Update Foreign Ownership of Property (Luxurious Apartments) in Indonesia
As reported previously, the Indonesian government plans to revise a law that bans foreign ownership of property in Indonesia (i.e. Government Regulation No. 41/1996 on Housing for Foreigners Residing in Indonesia). In a bid to boost tax revenue as well as the domestic property industry, the government will allow foreigners (expats) to buy, own, inherit and trade luxurious apartments that have a minimum value of IDR 5 billion (USD $375,000). It is important to note that any other type of property in Indonesia cannot be owned by foreigners.