Bali travel voyage - Bali Tour and Travel in Indonesia Bali Agence de Voyage pour des séjours en Indonésie

20 / 08 / 2017
2:51 am

Denpasar

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  • Temperature: 28 °C
Reported on:
Saturday, August 19, 2017

Govt to allow foreigners to own property

A new government regulation scheduled for implementation in May has promised a legal breakthrough that would allow foreigners to own property in Indonesia, albeit restricted to condominiums only.

In the past, efforts to open the property market to foreigners were hampered by the prohibition on land ownership, which would remain intact as demanded by existing laws. The upcoming regulation seeks to overcome that problem by simply providing foreigners with the right to apply for the purchase of a Building Ownership Certificate (SKBG) that is completely detached from land rights. Foreigners could hold SKBGs for 60 years with the possibility of extending them by another 60 years, thus making condominium ownership in Indonesia more competitive than in Singapore, which allows 90 years of ownership.