Indonesia launched the Golden Visa program
What's happened? The Indonesian government has introduced the Golden Visa program to attract foreign corporate and individual investors.
Details. Silmi Karim, the country's director general of immigration, said the visas would be issued to foreigners as a basis for a stay of between five and 10 years.
For a five-year stay, individuals wishing to start a company must invest $2.5 million, while those seeking a 10-year stay must invest $5 million.
On the other hand, corporate investors must make an investment of $25 million to be eligible to stay in the country for five years, while those who offer $50 million will be granted a 10-year stay permit.
Investors who do not wish to set up a company in Indonesia can buy government bonds, shares of public companies or have deposit savings of $350,000 for five years and $700,000 for 10 years.
Quote. “Because we are targeting quality investors, the requirements are more stringent,” Karim said. “The longer you stay in Indonesia, the higher the required deposit amount, especially for foreign investment.”
Advantages. In addition to the extension of stay, Golden Visa holders will also be able to travel to and from Indonesia easily and will no longer need to apply for a Temporary Stay Authorization (ITAS) at the Immigration Office.
Quote. “Countries that have implemented golden visa policies are seeing positive effects. Denmark, for example, has managed to become one of the countries at the forefront of innovation. The United Arab Emirates then became a favorite destination for foreign investors,” Karim said.
“I hope that through this policy, Indonesia will also see a similar effect. Moreover, our country has many potentials that need to be fully exploited and developed,” he added.