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
Liberté, Égalité, Fraternité
Fête Nationale – Celebrating France’s National Day at The Trans Resort Bali on Friday, July 15, 2016
(6/26/2016)
Attempted Identity Theft
Two Bulgarian Tourists Arrested on Suspicion of ATM Crime in Bali
(6/26/2016)
Heart Attack Claims Man in Local Boat Race
Balinese Participants in a Bedugul Canoe Race Dies of Heart Attack.
(6/26/2016)
U-Haul Hull
Operators of Sunken KMP Rafelia II Given Deadline of September 4, 2016, to Remove Sunken Ferry Boat in Java-Bali Straits
(6/26/2016)
Connected in Kuta
Kuta, Bali Launches 115 Free Wireless WiFi Points
(6/26/2016)
A Kemenuh Conondrum
Kemenuh Butterfly Park in Gianyar, Bali: Illegally Constructed, Illegally Operated and Failing to Pay Taxes
(6/26/2016)
Short Take Off and Approach
Indonesian Transportation Minister Not in Favor of Reclaiming Land to Extend Length of Bali’s Airport
(6/26/2016)
Hot and Bothered in Bali
Bali Airport Installs Thermal Scanner to Detect International Passengers Infected by the Zika Virus
(6/26/2016)
Haunting Surfeit of Human Remains
Backlog of Unburied Corpses at Sanglah General Hospital Morgue Poses a Logistics and Spiritual Risk.
(6/26/2016)
General Hospital
Bali’s Main Hospital Explains its Color-Coded Response to Medical Emergencies
(6/26/2016)
Bastards & Baksheesh
Public Outcry as Official at Gilimanuk Border Checkpoint Caught on Film Taking a Bribe
(6/26/2016)
Illegal Parking
Outgoing Denpasar Prosecutor Names Head of Denpasar Parking Authority as Suspect in Rp. 15.5 billion Corruption Case
(6/26/2016)
All [News]!