- Japan has implemented measures to reduce bureaucratic restrictions for private jets and superyachts, allowing for more convenient and luxurious travel.
- The success of the luxury travel sector in Japan is evident with the debut of the Bulgari Hotel Tokyo and the upscale Sowaka Hotel Kyoto.
- The transport ministry has cut the 10-day advance notice requirement for foreign private jets to land down to 3 days.
Japan is seeking to attract wealthy international visitors by reducing the number of administrative procedures that restrict last-minute private jet and superyacht arrivals.
The transport ministry has reduced the advance notification requirement for a foreign private jet to land from 10 days to three days. In exceptional cases, it is instituting a system that allows requests to land within 24 hours of the time of necessity.
Over 10% of Japan’s tourism income is earned from a small number of extremely wealthy travellers and the government is hoping to increase their number of trips to Japan.
The luxury travel industry in Japan is thriving, with the opening of the Bulgari Hotel in Tokyo and the high-end Sowaka Hotel in Kyoto. Dining at another luxury tourist attraction, Aragawa in Nishi-Shinbashi, Tokyo, can cost over ¥100,000 ($700) per person.
Tour operators believe that the potential to bring in wealthy travellers who pass through the Asia-Pacific region is vast. Operators are hoping that high net-worth individuals (HNWIs) will spontaneously visit the country to tour a shrine in Kyoto or spend an afternoon skiing in Niseko.
The Japanese government has stated that it plans to make it easier for foreign private air travel to land at its airports. As HNWIs visit Japan, they must have access to a secure online money transfer service.
The Japanese government is aware of the success that many Mediterranean and Caribbean cities have had in developing their tourism sector by catering to superyacht owners, and it is adopting the same focus by relaxing superyacht regulations for potential HNWIs and wealthy travellers.
The government is easing regulations for foreign-registered yachts entering Japanese ports, simplifying customs processes and allowing crew members to stay in the country for prolonged periods.
It has established a short-term goal of having inbound tourists spend ¥5trn ($35.64bn) annually.
As Japan’s emphasis on foreign luxury travel aimed at HNWIs grows, wealthy visitors will benefit from a trustworthy money transfer service that provides favourable exchange rates on global money transfers.
In 2019, wealthy travellers accounted for only 0.9% of foreign visitors to Japan, but contributed 11.5% of overall tourist spending.
This happened with an estimated 287,000 individuals spending ¥1m yen ($7,100) or more.
HNWIs looking to travel overseas can compare foreign exchange rates using our online money transfer comparison tool.
