Bali Discovery Tours: Homepage
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Home Bali Contact Bali Practicalities Bali News Bali Services Bali Transportation Bali Sports Bali Excursions Bali Villas Bali Hotels
Home · News · Changes Urged to Permit Foreign Land Ownership
Bali Hotels, Bali Villas and Bali News from balidiscovery.com
Bali Hotels
Bali Villas
Special Deals!
Packages
MICE Handling
Bali Excursions
Culinary - Dining
Guided Tour
Bali Spas
Bali Sports
Diving
Golf
Bali Transportation
Car Rental - Selft Drive
Private Jet Charter
Bali News
Bali Services
Bali Practicalities
Bali Contact
Bali Career
Home
 
Bali Update
Subscribe to our free weekly newsletter!
 
PATA header
PATA Gold Award 2007
Bali Update
PATA Gold Award Winner 2007
 
Bali Contact
Bali Discovery Tours
Komplek Pertokoan
Sanur Raya No. 27
Jl. By Pass Ngurah Rai,
Sanur, Bali, Indonesia

Tel:
++62 361 286 283

Fax:
++62 361 286 284

U.S.A. Fax:(toll free)
1-800-506-8633

U.K. Fax:
++44-20-7000-1235

Australian Fax:
++61-2-94750419

24h:
++62 812 3819724

Bali Discovery

SITE PATA ASITA
Bali News

Changes Urged to Permit Foreign Land Ownership

Changes Proposed to Allow Foreign Land Ownership. Government Now Scrutinizing Foreign Property Transactions.


Bali News:
Click Image to Enlarge

(11/24/2008)

The National Land Office (BPN) has formally asked the National Ministry for Housing and the Indonesian Real Estate Association (REI) to commence collecting information on the source of income used in property purchases involving foreign interest as a means to help control illegal money laundering.

The Chief of the BPN, Joyo Winoto, told Bisnis Indonesia that foreigners involved in property transactions must be monitored to avoid Indonesia's unwitting involvement in illegal currency transactions. Winoto explained: "In other countries the source of funds used to purchase property is one of the requirements that must be met by foreigners purchasing property. Currency sourcing is a dangerous area that must be monitored. We do not want money laundering to occur in Indonesia."

Foreign Ownership of Land to be Allowed

Winoto told the press that he has received a draft of proposed rules to govern foreign land ownership in Indonesia prepared by REI in the hopes of paving the way for a more liberalized environment for foreign land purchases. Winoto said these rules need further elaboration to address other issues, such as the minimum purchase price of properties bought by foreigners, product specifications and permissible reasons for foreign land ownership. If necessary, Winoto said, specific areas open to foreign property ownership should be designated. "The rules need to be tightened in order to avoid future problems," he added.

He also suggested that foreign nationals should only be permitted to buy certain classes of property, such as homes, shop houses (ruko), and newly built apartments in order to facilitate supervision of their property activities. Winoto want foreigners barred from participating in the secondary real estate market, forbidding foreigners from acquiring properties previously purchased by Indonesian consumers."

No to 70 Year Lease Periods

Winoto told Bisnis Indonesia that moves from the real estate sector to secure 70-year lease or ownership periods for foreigners will be difficult to grant. Such a change would not only require a change in the current rules, but such a move has already been rejected by the Indonesian Constitutional Court. Winoto explained: "It has already been decided by the Constitutional Courts that the period of ownership is tied to existing rules and the maximum foreign ownership/lease period remains 25 years, extendable for an additional 20 years, and then for a final extension of 25 years."

Winoto said BPN has no fundamental problem with those seeking to extend property ownership rights to foreigners, providing the rules and regulations are carefully drafted to avoid problems in the future.

REI submitted a draft of proposed changes in rules pertaining to foreign property ownership to the government in July. Included in those recommendations are proposals to allow am ownership period for foreigners of up to 70 years.

Advanced by REI, the new rules are intended to help stimulate the national property market.

Related Articles

[New Regulations Promised for Foreign Land Ownership]

[Freehold Land Title for Foreigners in Bali: Caveat Emptor]

[This Land is My Land, This Land is Your Land]

[Stopping the Land Grab]

[And Forgive Us Our Trespasses]


© Bali Discovery Tours. Articles may be quoted and reproduced if attributed to http://www.balidiscovery.com.

       

 
 
Bali News by Bali Update
Subscribe to the Bali Update
Receive the latest news from Bali by email!



Our [Privacy Statement] explains how we handle the data you are providing.

 
Bali News by Bali Update
Explore the Archive of the Bali Update
Find related articles in our news archive!




or try to use Google Search :

Home · Bali Hotels · Bali Villas · Bali Excursions · Bali Sports · Bali News · Site Map · RSS

Bali News: More News
Making Bali Arrivals Easier
Bali Eliminates Arrival-Departure Cards at Immigration Check Points.
(3/27/2015)
Rao Reign at Two Resorts
Uday Rao Promoted to Manager Two Four Seasons Resorts in Bali
(3/27/2015)
Ubud, Bali Among the World’s Best
Trip Advisors List Ubud, Bali Among the World’s Top 25 Tourism Destination
(3/27/2015)
Travel Accessible to All
Agoda.com Performs Worldwide Review of Accessibility for Handicapped Travelers.
(3/27/2015)
‘Till Middle Kingdom Come
AirAsia Indonesia Eyes Direct Flights from Medan and Bali to Mainland China
(3/28/2015)
The Language Barrier
Indonesia Backtracking on Plans to Require Foreign Workers Speak Indonesian
(3/28/2015)
Sinitic Solutions to Semantical Problems
Tourism Minister Wants to Allow Chinese Tour Guides to Work in Bali
(3/28/2015)
How to Curry the Indonesian Travel Market
Indian Tourism to Bali Held Back by Lack of Direct Flights
(3/28/2015)
Workers with Warranties
Bali Governor Support Competence Certification for Tourism Workers in Indonesia
(3/28/2015)
When it Isn’t Reciprocal
Clause in Immigration Law May Delay Plans to Add 30 Countries to List of Visa-Free Countries to Indonesia
(3/28/2015)
Bali Still in Fashion
Bali by the Numbers: No Sign of an Australian Boycott as Bali’s Arrival Figures for February Increase 21%
(3/22/2015)
Nyepi Takes a Toll on Tolls
Bali Toll Road Estimated to Have Cost US$24,000 in Toll Fees Due to Nyepi Closure
(3/22/2015)
All [News]!