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\nPresident Widodo has signed a new regulation revoking a 1996 policy<\/p>\n
\nPresident Widodo has signed a new regulation revoking a 1996 policy<\/p>\n
Foreign investors living in Indonesia are now legally allowed to purchase \u201cright-to-use\u201d property titles for 30 years, with a possible extension of up to an additional 50 years, following President Joko Widodo\u2019s signing last week of a revised regulation easing foreign investment policies.
President Widodo has signed a new regulation revoking a 1996 policy Foreign investors living in...<\/p>\n","protected":false},"author":1,"featured_media":1830,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-1829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2016\/01\/Kampung_indonesiaurbanstudies.blogspot.com_.jpg?fit=740%2C493&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tv","jetpack-related-posts":[{"id":38877,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/is-it-right-to-raise-minimum-prices-for-foreign-property-buyers-in-indonesia\/","url_meta":{"origin":1829,"position":0},"title":"Is it right to raise minimum prices for foreign property buyers in Indonesia?","date":"December 22, 2016","format":false,"excerpt":"\r Real estate experts weigh in Rush hour in Jakarta along Jalan Sudirman. 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\nAccording to the Wall Street Journal, the new policy is intended to increase the flow of foreign investment capital in Indonesia, which is facing sluggish economic growth at this time.
\nThe 1996 ruling that it replaced only allowed foreigners residing in Indonesia to purchase \u201cright-to-use\u201d titles for 25 years, per Bloomberg.
\nTaking effect last 28 December 2015, the new regulation also enables expat title holders to transfer the ownership to alien heirs with valid residency permits.
\nOverseas foreigners, however, are still not permitted to buy property in Indonesia without a residency permit.
\nMore: Is Ubud Bali\u2019s latest affluent enclave?
\nIn addition to the property sector, the Indonesian government will now also permit 100 percent ownership in large-sized local e-commerce businesses to boost the economy.
\nOpening up foreign investment in Indonesia had been one of Widodo\u2019s major platforms since assuming office in 2014, and many industries have been in favour of it.
\n\u201cThe industries that have grown the most in Indonesia are those that have opened up to foreign investment,\u201d John Riady, a director of the Lippo Group, an Indonesian conglomerate with interests in property, shopping malls, e-commerce and hospitals, told the Wall Street Journal.
\nAnother proposal that is being pushed by the Indonesian investment agency is to allow 80-100 percent foreign ownership of cinemas, as well as full foreign ownership of all types of hotels, according to a report by The Australian. At present, full ownership by foreign entities is only available for five-star hotels, while there is a limit of 51 percent for other hospitality properties.
\nMore: What to expect in real estate as the AEC era begins
\nReal estate analysts had been hoping a total revamp in foreign ownership rulings to allow non-resident aliens to buy homes similar to Singapore.
\n\u201cPeople expected a regulation that would allow foreigners to buy property without having to live in the country,\u201d commented Ferry Salanto, Indonesia associate director for commercial real estate at Colliers, in an interview with Thai broadsheet The Nation.
\nBut insiders are positive that Widodo\u2019s latest policy changes will open more doors in the future for foreign investors.
\n\u201cIt is better than it was before,\u201d Eddy Hussy, chairman of the Indonesian Real Estate Developers Association, told Bloomberg. \u201cIt is a more relaxed regime now.\u201d
\n
\nSource : property-report.com
\nRead more…Indonesia now more open to foreigners owning homes, but there\u2019s a catch<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"