With the release of Indonesia’s new “second home visa,” Bali-based Mirah Investment & Development reports a significant increase in foreign property investment interest as foreigners now have a new way to live long-term in the country.
Bingin Beach, Bali - Site of an upcoming development project from Mirah Investment & Development
In December of 2022, The Directorate General of Immigration, Widodo Ekatjahjana, officialized a new visa dubbed “The Second Home Visa”.
The new visa allows foreigners to stay in the country for five or ten years while making it easier to carry out business activities, like investing and entrepreneurship.
According to the Bali-based Mirah Investment & Development, the announcement of this visa resulted in a sharp increase in real estate interest.
“We have seen an influx of inquiries following on from the announced new visa… with many foreigners considering buying a second home in Bali,” President Director Adrian Savage said.
“The piqued curiosity has translated into increased sales, especially amongst some of our most popular residential development projects.”
Kiara Ocean Place - Luxury serviced apartments in Bali - 90% sold out from off-plan sales.
Continuing, Director Widodo says the visa is a stepping stone for foreigners to settle in Indonesia and invest with ease compared to years. Calling it a “toll road that eases the entry of international tourists, global talents, businessmen and global investors…within this toll road, a “rest area” has been provided that is supported with regional service outlets.”
These services include an investment permit service, a permit for tourism, property business service. manpower permit service and factory construction permit services.
“The government’s announcement, and what we’ve been seeing in recent years [from the Bali property market], especially after the pandemic… is the continuing trend that more ex- pats are looking to Bali as more than just a holiday destination, but as a place to live and settle down,” Adrian Savage continued.
“Bali is not only a viable option, but has become the preferred option for many Westerners looking to live abroad, or for Ex-pats looking to leave other dense cities around Asia.”
The permit is a strategic move by Indonesia to help global investors and encourage the development of the property sector. Simply put, this means second-home visa holders can buy property via their businesses thus simplifying the process of buying & investing in real estate in Bali. They can also make long-term financial investments in that business.
Furthermore, visa holders enjoy several permits not frequently allowed to foreigners.
About Mirah Investment & Development
Mirah Investment & Development is Bali’s leading property developer. Established as the market leader with years of experience in bringing the top developments to the best locations across the Indonesian archipelago. Their extensive in-house legal team offers end-to- end services for all clients including legal, taxation, and immigration services & guidance.
Company Name: Mirah Investment & Development
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