Yes, foreigners can buy property in Bali in 2024, but there are some restrictions. Here are the available property titles or rights for foreign individuals:
- Leasehold (Hak Sewa):
- Foreigners can acquire property through a leasehold title, which allows them to lease land for a specified period. Lease terms can extend up to 80 years.
- Right of Use (Hak Pakai):
- The Hak Pakai title permits foreign owners to utilize properties already built on land with a tenure of 25 years, renewable for up to 70 years.
- Right to Build (Hak Guna Bangunan):
- This title allows foreign owners to construct buildings on leased land, with leases extending up to 80 years.
However, freehold titles (Hak Milik) are restricted to Indonesian citizens. Even 100% domestically owned companies cannot acquire freehold titles. An exception exists for the ownership of apartments by foreigners, although the underlying land remains excluded from ownership. Yet, this is uncommon in Bali, as most apartments are typically sold as leasehold.
Foreigners cannot own land in Indonesia outright. Instead, they can only acquire property through a foreign-owned company known as PT PMA (registered with the Indonesian Investment Coordinating Board). The PT PMA can then obtain one of the two titles mentioned above for the property.
Remember to consult with legal professionals and follow the necessary steps when buying property in Bali! 🏡🌴