AuroraB
Does this guy reckon that millions of Chinese will now rock up, all with $100k trousered to then take over Indonesia by... by ... being Chinese?[/QUOTE]From what I read online the local agents are already offering their service including acting as guarantor for the 2 Milyar funds required for this second home KITAS. This will obviously open the door for individuals with limited cash on hand to apply. So the question is then, can people keep extending the 10 year second home KITAS in perpetuity? If so the xenophobes will go nuts.
Markit
I love this place! The guy dreams up a new law in answer to getting a caning from Jokowi about lazy and lax lawmaking. Then spouts in out and promptly disappears from view leaving the world to rotate. "hold my beer and watch this boss!"
Balifrog
I love this place! The guy dreams up a new law in answer to getting a caning from Jokowi about lazy and lax lawmaking.Then spouts in out and promptly disappears from view leaving the world to rotate."hold my beer and watch this boss!"[/QUOTE]The coming weeks could be interesting !
Juggler
Hi alla friend told me that it is a deposit of cash or the purchase of a home and that home can be HAK MALIK... does anyone know if this is true? I cant see them allowing freehold to foreigners. He gave me this. Any thoughts??This is the decree number and for some reason I cant attach it1241/SK-HK.02/IX/2022
Juggler
here it is
Juggler
it wont let me load the pdf..
matsaleh
[USER=20892]@Juggler[/USER] the entire article was already posted by spicyayam on Page 1 of this thread.
Juggler
yes i have read the thread but no one has mention the purchase of land hak malik....only the deposit of 2m funds
matsaleh
yes i have read the thread but no one has mention the purchase of land hak malik....only the deposit of 2m funds[/QUOTE][ATTACH type="full"]3678[/ATTACH]Proof of ownership of property can only be on Hak Pakai (Right of Use) title for foreigners, not Hak Milik (which is only available for Indonesian citizens). Search Google for the definition and rules surrounding Sertifikat Hak Pakai.
Balifrog
yes i have read the thread but no one has mention the purchase of land hak malik....only the deposit of 2m funds[/QUOTE]It's 2 BILLION ...
britoo
Hi alla friend told me that it is a deposit of cash or the purchase of a home and that home can be HAK MALIK... does anyone know if this is true? I cant see them allowing freehold to foreigners. He gave me this. Any thoughts??This is the decree number and for some reason I cant attach it1241/SK-HK.02/IX/2022[/QUOTE]all confusion so who knows..... but from what I read the 2M could come from the foreigner or the Indonesian (mandatory sponsor) so perhaps the Indonesian sponsor could pledge their 2M luxury property on behalf of the poor old foreigner.So then the question is ........ what makes a property "luxury" at the 2 M price point?, do you have to pin a "villa BlahBlah" sign on the wall and job done, or build a pool, or ensure you have 5 VA PLN account or all of the above?More interestingly, I am intrigued by the chicken and egg thing going o n here. To apply you must have a bank account at an SOE bank or a property but to get either of these things in the first place, you currently have to be resident alredy ... No ?I confess to being cluelessEDIT I recall it does say the foreigner can apply him/her-self so perhaps the sponsor is optional.
AuroraB
all confusion so who knows..... but from what I read the 2M could come from the foreigner or the Indonesian (mandatory sponsor) so perhaps the Indonesian sponsor could pledge their 2M luxury property on behalf of the poor old foreigner.So then the question is ........ what makes a property "luxury" at the 2 M price point?, do you have to pin a "villa BlahBlah" sign on the wall and job done, or build a pool, or ensure you have 5 VA PLN account or all of the above?More interestingly, I am intrigued by the chicken and egg thing going o n here. To apply you must have a bank account at an SOE bank or a property but to get either of these things in the first place, you currently have to be resident alredy ... No ?I confess to being cluelessEDIT I recall it does say the foreigner can apply him/her-self so perhaps the sponsor is optional.[/QUOTE]Post #10 cover all details I'm aware of. Takes 60 days from announcement until visa program will start, so by end December all the details should be ready.As I understand this will work similar to VITAS + KITAS process. So no need for local bank account for VITAS but the 2 Milyar fund shall be transferred into SOE account for the KITAS part or alternatively rely on a local party that can provide a guarantee. I'm sure the visa agents are in full swing to iron out all the 'bumps' so they also can make profit from this new scheme. Could be the same "asset" end up offered as "guarantee" for a whole bunch of second home KITAS. So better watch out.
britoo
Post #10 cover all details I'm aware of. Takes 60 days from announcement until visa program will start, so by end December all the details should be ready.As I understand this will work similar to VITAS + KITAS process. So no need for local bank account for VITAS but the 2 Milyar fund shall be transferred into SOE account for the KITAS part or alternatively rely on a local party that can provide a guarantee. I'm sure the visa agents are in full swing to iron out all the 'bumps' so they also can make profit from this new scheme. Could be the same "asset" end up offered as "guarantee" for a whole bunch of second home KITAS. So better watch out.[/QUOTE]One asset - many clients is the only way I could see this ever being affordable but it hardly meets the requirements as stated.... but this is Indonesia.If you treated the 2M pledged as being loaned to the foreigner, at local rates, that would run into 200jt+ p/a, likely more in interest expense.From an investor's point of view you can comfortably get 7%+ on 5 and 10 year "risk-free "uhh-huh" Govt bonds so given the funds (I assume) can be siezed if Johnny-foreigner does anything naughty, you'd want a lot more so at least 200jt p/a + for that risk.Now the SOE bank should pay interest, maybe even 5% at first so maybe that can be taken off bringing the cost down to 100-120jt p/a .. but how long before some smart alec banker relaises that the money is captive so can pay them just 0.1% in a special account. and what are they gonna do... leave .. methinks not.
AuroraB
One asset - many clients is the only way I could see this ever being affordable but it hardly meets the requirements as stated.... but this is Indonesia.If you treated the 2M pledged as being loaned to the foreigner, at local rates, that would run into 200jt+ p/a, likely more in interest expense.From an investor's point of view you can comfortably get 7%+ on 5 and 10 year "risk-free "uhh-huh" Govt bonds so given the funds (I assume) can be siezed if Johnny-foreigner does anything naughty, you'd want a lot more so at least 200jt p/a + for that risk.Now the SOE bank should pay interest, maybe even 5% at first so maybe that can be taken off bringing the cost down to 100-120jt p/a .. but how long before some smart alec banker relaises that the money is captive so can pay them just 0.1% in a special account. and what are they gonna do... leave .. methinks not.[/QUOTE]It is a possibility the State Owned Bank will "offer" interest rate much lower than market rate. Take it or leave it (the KITAS it is). Any interest payments are taxed as well. So there is a high risk the 2 Milyar deposited will loose half of its value over 10 years compared to a relative "conservative" investment in the free market. A rotten deal indeed.
Markit
This article may be of interest and I hope the beginning of many more![URL unfurl="true"]https://michaelwest.com.au/digital-nomads-preferred-australian-retirees-in-bali-being-told-to-pay-up-or-move-out/[/URL]
harryopal
This article may be of interest and I hope the beginning of many more![URL unfurl="true"]https://michaelwest.com.au/digital-nomads-preferred-australian-retirees-in-bali-being-told-to-pay-up-or-move-out/[/URL][/QUOTE]Earlier I had the impression that those of us on Kitap sponsored by a WNI were not being included in the requirement to deposit $200,000. Should I start packing and prepare to live in Aus in a tent as trying to live on just the pension is all but impossible with units mostly around $450 a week and the simplest house $500 plus?
AuroraB
Earlier I had the impression that those of us on Kitap sponsored by a WNI were not being included in the requirement to deposit $200,000. Should I start packing and prepare to live in Aus in a tent as trying to live on just the pension is all but impossible with units mostly around $450 a week and the simplest house $500 plus?[/QUOTE]The changes to current retirement KITAS/KITAP is listed under post #10, and CHAPTER VIII, TRANSFER OF ITAS OR ITAP OF FOREIGN ELDERLY TOURISTS.Looks like those on indefinite retirement KITAP are not required to deposit 2 Milyar.For the deposit part I'm quite sure agents will be able to act as guarantors for a fee. As with everything here: the more laws, regulations and rules, the more opportunities for locals to "provide a solution" (for a fee of course). Thailand just launched their own visa program:[URL unfurl="true"]https://ltr.boi.go.th/[/URL][URL unfurl="true"]http://www.thaiembassyjakarta.com/en/consular-services/long-term-resident-ltr-visa/[/URL]
tel522
Earlier I had the impression that those of us on Kitap sponsored by a WNI were not being included in the requirement to deposit $200,000. Should I start packing and prepare to live in Aus in a tent as trying to live on just the pension is all but impossible with units mostly around $450 a week and the simplest house $500 plus?[/QUOTE]Your on a married kitap ,ya harry, so no worries , this is a pension visa only issue.
harryopal
Your on a married kitap ,ya harry, so no worries , this is a pension visa only issue.[/QUOTE]Thank you. In life I always look for a fall back position. I had previously used a 4x4 utility to make a fold up camper which I called the Half Star Hotel. Would rather use that and move around than be stuck in a miserable room somewhere in abject poverty.
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