From 1 November 2026, Japan stops removing tax at the till. Visitors pay the full price, including the 10% consumption tax, and get it back only after Japan Customs confirms at departure that the goods are leaving the country (National Tax Agency leaflet, April 2025). For the visitor the end price is the same; what changes is when and how you get the tax back.
Is Japan still the cheapest place to buy a Rolex? Below are official rolex.com prices, read on 16 Oct 2026 (Portugal 16 Oct 2026, Brazil 16 Oct 2026), converted at the ECB reference rates of 15 Oct 2026 (1 EUR = 177.06 JPY, 5.6679 BRL, 1.1208 USD).
The saving, piece by piece
| Rolex | Portugal | Japan | Visitor (est.) | vs PT shelf | PT resident, all in | Brazilian, declared |
|---|---|---|---|---|---|---|
| Oyster Perpetual 36126000-0001 | €6,700 | ¥996,600€5,629 | €5,117 | −23.6% | €6,577−1.8% | €7,229−27.9% vs R$ 56,800 |
| Air-King126900-0001 | €8,100 | ¥1,208,900€6,828 | €6,207 | −23.4% | €7,978−1.5% | €8,864−27.1% vs R$ 68,900 |
| Explorer 40224270-0001 | €8,350 | ¥1,241,900€7,014 | €6,376 | −23.6% | €8,196−1.8% | €9,118−27.0% vs R$ 70,800 |
| Datejust 41126300-0001 | €8,900 | ¥1,323,300€7,474 | €6,794 | −23.7% | €8,733−1.9% | €9,745−26.7% vs R$ 75,400 |
| Submariner124060-0001 | €10,050 | ¥1,494,900€8,443 | €7,675 | −23.6% | €9,866−1.8% | €11,067−26.5% vs R$ 85,300 |
| Explorer II226570-0001 | €10,600 | ¥1,576,300€8,903 | €8,093 | −23.6% | €10,403−1.9% | €11,694−26.3% vs R$ 89,900 |
| Submariner Date126610LN-0001 | €11,300 | ¥1,683,000€9,505 | €8,641 | −23.5% | €11,107−1.7% | €12,516−26.1% vs R$ 96,000 |
| GMT-Master II126710BLNR-0003 | €11,700 | ¥1,747,900€9,872 | €8,974 | −23.3% | €11,535−1.4% | €13,015−26.0% vs R$ 99,700 |
| Sea-Dweller126600-0002 | €14,450 | ¥2,156,000€12,177 | €11,070 | −23.4% | €14,228−1.5% | €16,158−25.5% vs R$ 123,000 |
| Cosmograph Daytona126500LN-0001 | €16,750 | ¥2,499,200€14,115 | €12,832 | −23.4% | €16,493−1.5% | €18,802−25.4% vs R$ 142,800 |
| Sky-Dweller336934-0001 | €17,650 | ¥2,630,100€14,854 | €13,504 | −23.5% | €17,357−1.7% | €19,810−22.8% vs R$ 145,500 |
| Day-Date 40228238-0003 | €50,200 | ¥7,481,100€42,252 | €38,411 | −23.5% | €49,371−1.7% | €57,170−21.2% vs R$ 411,000 |
Prices: rolex.com country pages (Portugal, Japan, Brazil), read on the dates above; each model links to its sourced page. Visitor = Japanese price ÷ 1.10. Portuguese resident = visitor price plus estimated customs duty (4.5%) and 23% import VAT. Brazilian, declared = visitor price plus 50% of the amount above the US$1,000 allowance (Receita Federal), compared with the Brazilian rolex.com price. Converted at the ECB euro reference rates of 2026-10-15 (1 EUR = 1.1208 USD, 0.8461 GBP, 0.9305 CHF, 177.06 JPY, 5.6679 BRL; ecb.europa.eu). Estimates, not quotes or tax advice.
The honest caveat
If you live in Portugal or elsewhere in the EU, you owe import VAT (23% in Portugal) and customs duty on the whole watch when you bring it home. Declared, the Submariner Date 126610LN-0001 costs about €11,107 all in, against €11,300 in Lisbon: −1.7%. Across the 12 Rolex models we track in both countries, a Portuguese resident saves only 1.4% to 1.9%. The real saving is for visitors who live outside the EU. See our customs assumptions.
What changes on 1 November 2026
- You pay the tax-inclusive price at the boutique; the 10% is refunded later (NTA).
- Before you check in your baggage at your final departure airport or seaport, scan your passport at a tax-free kiosk; customs may ask to see the goods (Japan Tourism Agency FAQ).
- The customs confirmation must happen within 90 days of purchase, counted from the day after (NTA).
- The shop or its refund provider then pays the tax back: by bank transfer, card, app, or cash at the port, depending on the shop (JTA FAQ).
- You must carry every item from a receipt: if one is missing, nothing on that receipt is refunded (JTA traveller page).
- Minimum ¥5,000 before tax per shop per day; the old ¥500,000 cap on consumables and the special sealed packaging are abolished (NTA).
Not new on 1 November: posting tax-free goods home yourself already ended for purchases from 1 April 2025; direct shipping arranged by the shop at the time of sale remains possible (NTA). Rules read 16 Oct 2026.
What to bring
- Your original passport.
- The refund details your shop or its refund provider asks for (methods vary).
- The watch, and anything else on the same receipt, in your hand luggage for the customs check.
Published 16 Oct 2026 by the LuxuryPriceIndex editorial team. This is the web edition of Price Alert issue #1. Found an error? See the corrections log.