Wondering if those legal types on here, know of anyone with experience in Indonesian property law and consultation? Preferably in Melbourne, but pretty much happy with someone based in Australia. I guess the same applies with some accountants, anyone know of anyone dealing with some client investments in Indonesia with Australian based asset protection?
Indonesian property law.
- Thread starter MRCCON
- Start date
I went to Jakarta a few years ago with an Aussie client who had their Jakarta apartment stolen by somebody. All I can suggest is that you make sure you do your research if you haven't purchased yet and consider that what the law says doesn't always matter.
Start practicing development 'patience' now well in advance.
I have a bunch of clients that invested in Indonesia using an SMSF - its been nothing but a disaster, these were resort type developments and they are absolutely useless. IF you struggle I can farm their contacts for you - but given they are failing and cannot sell the assets for peanuts - i'd say use someone else
Cheers Ivan
geez the indo resort unit as SMSF investment is a walk on the wild side
Yeah, I was going to say Law, what law?
Interwebs are full of accounts of foreigners being ripped off severely and forced , sometimes violently out of properties they purchased.
Stick to japanese terry - and I look forward to your upcoming induction to Filopino call centres.
Been there - great beach - love the hideaway beaches - would not invest anywhere I have been.
I visit Jakarta every 4 - 6 weeks, and Bali periodically and I can tell you that as an individual you cannot hold title in Indonesia. I have investigated this thoroughly and you must use an Indonesian to hold title - and ultimately, no matter how "watertight" you make the agreements, the law doesn't protect you when push comes to shove, as the constitution forbids foreign land ownership. The only exception is for companies - if you want to go to the trouble of establishing a company there ( which usually requires you to have a physical office registered there) you can "own" property via a 25 year lease , with a 25 year extension available at the discretion of Govt, and a further 20 year extension available at the discretion of Govt, for a total of 70 years.
http://www.expat-blog.com/forum/viewtopic.php?id=45996
http://www.baliproperty.com/own_property.html
http://www.houseofbali.com/contents/resources/how-to-acquire-property-in-bali.html
http://www.expat.or.id/info/buyingproperty.html
There is some talk that Jokowi will legislate to allow for non Indonesians to hold strata title during his first term
http://www.bloomberg.com/news/2014-...-buy-indonesia-property-in-bid-for-taxes.html
The property market in Bali is nuts - Sydney prices on a lot of stuff and to be honest its reached a point where it is becoming oversupplied ... and the less expensive stuff ( there's plenty of it if you are ok being 4-5 blocks back from the beaches at Seminyak, Canggu, Legian, Jimbaran) would require quite a lot of attention and $$$ , so unless you were going to live there at least 6 months of the year its just easier to rent. Indonesian banks don't do foreign loans either - not even CBA or ANZ who are both prevalent in Indonesia - so you need cash.
Jakarta is a totally different beast to Bali, and though most Australians have probably heard of Bali and may have traveled there, fewer would have visited Jakarta and probably fewer still would know it is in fact a mega- city approaching 30 Million, ( yes, that's significantly bigger than London, LA, New York, Paris, Moscow ) It has some spectacular residential apartments , shopping and the food and coffee is great- and the apartment real estate market has gone gangbusters the past 2-3 years... pity its such a traffic clogged disaster of a place with 3rd world infrastructure where getting anywhere takes 2 -3 hours. Otherwise it would be a half attractive place to invest if they ever make it easier for us to do so.
https://www.google.com.au/search?q=...ps-and-downs-of-jakarta-by-jessica%2F;630;414
http://www.expat-blog.com/forum/viewtopic.php?id=45996
http://www.baliproperty.com/own_property.html
http://www.houseofbali.com/contents/resources/how-to-acquire-property-in-bali.html
http://www.expat.or.id/info/buyingproperty.html
There is some talk that Jokowi will legislate to allow for non Indonesians to hold strata title during his first term
http://www.bloomberg.com/news/2014-...-buy-indonesia-property-in-bid-for-taxes.html
The property market in Bali is nuts - Sydney prices on a lot of stuff and to be honest its reached a point where it is becoming oversupplied ... and the less expensive stuff ( there's plenty of it if you are ok being 4-5 blocks back from the beaches at Seminyak, Canggu, Legian, Jimbaran) would require quite a lot of attention and $$$ , so unless you were going to live there at least 6 months of the year its just easier to rent. Indonesian banks don't do foreign loans either - not even CBA or ANZ who are both prevalent in Indonesia - so you need cash.
Jakarta is a totally different beast to Bali, and though most Australians have probably heard of Bali and may have traveled there, fewer would have visited Jakarta and probably fewer still would know it is in fact a mega- city approaching 30 Million, ( yes, that's significantly bigger than London, LA, New York, Paris, Moscow ) It has some spectacular residential apartments , shopping and the food and coffee is great- and the apartment real estate market has gone gangbusters the past 2-3 years... pity its such a traffic clogged disaster of a place with 3rd world infrastructure where getting anywhere takes 2 -3 hours. Otherwise it would be a half attractive place to invest if they ever make it easier for us to do so.
https://www.google.com.au/search?q=...ps-and-downs-of-jakarta-by-jessica%2F;630;414
It is actually 'jam karet'. Jam = clock. karet = rubber
I am from Indonesia, let me know if I could help in any way
Sorry for the spelling, this is generally how I remember new words - associating it with jam and a carrot in this case.
