Banking trustee services can now be enjoyed by individuals, with lower minimum deposit requirements set on accounts, as the authorities gear up for billions of dollars worth of inflows resulting from a tax amnesty.
Financial Services Authority (OJK) chairman Muliaman Hadad said the regulator had lowered the minimum deposit from Rp 10 billion (US$757,575) to Rp 5 billion and now also allowed individuals store funds in banks’ trust accounts. Previously, only corporations could deposit in trust accounts.
“We have made some changes, so they are more flexible,” he told reporters at an open house event at his residence in Kebayoran Baru, South Jakarta, on Thursday.
Trustee services are an international banking product where one party gives banks – which act as the trustee – the right to hold title to assets for the benefit of a third party, the beneficiary. For instance, Bank Negara Indonesia (BNI) has had trustee and paying agent deals for oil and gas sales between producing blocks and consuming companies.
As such facilities are now open for individuals, they can be used by wealthy Indonesians who declare or repatriate their assets in the nation’s ongoing tax amnesty program. Then, the funds can be directed into sovereign bonds, infrastructure projects or mutual funds, among other investment instruments listed in the tax amnesty law.
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