Tuesday, July 14, 2015
Indonesia is to allow expats to own property but with some significant restrictions.
Currently, expats are excluded from buying and owning real property in Indonesia. They may purchase property and therefore have a right to use the property for a defined length of time. New regulations will effectively allow expats to buy a property "for life," but only "luxury" apartments – flats in high-rise buildings with a minimum value of IDR5bn (USD376,000).
In effect, the change only removes the time limitations on property ownership. It will therefore be possible for expats to pass on their apartment in their will.
The legislation has been approved by President Joko Widodo and changes will be introduced shortly.