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Golden Visa investments reach Rp 9 trillion, below annual target
The Directorate General of Immigration has set an ambitious goal for investment from golden visa recipients, and while a substantial sum has been amassed, it is less than half the amount targeted for this year.
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Then-president Joko "Jokowi" Widodo speaks at an event to introduce the Golden Visa program in Jakarta in July 2024.
T
he Golden Visa scheme introduced this year has not brought as much investment into the country as hoped, according to the year-end report from the Directorate General of Immigration.
“The investment [from the golden visa program] is Rp 9 trillion [US$561.7 million] as of the end of this month,” the immigration authority’s director for stay permits, Jaya Saputra, told reporters at the year-end event held in Jakarta on Tuesday, referring to the investment expected from the 471 so-called golden visas issued so far.
That number is up from the 466 long-term stay permits issued as of the end of November.
When the Directorate General of Immigration launched the scheme in July, it had set an ambitious goal for investments, which are a condition for receiving the permit, but the amount secured so far is less than half the amount targeted.
At the launch ceremony on July 25, Silmy Karim, who served as immigration director general at the time, revealed that 300 foreign nationals had already received a golden visa and that the government had secured at least Rp 2 trillion worth of investments from those applicants.
He set a target of welcoming 1,000 golden visa recipients this year, according to a kompas.com report.
The golden visa program was launched by then-president Joko “Jokowi” Widodo to attract well-heeled foreigners and was promoted with the somewhat awkwardly worded slogans “invest while stay” and “productive while stay”.
