Indonesia is preparing to boost economic growth by revising its laws to attract highly skilled and well-funded immigrants from around the world.
The Indonesian government is, for the first time, revising its legal code to allow foreigners to own land in Indonesia.
The current rules only allow foreigners to occupy a building or land for 25 years.
The final passage of these new revisions however must be approved by the House of Representatives and the relevant government Ministry.
But officials in the know have reportedly said that the revisions are likely to be approved.
These revisions will not mean, however, that it will become easy for foreigners to acquire land in Indonesia.
To the contrary, there will be several strict terms and conditions. For one, a foreigner must own a business in Indonesia.
Also, if they ever sell their property, they must sell it to the government.
The government expects the new laws to boost economic growth by attracting highly skilled and well-funded immigrants from around the world who are interested in taking advantage of the Asean common market, once it is implemented in 2015.
Foreigners will only be allowed to own residential and commercial property, as there is another Indonesian law that jealously guards agricultural land.
This may deter would-be coconut plantation owners from expatriating to Indonesia, but should have no effect on the technology and professional services entrepreneurs that the government wants to attract.
This report first appeared in http://www.investvine.com
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