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.

       

 
Plaga Wine
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
... And the Law Won
Amokrane Sabet (49) French Expat Wanted for Questioning Shot Dead in Altercation with Bali Police
(5/2/2016)
End of an Era in Bali-Australia Tourism
Garuda Orient Holiday Australia Closing
(5/2/2016)
Plays Latin, Our Satin Doll
Jazz Legend Nits Aartsen to Perform at Casa Luna Restaurant in Ubud, Bali Sunday, May 22, 2016
(5/2/2016)
Slapping a Roaming Wrist
Noa Pardue Gets Off with Rp. 250,000 Fine for Stealing a Pair of Underwear from an Ubud Shop
(5/2/2016)
Taking Out the Garbage
PT NOEI Fired From its Management Role at TPA Suwung Rubbish Dump
(5/2/2016)
A Northern Approach to Bali
Governor to Issue Recommendation for Dwijendra International Airport in North Bali
(5/2/2016)
Solemen Fun Day at Waterbom Park
Solemen Dispenses Smiles and Fun Memories to Some of Baliís Most Downtrodden
(5/2/2016)
Saving the World, One Island at a Time
Lembongan Island Says No to Plastic on Earth Day 2016
(5/2/2016)
An Epitaph Written at Stones
Australian Teen Dies in Bali While Illegally Operating a Motorcycle
(5/2/2016)
Carmen Miranda: Hey, Thatís my Hat!
Balinese Village Build 2.5-Meter High Tower of Fruit as Offering to Monkeys at Alas Kedaton
(5/2/2016)
Be an Idol!
Open Mike Amateur Night for Aspiring Singers with the Bali Community Choir at The Onion, Sanur, Bali on Tuesday, May 17, 2016
(5/2/2016)
Sink and Win!
Emirates Airlines Sponsors Hole in One Extravaganza at Bali National Golf Resort
(5/2/2016)
All [News]!