.
Depending on the property, technical work may include:
- Building condition assessment
- Engineering review
- Seismic analysis
- PML analysis
- Environmental investigation
- Capex assessment
- Compliance review
The cost of these investigations should not be minimized simply to reduce transaction expenses.
A relatively small technical advisory fee can identify a much larger future capital requirement.
The relevant comparison is therefore not:
“How much does the engineering report cost?”
It is:
“What financial risk does the investigation help us understand?”
Appraisal Fees
Institutional transactions may require independent valuation.
An appraisal may be required or useful for:
- Investment approval
- Financing
- Fund governance
- Regulatory purposes
- Accounting
- Fair-value assessment
The precise requirement depends on the transaction and investor structure.
Where financing is involved, lenders may also have their own valuation requirements.
Investors should therefore confirm whether one or multiple valuation exercises will be required and who bears the cost.
Financing Costs
Debt creates costs beyond interest.
Potential financing-related expenses may include:
- Arrangement fees
- Commitment fees
- Lender legal fees
- Borrower legal fees
- Appraisal
- Due diligence
- Mortgage registration
- Hedging costs
- Bank account or agency costs
- Other loan-related fees
These can materially affect the effective cost of leverage.
An investor comparing two loans should therefore not look only at:
Loan A: lower margin
versus
Loan B: higher margin
The correct comparison is closer to:
All-in financing cost + leverage + flexibility + covenants + maturity + risk
For more on this topic, see How Foreign Investors Finance Commercial Real Estate Acquisitions in Japan.
Interest-Rate Hedging Costs
If floating-rate debt is used, the financing may involve interest-rate hedging.
Depending on the transaction, this can include:
- Swaps
- Caps
- Other hedging arrangements
Hedging is economically part of the financing package.
An investor that models only the lender’s quoted spread while excluding required hedging costs may underestimate the actual cost of debt.
Hedging should therefore be incorporated into both:
initial transaction costs
and
ongoing financing costs
as appropriate.
SPC and Structuring Costs
Institutional investors frequently acquire Japanese real estate through investment vehicles.
Establishing and operating those structures creates costs.
Depending on the transaction, costs may include:
- Entity establishment
- Legal documentation
- Tax advice
- Accounting setup
- Corporate administration
- Regulatory advice
- Asset-management arrangements
- Bank accounts
- Audit
- Ongoing administration
For a GK-TK, TMK or other structured investment, the investor should distinguish between:
one-time setup costs
and
recurring structural costs.
Both affect returns.
A vehicle that appears efficient at acquisition may still create meaningful annual costs throughout the investment period.
Trust Costs
Where a trust beneficiary interest structure is used, trust-related fees may also apply.
These can include costs associated with:
- Establishing or maintaining the trust
- Trustee services
- Transfer procedures
- Administration
The precise fee structure depends on the trust arrangement.
Trust costs should therefore be incorporated into the investment model alongside other structural expenses.
Asset Management Fees
Foreign investors without an internal Japanese asset-management platform may appoint a local asset manager.
Asset-management economics vary.
Fees may potentially relate to:
- Acquisition
- Ongoing management
- Financing
- Asset performance
- Disposition
The exact fee arrangement should be reviewed as part of the investment structure.
These costs can affect both acquisition economics and ongoing returns.
For more on selecting a manager, see How to Choose a Commercial Real Estate Asset Manager in Japan.
Initial Capital Expenditure
Not every yen required at acquisition is technically a transaction fee.
Some capital may need to be invested immediately after closing.
Examples include:
- Repairs
- Renovation
- Tenant improvements
- Leasing costs
- FF&E
- Building upgrades
- Repositioning work
These amounts should be distinguished from transaction costs for accounting and analytical purposes.
But from the investor’s capital perspective, they still matter.
If a ¥10 billion acquisition requires ¥500 million of immediate renovation, the investor should not evaluate the business plan as though only ¥10 billion of capital were required.
The more useful concept is:
Total capital required to execute the business plan.
Working Capital and Reserves
Some investments also require cash reserves at or shortly after acquisition.
Potential reserves can include:
- Operating cash
- Debt-service reserves
- Interest reserves
- Capex reserves
- FF&E reserves
- Tax reserves
- Leasing reserves
These amounts may not represent an economic “cost” in the same way as a tax or professional fee because the cash remains within the investment structure.
However, they still affect the amount of investor capital that must be committed.
This distinction is particularly important when calculating equity returns.
Cash required at closing is not always the same as money permanently spent.
Acquisition Cost vs. Capital Requirement
Investors should therefore separate three concepts.
1. Purchase Price
The amount paid for the investment asset.
2. Acquisition Costs
Taxes, professional fees, financing expenses and other costs required to execute the transaction.
3. Initial Capital Requirements
Reserves, capex and other cash required to implement the investment strategy.
Together, they determine the amount of capital needed to establish the investment.
This framework is more useful than simply applying a generic “closing cost percentage.”
Why a Generic Percentage Can Be Misleading
Investors sometimes use a simple assumption such as:
Purchase Price + X% Acquisition Costs
during preliminary underwriting.
This can be useful for initial screening.
But it should eventually be replaced by a transaction-specific estimate.
Why?
Because acquisition costs can differ depending on whether:
- The asset is direct real estate or a trust beneficiary interest
- Debt is used
- A mortgage is registered
- A broker is involved
- A new SPC is established
- The property requires extensive due diligence
- The investor requires complex cross-border structuring
- Immediate capex is required
Two ¥10 billion properties can therefore require materially different amounts of total capital.
A generic percentage is an underwriting shortcut—not a substitute for a closing-cost model.
A Simplified Acquisition Cost Model
An institutional acquisition model might contain a schedule similar to this:
| Item | Underwriting Treatment |
|---|---|
| Purchase Price | Asset acquisition |
| Real Estate Acquisition Tax | Acquisition cost |
| Registration and License Tax | Acquisition / registration cost |
| Stamp Tax | Transaction cost |
| Consumption Tax | Model according to applicable treatment |
| Brokerage | Transaction cost |
| Legal | Transaction cost |
| Engineering / Environmental | Due diligence |
| Appraisal | Due diligence / financing |
| Financing Fees | Financing cost |
| Hedging | Financing cost |
| SPC Setup | Structuring cost |
| Trust Fees | Structuring / transaction cost |
| Asset Manager Acquisition Fee | Transaction cost |
| Initial Capex | Business-plan capital |
| Reserves | Initial capital requirement |
The categories used for accounting, tax and fund reporting may differ.
The purpose of this table is investment underwriting.
It ensures that the investor does not overlook cash requirements simply because they are not part of the headline purchase price.
Impact on Yield
Suppose a property generates:
NOI: ¥400 million
and is purchased for:
¥10 billion
The simple acquisition yield is:
¥400 million ÷ ¥10 billion = 4.0%
Now suppose the investor incurs ¥400 million of net acquisition costs.
Total cost becomes:
¥10.4 billion
If NOI remains ¥400 million, a simple yield on total acquisition cost becomes approximately:
3.85%
The property has not changed.
The income has not changed.
But the investor’s economic basis has.
This is why acquisition costs matter when comparing opportunities.
A transaction with a slightly higher headline yield may not necessarily provide a higher return after all-in costs are considered.
Impact on Leveraged Equity Returns
Acquisition costs can have an even more visible effect when leverage is used.
Suppose a lender finances a percentage of the property value or purchase price but does not finance all transaction costs.
The investor may need to fund:
- Equity portion of purchase price
- Acquisition taxes
- Professional fees
- Financing fees
- Structure costs
- Initial reserves
primarily with equity.
This means the investor’s actual equity requirement can be larger than:
Purchase Price – Debt
The correct calculation is closer to:
Purchase Price
+ Acquisition Costs
+ Initial Capital Requirements
– Debt Proceeds
=
Initial Equity Requirement
This number should be used when evaluating equity returns.
Costs That Continue After Acquisition
Foreign investors should also distinguish acquisition costs from recurring ownership costs.
After closing, the property or investment structure may continue to incur:
- Fixed asset tax
- City planning tax
- Property management fees
- Asset management fees
- Insurance
- Repairs and maintenance
- Trust fees
- SPC administration
- Accounting
- Audit
- Financing costs
- Capex
- Other operating expenses
These are not generally part of the purchase price.
But they are essential to sustainable NOI and cash-flow underwriting.
The investment model should therefore contain both:
Day-one transaction costs
and
ongoing ownership costs.
Foreign Investors and Tax Administration
Foreign investors should also consider how Japanese tax obligations will be administered after acquisition.
For example, the Tokyo Metropolitan Government provides a tax-agent system for taxpayers without an address in Tokyo in relation to various metropolitan taxes, including real estate acquisition tax, fixed asset tax and city planning tax.
The relevant requirements depend on the investor and ownership structure.
This is another reason foreign investors should establish Japanese tax and administrative arrangements before rather than after closing.
Acquiring Off-Market Does Not Mean Acquiring Cost-Free
An investor that sources an opportunity directly may avoid some intermediary costs.
But off-market acquisition should not be confused with low transaction cost.
The investor may still require:
- Legal due diligence
- Technical due diligence
- Tax advice
- Financing
- Structuring
- Valuation
- Asset management
In some cases, an off-market opportunity may even require more independent analysis because the investor cannot rely on the same standardized process or materials available in a broadly marketed transaction.
For more on sourcing, see How Foreign Investors Can Access Off-Market Commercial Real Estate Opportunities in Japan.
Development-Stage Acquisitions
Forward commitments create another timing issue.
The investor may sign a purchase agreement well before the property is completed.
Some costs may therefore be incurred:
- At signing
- During development
- Before closing
- At closing
- After completion
Investors should map the timing of capital requirements rather than simply calculate the total amount.
This becomes particularly important when financing and investor capital calls need to be coordinated.
For more on this acquisition structure, see Understanding Forward Commitment Transactions in Japan.
Primary vs. Secondary Transactions
Acquisition costs can also differ depending on whether the investor acquires:
- A newly developed asset from a developer
- An existing property in the secondary market
The underlying taxes and transaction structure—not simply whether the transaction is labelled “primary” or “secondary”—determine the actual cost.
However, the two transaction types can involve different:
- Due diligence requirements
- Operating histories
- Financing assumptions
- Stabilization risks
- Documentation
Investors should therefore model costs based on the actual transaction.
See Primary vs. Secondary Commercial Real Estate Transactions in Japan for a broader comparison.
Do Not Double Count Costs
Detailed underwriting creates another potential problem: double counting.
For example, an investor may include:
- A lender appraisal fee within financing costs
and then
- Include the same appraisal again within due diligence.
Or:
- Include an asset-management acquisition fee in transaction costs
and
- Include it again in the AM fee schedule.
A detailed closing-cost model should therefore identify:
- Cost
- Amount
- Timing
- Recipient
- Tax treatment
- Funding source
- Whether recurring
- Where it appears in the financial model
This prevents both omissions and double counting.
Costs Should Be Updated During Due Diligence
Initial acquisition-cost assumptions are estimates.
As due diligence progresses, those assumptions should be replaced with actual or increasingly reliable numbers.
For example:
Initial underwriting
Legal fee: estimate
Engineering: estimate
Financing: indicative
Acquisition tax: preliminary estimate
Later underwriting
Legal fee: engagement quote
Engineering: contracted amount
Financing: lender term sheet
Acquisition tax: calculated from relevant valuation information
By final investment approval, material transaction costs should no longer be generic placeholders where better information is available.
This is part of the broader re-underwriting process described in Commercial Real Estate Due Diligence in Japan: A Guide for Foreign Investors.
Questions Investors Should Ask Before Closing
Taxes
- What acquisition taxes apply?
- What values are used as the tax bases?
- When are taxes payable?
- Does consumption tax apply to particular components?
- What amounts may be recoverable or creditable?
- What taxes arise from financing registrations?
Transaction
- Is a brokerage fee payable?
- What legal fees are expected?
- What documentation costs apply?
- Are trust-related fees required?
Due Diligence
- What technical investigations are required?
- Is an environmental review required?
- Is an appraisal required?
- Are specialist consultants needed?
Financing
- What lender fees apply?
- What legal fees apply?
- Is hedging required?
- What registration costs apply?
- What reserves must be funded?
Structure
- Does an SPC need to be established?
- What setup costs apply?
- What ongoing administration will be required?
- What asset-management fees apply?
Business Plan
- What immediate capex is required?
- What reserves are needed?
- What working capital is required?
- What leasing costs are expected?
Investment
- What is total acquisition cost?
- What is total initial equity?
- What is yield on total cost?
- Have all costs been included in the return model?
Frequently Asked Questions
What Costs Do Investors Pay When Buying Commercial Real Estate in Japan?
Potential costs include real estate acquisition tax, registration and license tax, stamp tax, consumption tax where applicable, brokerage, legal fees, due diligence, appraisal, financing costs, structuring costs and other transaction-specific expenses.
Is Real Estate Acquisition Tax Calculated on the Purchase Price?
Generally, not simply on the negotiated purchase price.
The tax base is generally related to the assessed value determined under Japan’s fixed-asset valuation framework, subject to applicable rules and adjustments.
Is Consumption Tax Charged on Japanese Land?
Land and buildings should be distinguished for Japanese consumption-tax purposes.
Investors should obtain transaction-specific Japanese tax advice regarding the taxable components and potential input-tax treatment.
Does Buying Through a Trust Beneficiary Interest Eliminate Transaction Costs?
No.
A trust beneficiary interest can change the legal and tax mechanics of the transaction, but the structure has its own documentation, professional and trust-related costs.
Do Foreign Investors Have to Pay Brokerage Fees?
Not necessarily in every transaction.
Whether a buyer-side brokerage fee is payable depends on how the transaction is sourced and the contractual arrangements with intermediaries.
Are Financing Fees Included in the Property Purchase Price?
No.
Financing fees are separate costs and should be incorporated into the investor’s overall acquisition and return analysis.
Should Reserves Be Treated as Acquisition Costs?
Not necessarily.
A reserve may remain as cash within the investment rather than being permanently spent.
However, it still affects the amount of initial capital required from investors.
How Should Investors Calculate Acquisition Yield?
Headline yield is often calculated using the purchase price.
For investment analysis, investors may also evaluate income relative to total acquisition cost so that transaction expenses are reflected in the economic basis of the investment.
Are Transaction Costs the Same for Every Property?
No.
Costs depend on the asset, transaction structure, financing, advisers, investor, location and business plan.
Is There a Standard Percentage Investors Can Use for Acquisition Costs in Japan?
A percentage assumption can be useful during preliminary screening, but it should not replace a transaction-specific cost estimate during detailed underwriting.
Conclusion
The price of Japanese commercial real estate is not the same as the cost of acquiring it.
For institutional investors, the economic investment begins with the purchase price but extends to:
- Taxes
- Registration
- Professional advisers
- Due diligence
- Financing
- Structuring
- Initial capital requirements
The distinction becomes particularly important for foreign investors using Japanese investment vehicles, trust structures and acquisition financing.
A property advertised at ¥10 billion may require materially more than ¥10 billion of total capital before the investment is fully established.
The most useful question is therefore not:
“How much does the property cost?”
It is:
“How much capital must we deploy to acquire, finance and execute the investment—and what return do we earn on that total capital?”
That shift from purchase price to all-in investment cost produces a more accurate view of the economics of a Japanese commercial real estate acquisition.
References
- National Tax Agency — Registration and License Tax Rate Table — official information on registration and license tax, including real estate registrations.
- National Tax Agency — Overview of Registration and License Tax — official explanation of the registration and license tax system.
- Tokyo Metropolitan Government — Real Estate Acquisition Tax — official explanation of real estate acquisition tax, its tax base and applicable calculation in Tokyo.
- Tokyo Metropolitan Government — Taxes When Buying Real Estate — overview of taxes that can arise when land or buildings are acquired.
- National Tax Agency — Costs Included in Acquisition Cost — official guidance concerning purchase price, commissions and other acquisition-related expenditures.
- Tokyo Metropolitan Government — Tax Agent System — information for taxpayers without an address in Tokyo concerning appointment of a tax agent.
Related Articles
- Understanding Japanese Real Estate Investment Structures: GK-TK, TMK and Trust Beneficiary Interests
- How Foreign Investors Finance Commercial Real Estate Acquisitions in Japan
- Commercial Real Estate Due Diligence in Japan: A Guide for Foreign Investors
- How Foreign Investors Can Access Off-Market Commercial Real Estate Opportunities in Japan
- Buying Commercial Real Estate Directly from Developers in Japan
- How to Choose a Commercial Real Estate Broker in Japan
- How to Choose a Commercial Real Estate Asset Manager in Japan
- Understanding Forward Commitment Transactions in Japan
- Primary vs. Secondary Commercial Real Estate Transactions in Japan