Indonesia has launched a long-term visa program to lure foreign investors, offering visas of up to 10 years. The “Golden Visa” scheme aims to boost investments in Southeast Asia’s largest economy. Investors need to put in amounts ranging from $350,000 to $50 million, depending on the type and duration of the visa.
The program offers two main options: a five-year visa and a ten-year visa. Individual investors must set up a company worth at least $2.5 million for a five-year visa, or $5 million for a ten-year visa. Alternatively, without setting up a company, a five-year permit requires a $350,000 investment, and a ten-year permit requires $700,000. These investments can be in government bonds, public stocks, or deposits.
Corporate investors have separate criteria. A company needs to invest $25 million for five-year visas for its directors and commissioners, and $50 million for ten-year visas. If investments are directed towards Indonesia’s new capital city project in Borneo, the requirements drop to $5 million and $10 million for five- and ten-year visas, respectively.
President Joko Widodo, known as Jokowi, stated the initiative aims to attract “good quality travelers” to invest and contribute to Indonesia. Silmy Karim, head of Indonesia’s immigration agency, mentioned that since the trial phase began last year, 300 applicants have received golden visas, generating $123 million in investments.
Additionally, Indonesia plans to introduce a special status for foreign nationals of Indonesian descent, similar to India’s OCI program, which may launch as early as October.
Source: The Economic Times
