New Bali law could forces professionals to report deals

Overseas property professionals and investors buying in Bali face more stringent property laws next month with the enforcement of a new system designed to stop real estate sales masking criminal activity.

Agents and developers will be forced to report each transaction of over Rp. 500 million (US$55,500) to the Indonesian Financial Transaction Reports and Analysis Centre (PPATK) from March 20.

“On March 20, 2012, property agents and developers must report (transactions) to the PPTAK,” said PPATK vice-chairman Agus Santoso. “The obligation to report is contained in Section 27 of the Law that requires property transactions in excess of Rp. 500 million; whether paid in cash, non-cash means or paid for in instalments.”