Indonesia has announced the introduction of a golden visa scheme as part of its efforts to attract investment from foreigners, both individuals and companies, with the aim of boosting national economic growth. The announcement was made by the Ministry of Law and Human Rights on Sunday (9/3).
According to the Director General of Immigration, Silmy Karim, the golden visa will grant holders a five to ten-year residence permit. In his statement, Karim explained that the Golden Visa will be granted to foreign individuals who are highly qualified and have the potential to make a positive contribution to the country's economic growth, including in terms of investment, whether in the form of companies or individuals.
For corporate investors, they are required to invest $2.5 million to obtain a five-year visa valid for directors and commissioners. For a 10-year visa, corporate investors must double their investment to $5 million.
Different rules apply to individual foreign investors who do not intend to establish a company in Indonesian territory. They can still obtain a five- or ten-year visa by investing their funds in Indonesian government bonds, public company shares, or deposits of a certain predetermined amount.
For example, to obtain a five-year Golden Visa, the applicant is required to invest US$350,000, which can be used to purchase government bonds of the Republic of Indonesia, shares of public companies, or placed in savings/deposits that meet the predetermined limits. Meanwhile, a ten-year Golden Visa requires an investment of US$700,000.
Golden Visa holders are expected to experience a number of exclusive benefits provided by this type of visa. These include a longer stay, ease of travel in and out of Indonesia, and increased efficiency as there is no longer a need to apply for a residence permit at the Immigration Office on a regular basis.
Other countries around the world, such as the United States, Germany, Canada, the United Arab Emirates, Ireland, New Zealand and Spain, have introduced similar golden visa programs to attract investors and entrepreneurs. The positive impact is evident in the trend that has made the UAE the top destination of choice for foreign investors.
In his statement, Karim said that this policy move is expected to have a similar impact on Indonesia in the future. In addition, Indonesia has a variety of potentials that can be developed and enhanced.
