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Expatriates in Indonesia to get property ownership rights.

The Indonesian Government is finaly revising Regulation No. 41/1996 on residential property ownership that would enable foreigners to fully own property in Indonesia – currently it only enables a non-national to occupy a building or land for 25 years.

A Government official, the Deputy for area development at the Public Housing Ministry, Agus Sumargiarto, however said that to acquire property ownership rights foreigners will have to comply with tough requirements.

For instance, they would have to own a business in Indonesia. Moreover, should they want to sell their property, they would only be allowed to sell it to the government.

Agus added that the decision on the draft bill will have to wait for approval from the House of Representatives and the Coordinating Economic Ministry.

The Government expects the new laws to boost economic growth by attracting highly skilled and well-funded immigrants from around the world who are interested in taking advantage of the ASEAN common market, once it is implemented in 2015.

Foreigners will only be allowed to own residential and commercial property, as there is another Indonesian law that guards agricultural land.