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Changes urged to permit foreign land ownership JAKARTA - The National Estate Agency (BPN) has formally asked the National Ministry for Housing and the Indonesian Real Estate Association (REI) to commence collecting information on the source of income used in property purchases involving foreign interest as a means to help control illegal money laundering.

The Chief of the BPN, Joyo Winoto told Bisnis Indonesia that foreigners involved in property transactions must be monitored to avoid Indonesia's unwitting involvement in illegal currency transactions. Winoto explained: "In other countries the source of funds used to purchase property is one of the requirements that must be met by foreigners purchasing property. Currency sourcing is a dangerous area that must be monitored. We do not want money laundering to occur in Indonesia."

Winoto told the press that he has received a draft of proposed rules to govern foreign land ownership in Indonesia which has been drafter by REI in the hopes of paving the way for a more liberalized environment for foreign land purchases. He said these rules need further elaboration to address other issues, such as the minimum purchase price of properties bought by foreigners, product specifications and permissible reasons for foreign land ownership. If necessary, Winoto said, specific areas open to foreign property ownership should be designated. "The rules need to be tightened in order to avoid future problems," he added.

He also suggested that foreign nationals only be permitted to buy certain classes of property, such as homes, shop houses (ruko), and newly built apartments in order to facilitate supervision of their property activities. Winoto want foreigners barred from the secondary real estate purchases, forbidding foreigners from acquiring properties previously purchased by Indonesian consumers."



Posted in General @ 22 November 2008 01:17 CET by Jeroen · 'Blog' RSS feed · permalink





Surya Atmadja
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On 23-11-2008 01:18 newsbot wrote: Changes urged to permit foreign land ownership ... Continue reading , click the title

BPN= Badan Pertanahan Nasional



Jeroen
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Indeed a 'mistake' from the source. I have translated it as 'estate' now, but it still doesn't sound that perfect.. haha..



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