By Mariko Katsumura
In a remote forest near a tiny Japanese mountain village lies Benmou Suzuki's dilapidated 420-year-old temple, seemingly unassuming and overlooked. However, recent events have shed light on a hidden gem that has caught the attention of savvy investors.
Suzuki was approached by two men claiming to be real estate brokers, expressing interest in purchasing his temple. But their motives were not what they seemed - they were after the special tax benefits that come with owning a religious property in Japan.
With Japan's declining population and waning interest in religion, many temples and shrines are struggling to survive. This has led to a surge in religious properties hitting the market, raising concerns about potential tax evasion and money laundering.
Despite the risks, owning a temple, shrine, or church recognized as a religious corporation in Japan can offer substantial tax advantages. This has attracted not only local buyers but also foreign investors, including a growing number of Chinese buyers.
As the number of inactive religious corporations continues to rise, Japanese authorities are taking steps to prevent these sites from falling into the wrong hands. Efforts to dissolve inactive corporations and increase scrutiny on buyers are underway.
While it may seem like an easy way to make a quick buck, the cultural affairs agency is urging caution. The government is hesitant to amend laws related to religion, as it could infringe on religious freedom guaranteed by Japan's constitution.
Despite the lucrative opportunities, some like Suzuki remain committed to preserving the cultural and community significance of these sacred sites. "Temples are places for local people to gather and forge connections. We just can't get rid of them," he said.
Analysis:
The article highlights a unique investment opportunity in Japan's religious properties, driven by tax benefits and changing demographics. While the potential for profit is enticing, there are risks associated with buying inactive religious sites. Investors should proceed with caution and consider the cultural and social implications of their investments.