Have you ever considered moving to a tropical paradise? If so, then Bali is one of the possible destinations you are considering. What is life like in Bali, and can you buy a property in this magical destination – find the answers in our guide for 2024.
What Is Life Like In Bali?
Many of us spent our unforgettable vacations in Bali and were amazed by the beautiful beaches and nature. Yet the question of life over there is something completely different. It often happens that when you meet someone who lives there, you ask that famous question: “What is life like in Bali and how did you decide to live there?” Life in Bali is completely different from your life at home, that’s for sure.
It’s A Completely Different World
Balinese people are very proud of their culture and tradition – and absolutely everyone respects and believes in Balinese customs, from an old woman in the countryside who may never have gone to town, to a doctor who is a modern and educated man. The culture is rich and unique. For example, only in Bali is there Silent Day. That is the day when it is not allowed to leave houses or hotels. That is forbidden to everyone – and even if you have an emergency you can call an ambulance but not go to the hospital yourself that day. The night before the Silent Day is a big parade where locals parade with huge sculptures of monsters – to ward off all evil spirits before the Silent Day.
Moving To Bali
Customs are not the only thing that distinguishes Bali from other parts of the world. Namely, in Indonesia and Bali, the laws are significantly different – so you will have to get used to certain changes (not to say restrictive measures). However, all this falls into oblivion when you are surrounded by beautiful nature, sea, and sun – and your life on this paradise island can truly be fabulous if you learn the rules of the game. For all of you who may be thinking about moving and buying a property in Bali, here are some things you need to know.
Buying Real Estate In Bali
If you are thinking about buying a property in Bali – keep in mind that it is a serious decision that shouldn’t be made overnight. Before embarking on an adventure like this, you absolutely must prepare well. That means that you need to study the local laws well and find a very reliable real estate agent who will guide you through the entire procedure of buying a property in this area. What you need to know from the start is that Indonesia does not allow foreigners to own land or property. Fortunately, according to penidaland.com, that doesn’t mean you can’t make your dream of living in Bali come true. There are other legally provided opportunities that you can take advantage of – and still allow yourself a paradise life on a paradise island.
Foreigners Are Not Allowed To Buy Properties In Bali – So What To Do Then?
Buying a property in Bali is a worthwhile investment – but you need a lot of patience for that job. Namely, foreigners are not allowed to buy property because Indonesia has laws that protect state property. However, there are tendencies for the gradual “loosening up” of these restrictive laws – so, in the next ten years, certain changes are expected. Everyone hopes that they benefit all interested buyers or investors. For now, some other options are available and they can be perfect for you to fulfill your dream of living in Bali.
Bali Real Estate Buying Options
There are several options available to both foreigners and residents of Bali and Indonesians in general. We will try to clarify some of them.
Indonesians Can Gain Ownership Rights (Hak Milik)
For Indonesians, the best option and right they can acquire is Hak Milik – that is, the right to own a property. While this is currently the best option and right someone can achieve – that right is not easily accomplished, not even for Indonesians. In addition, this right can only be acquired by Indonesians or their local companies. If you come from another country, you will not be able to obtain this right, no matter how long you have lived in Bali.
Hak Pakai – The Best Option For Strangers
If you are a foreigner who wants to live in Indonesia, or Bali – Hak Pakai, the right to use the property is the greatest benefit you can get in this country. It’s the exclusive right to use the property that will be in your name – but you’re just renting it out for a certain number of years. In the beginning, this period is mostly 25 years – and later, you can extend it to as much as 70 years. Something like the time-share option. Where you are limited as a foreign buyer, is the possibility to have only one property or only one Hak Pakai permit.
What Other Rights Can You Gain As A Foreigner?
Hak Sewa or the right to lease real estate is very similar to time-share because you can make such a lease for up to 50 years. There is also another option Hak Guna Bangunan that allows foreign companies the right to build. If you are a foreign company investing in Indonesia, you will likely acquire the right to build. Ownership of the office building is granted to you for 30 years – and you can extend it later.
And What If You Want To Sell Your Property?
If you want to sell your property to another buyer, it is possible – because this right is transferable, but the new buyer only continues your continuity. This practically means that if you get the right to use the property for 25 years, and after 15 years decide to sell the property – the new buyer is entitled to 10 years of use before he extends Hak Pakai for an additional period. In this regard, be careful when selling and buying property, because the shorter the period of use of the property, the price must fall.
Conclusion
Although the situation for foreigners when buying a property in Bali is quite complicated – that should not discourage you. On the contrary! Try to think differently. Bali is a place that is primarily a touristic pearl – so you can return the invested money by renting a property that you got there. In addition, Indonesia is working on loosening the restrictive legal norms – which may change things for the better soon when it comes to the right of ownership over real estate for foreigners. In any case, you will be provided with your little private paradise where you can relax all year round. Overall, it is worth the effort and money.
