Indonesia allows foreigners to own houses for longer
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[JAKARTA] Indonesia has allowed foreigners to own houses for up to 80 years in an effort to show a friendlier face to people who might come and bring investment with them.
The Cabinet Secretariat said on its website on Tuesday that President Joko Widodo signed a regulation late last year giving foreigners the right to buy a landed house for three decades, with a possible extension of another 50 years.
To be eligible, the foreigner has to live, work, or invest in Indonesia, and "provide benefit" to the country, the cabinet secretariat said.
Under previous rules, foreigners could buy houses for 25 years, and extend for a further 25 years.
Indonesia has already relaxed ownership rules for apartments, allowing foreigners to buy units worth more than 10 billion rupiah (US$720,000).
REUTERS
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