Just weeks after announcing plans to launch a new Golden Visa by the end of the year, the Indonesian government has revealed details of the new program aimed at boosting the nation's economic development. The Golden Visa initiative will allow foreigners who make substantial investments to reside in Indonesia for extended periods, ranging from five to ten years.
According to a press release quoting Indonesia's Director General of Immigration, Silmy Karim, the following rules are applied:
- Individuals who invest at least $350,000 in shares of public companies, savings or deposit accounts, or government bonds will be eligible for a five-year stay. For those seeking an even longer stay, an investment of $700,000 will grant them a ten-year visa.
- Setting up a business with a minimum investment of $2.5 million qualifies for a five-year visa, while a $5 million investment allows for an extended ten-year stay.
- Directors and commissioners of companies being established in Indonesia are eligible for a five-year visa if the corporate incentives in these companies reach $25 million and a $50 million in corporate incentives secures a ten-year stay.
Silmy Karim emphasized the stringent requirements, stating, "Because we are targeting quality investors, the requirements are more thorough."
Golden Visa holders can anticipate a range of benefits, including the convenience of not needing to apply for a temporary stay permit at the immigration office, making their stay in Indonesia hassle-free. However, the substantial entry price raises questions about whether the new program will gain popularity among investors.
Last year's introduction of a second-home visa, which targets affluent tourists with a minimum bank account balance of 2 billion rupiah (approximately $130,000), already drew heavy criticism from entrepreneurs seeking to relocate to Bali.