According to Minister of public housing, Djan Faridz Jakarta, Monday (19/2/2013), as long as it appears foreign ownership rules of attraction in Indonesia which give rise to legal uncertainty for foreign residents. One of them is the permission property ownership status of land compulsory extended usage rights.
"The extension of Provisions foreign property usage rights give rise to legal uncertainty for foreign residents. We will bridge the revision of the rules of property ownership for foreigners, "said Faridz in a press conference at the Office of the Chamber of Commerce and industry (Kadin) Indonesia.
Based on Government Regulation No. 41 in 1996 about the possession of the Residence or the right of Residence for foreigners based in Indonesia, property ownership for foreigners assigned status of land usage rights with a term of 25 years, may be extended by 20 years, and renewal of rights 25 years.
Faridz added, foreign ownership of land usage rights will be championed for granted directly up to 70 years in order to foster the investment climate. In Singapore, the right of ownership of property by foreigners reached 99 years.
At this time, the growth of the transaction property in Indonesia only 5 percent per year. In the neighboring countries of another 15 percent per year.
With the revision of the rules for foreign citizens property, property transactions can grow to be 10 percent. However, the construction of the project properties to foreigners is restricted only to the apartment and certain zones, to the early stages in Batam and Bali. The construction of luxury apartments also followed by obligation to build flats for middle-income people under 20 percent of the vast acres of luxury apartments.
Income taxes
Chairman of the Permanent Committee on policy areas of property and Industrial and Commerce Firm predicts the current potential Satria F transactions of foreign property 10,000 units per year. With estimated prices of property for foreign residents an average of Rp 5 billion, the flow of foreign property transaction reached Rp 50 trillion per year.
Vice Chairman of Kadin Property Fields and industrial zones Trihatma K Haliman posited, a number of restrictions need to be given to foreign citizens for property, which is restricted to luxury apartments with spacious units a minimum of 150 square meters. He added, the contribution of taxes from income tax giving luxury apartments are great to 43 per cent of the value of the House. (LKT)
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