Bali Ministry of Law And Human Rights Emphasizes Harmonization of Rules For Family Office

Head of the Bali Ministry of Law and Human Rights Regional Office Pramella Yunidar Pasaribu on the sidelines of a meeting related to family office in Denpasar, Monday (8/7/2024) ANTARA/HO-Kanwil Kemenkumham Bali

DENPASAR - The Bali Regional Office of the Ministry of Law and Human Rights (Kemenkumham) emphasized the harmonization of regulations to support family offices or offices that manage foreign conglomerate investments.

"Everyone hopes that if the Family Office scheme is implemented, there will be no conflict of regulations in the field," said Head of the Bali Kemenkumham Regional Office Pramella Yunidar Pasaribu on the sidelines of a meeting related to family offices in Denpasar, Monday, July 8.

To that end, he emphasized the importance of more detailed regulations regarding the convenience, benefits, and treatment of investors with the big economy.

He added that coordination was needed with related ministries/institutions to regulate in more detail the convenience for investors, both from the Ministry of Finance, Financial Services Authority, banking, the Ministry of ATR/BPN, the Ministry of Tourism, the Manpower Office, and the Financial Transaction Reports and Analysis Center (PPATK).

"The importance of the family office regulation scheme is to make it easier for investors to invest in Indonesia," she added.

In the virtual follow-up meeting with the Coordinating Ministry for Maritime Affairs and Investment (Kemenko Marves), the Golden Visa scheme previously initiated by the Directorate General of Immigration was also discussed.

The Golden Visa scheme, she said, was designed to make it easier for investors to live and invest in Indonesia.

The residence permit granted by the Golden Visa is a residence permit for five to 10 consecutive years and can be extended several times.

The golden visa initiation was given, she continued, because one of the roles of Immigration is as a facilitator of economic development in Indonesia.

"In implementing the Golden Visa, we also accommodate several inputs from investors in the field," she said as reported by ANTARA.

Meanwhile, Deputy for Coordination of Environmental and Forestry Management of the Coordinating Ministry for Marves Nani Hendiarti said that her party wanted to understand the Golden Visa.

In addition, her party also wanted to understand more deeply the issues and problems faced in the field.

"We want to understand more deeply regarding the implementation of the golden visa scheme and the obstacles faced in the field," said Nani.

The idea of ​​a family office was first put forward by the Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan to delegates at the 10th World Water Forum (WWF) in Nusa Dua, Badung Regency, Bali, in mid-May 2024.

"We encourage Bali to become a hub for family offices like in Hong Kong and Singapore," said Luhut on the sidelines of the World Water Forum in Denpasar, Saturday (18/5).

To date, said Luhut, a number of foreign conglomerates have been interested in registering family offices in Bali.

The countries and special administrative regions that are benchmarks for the rich people's offices include the United Arab Emirates in Dubai, Hong Kong, and Singapore because they have already implemented the investment concept.