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(May 06, 2010) In a move designed to make Indonesia attractive to foreign retirees, the government is considering revising regulations to permit foreigners over the age of 55 to own property. (Govt to Allow Old Foreigners to Own Property, JAKARTA POST, May 4, 2010, available at http://www.thejakartapost.com/news/2010/05/04/govt-allow-old-foreigners-
Previously, under the Agrarian Law (Law No. 5, 1960) only Indonesian nationals could own land; foreigners could only acquire the right to use the land. (For a basic description of Indonesian land ownership laws, see Canada Indonesia Business Development Office, A Brief Guide for Canadian Companies on Real Property in Indonesia, http://www.indonesia-ottawa.org/economy/Investment/realproperty.html (last visited May 4, 2010).)
There will still be restrictions related to housing loans for foreigners. The amount of such loans will be limited to 50% of the property's price, and the loan must mature in three years. In remarks made on May 4, 2010, the Housing Minister, Suharsos Monoarfa, predicted that the draft revised rules will be submitted to the President after the end of the month. In addition to the Housing Ministry, the Directorate General of Immigration and the National Land Agency will be involved in drawing up the proposal. (JAKARTA POST, supra.)
|Author:||Constance Johnson More by this author|
|Topic:||Real property More on this topic|
|Jurisdiction:||Indonesia More about this jurisdiction|
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Last updated: 05/06/2010