Is it possible for foreigners to own property in Bali? Who doesn’t want to own property in Bali? Local or foreign residents compete to get property even if only a piece of land. Bali is so tempting because property prices are increasing. Bali is never empty of tourists. This is one reason why Bali is the ideal island of many people.
Property for sale in Bali Indonesia is a target by both local and foreigners. Ownership of property by foreigners still requires procedures that are a little difficult and lots of requirements. It is almost impossible for foreigners to own property in Bali.
At a glance, information that in 2015, President Jokowi signed a government regulation concerning the ownership of foreigners located in Indonesia. This is beneficial for foreigners because it allows expatriates to have a house or land legally with an 80-year period. Homeownership or land by expatriates is only “use rights”, and not “property rights” as obtained by the colors of the Indonesian state.
Luxury property for sale in Bali Indonesia has poisoned many foreigners. Along with the ease of expatriates living in Indonesia to get a house or land illegally, there are several requirements that they should know.
- Expatriates can buy property at the specified price per region.
- The Expat can only buy property directly from the developer
- Expatriates are not permitting to rent property in Indonesia to third parties.
- When an expat leaves Indonesia to live in another country, he must give up the right to another person who meets the requirements within 1 year after his departure from Indonesia
- Expat can buy a house for the initial period of 30 years, and they can extend 2x (20 years and 30 years).
Above are some requirements that must be met by foreigners who want to buy property for sale in Bali Indonesia. Along with the high interest of foreigners having property ownership, fraud can no longer be avoided. There are many scams to watch out for. Some frauds that often occur are related to property for sale in Bali Indonesia.
Meanwhile, in reality, Indonesian property developers seem to be more interested in domestic property projects. The domestic market is bigger than foreign markets. In essence, to get a property for sale in Bali Indonesia, especially for expats, fulfill the requirements specified and fulfill the procedures that apply in Indonesia. Property for sale in Bali Indonesia is very attractive as an investment for both the domestic market and for expats.