Quote:
Originally Posted by BtmMan
... I'm not too sure, but I heard there's the free hold thing now ...
|
U sure? Recently, newspaper jus reported the central authority is going 2 investigate the case of a Sg'orean who bought 2 entire (small) island near Batam as foreigners R nt allw 2 own freehold estate. Part of their national assest protection scheme.
I dun tk they offer freehold condominium(s) 2 foreigners, unlik Thai. I'm nt sure if the current laws gt change or nt but i nvr c any offical note on amdt(s).
Most foreigners bypass tis by putting the name of a local as the "offical" owner. Hwevr, as tis is a "gentleman" agreement, there is no ways (legal or illegal) of asssuring he keep his promise.
1 possible wk ard is gt him 2 sign an IOU which said he owed U a sum of $$ (few times the value of the house, in case appreciation, though nt likely) & mortage his house as part of the agreement. Hwevr, pls tak note, there is a clause in Indon tat states any loan greater than ?? (4gt the amount), mus seeks prior approval fm the govt (dun knw local, k or nt), otherwise, it will be considered void. The World Bank, IMF & a few "charity" banks oso kana bcos of tis clause a few yrs bk. Loaned a couple of millions(USD$) but was defaulted. IMF & gang decide 2 sued the company but Indon court declares the loan void as they nvr seeks prior approval. So, pls rem. 2 seek govt approval if sum is more than allw but likely U hav 2 pay additional "kopi" $$ but tat's safer than if the entire estate gt makan by the local man, rite? Do engage a credit worthy advicer who's familiar w/ Indon legisaltive 2 help U draft the deal.
