Foreigners cannot buy property in Bali or anywhere else in Indonesia through your own name at the moment. 
You will be able only to have "Right of Use" title valid for 25 years and extendable to another 25 years.

These laws might be changed soon. With AFTA (Asia Free Trade Association) in 2003 Indonesia government as a member of AFTA will opens for all foreign Investors having and maintaining an economic interest by means of making investment to National development and may own property or dwelling place in Indonesia. Altough you had bought property before 2003 it will be possible to transfer your "Right of Use" to your own name in Freehold Certificate.

There are 2 methods which facilitate you to effectifely to solve this problem:

• Using Indonesian Citizen Name (Nominee).
  Purchase or rental contract for property in Bali will be made out in Indonesian Name. These include transferring "Right of Previous" ownwer to nominee and a loan agreement for the purchase/rental price between the investor and the nominee and irrevocable and transferable power attorney to sell; Transfer or otherwise dispose of the property and to represents the nominee in any dispute regarding the property.

• Using a Foreign Invesment Company (PMA).
  Altough it will be expensive and ardous process some foreigners to have their property owned by PMA company directly controlled by the foreign investors. Before establishment of PMA Company an application asked to be made its invesment coordination board for approval of the company and its investment project. This approval is usually received after two or three months in the form of a Capital Investment Approval Letter. A PMA company can be 100 % foreign owned. The foreign investment may comprise both debt and equity (Indonesia Government Regulation No PP 20/1994), but in the other hand Indonesian mistry of investment has a rule of thumb that the ratio of debt to equity should be no more than 3:1.