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.

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Several days ago Indonesian Finance Minister Bambang Brodjonegoro announced that the government may soon allow foreigners to own luxurious apartments in the bigger cities of Indonesia. His ministry is currently focused on revising Government Regulation No. 41/1996 on Housing for Foreigners Residing in Indonesia which still forbids foreigners (expats) owning any type of property in Indonesia. Indonesian property developers have warmly welcomed the new plan of the government as it brings more opportunities to the property sector.

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