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In a strategic move to attract skilled professionals, investors, and entrepreneurs, Indonesia has introduced a new “Golden Visa” scheme, allowing for five or ten-year stays in the country. The program is designed to facilitate foreign investments and contributions while drawing in quality travellers who will be productive during their stay.
This initiative is part of Indonesia’s broader strategy to secure $101.5 billion in domestic and foreign direct investment for 2024, aiming to support a GDP growth rate of 5.2 percent.
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According to Silmy Karim, head of Indonesia’s immigration agency, the program had been in a trial phase for about a year, during which nearly 300 applicants were issued permits, resulting in $123 million in foreign investments. Karim explained that the new visa would benefit foreign companies operating in Indonesia, such as mining firms expanding their operations. Indonesia aims to issue an additional 1,000 Golden Visas by the end of the year.
Golden Visa holders will enjoy several benefits, including fast-track and priority immigration lanes at airports. The program is designed to attract quality travellers and simplify their ability to contribute to Indonesia.
The new visas are expected to reduce the number of digital nomads and long-term tourists who contribute little to local economies while using tourist visas to live in popular destinations like Bali. The Association of Indonesian Tour and Travel Agencies has highlighted concerns about foreign business owners in Bali using tourist visas for business activities, violating their permit conditions.
With the introduction of the Golden Visa, Indonesia joins other Southeast Asian countries such as Cambodia, Thailand, Malaysia, and Singapore, which have similar visas aimed at attracting investments and stimulating local economies.
Also read: Why is Bali one of the top choices for vacation for women?
There are ways to obtain a Golden Visa in Indonesia, according to the immigration agency:
Business investment: Establishing a company with a $2.5 million investment for a five-year visa or $5 million for a ten-year visa.
Bank deposits: Depositing $350,000 in a state-owned bank for a five-year visa or $700,000 for a ten-year visa. These deposits can later be used to purchase government bonds or shares on the Indonesia Stock Exchange.
Real estate investment: Depositing $130,000 in a state-owned bank and buying an apartment worth $1 million or more to secure a five-year stay.
Also read: U.S. announces details for 2024 Diversity Visa program
Corporate investment: Companies can secure visas for directors and commissioners with a commitment of $25 million for a five-year visa or $50 million for a ten-year visa.
Capital city investment: Investing in Indonesia’s new $32 billion capital city on Borneo Island with $5 million for a five-year visa or $10 million for a ten-year visa.
Indonesia’s Golden Visa program is a significant step towards attracting high-quality investments and skilled individuals, aiming to boost the country’s economic growth and align with regional trends.
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