Indonesia extends foreigner ownership of houses to 80-year period, in a bid to encourage investment

Photo: Reuters

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 ($720,000). ($1 = 13,905 rupiah)

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Reuters

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.