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Indonesia focuses on long-term support for the economy with Golden Visa scheme
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(Courtesy of Immigration Directorate General)
W
ith its year-round tropical climate and strategic location, Indonesia charms millions of international travelers each year, attracting both business and leisure to its many islands.
Be they retirees seeking a scenic locale to spend the rest of their lives or investors looking to expand their market reach, Indonesia offers an opportunity to gain residency or citizenship through investment, otherwise known as the Golden Visa scheme.
The Golden Visa, which was formally launched by President Joko “Jokowi” Widodo on July 25, aims to create a multiplier effect on the Indonesian economy by providing ease of investing for foreign nationals (WNA).
The implementation of the Golden Visa policy is based on the ratification of Law and Human Rights Ministry Regulation No. 22/2023 concerning Visas and Stay Permits as well as Finance Ministry Regulation No. 82/2023, which was implemented on Aug. 30, 2023.
As an immigration policy, the Golden Visa scheme prioritizes the principle of selective policy, providing access to residency or citizenship for foreigners who benefit the country and do not endanger national security. Through this principle, the Indonesian government ensures that only individuals with high contribution potential can access the Golden Visa as an effort to improve the national economy without ignoring aspects of security and order.
Golden Visa holders will be able to enjoy a number of exclusive benefits and privileges, including a stay period of up to 10 years, longer than regular temporary stay permit (ITAS) that have a maximum of two years. In addition, they will also be able to bring their immediate family members (spouses, children and parents) without having to increase their investment value in Indonesia.
At the same time, Golden Visa holders also enjoy ease when leaving and entering Indonesia. They no longer need to apply for a temporary stay permit (ITAS) at the immigration office, instead having their permit immediately issued at the international airport/port where the Golden Visa holder first enters Indonesian territory. In addition, they will receive priority lane access to immigration services at international airports.
Prospective applicants are required to declare their commitment to invest directly in Indonesia, which are determined based on the subject of the Golden Visa. These subjects include both corporate and individual investors, former Indonesian citizens and their relatives up to the second-degree, those looking to buy a second home in Indonesia, retirees or the elderly, global talents and renowned figures.
Specific conditions and qualifications will vary for each Golden Visa subject, such as proof of share ownership in foreign companies for investors, or proof of monthly income for retirees. Meanwhile, variations in investment include building a company with a certain value, purchasing capital market investment instruments such as shares, mutual funds and government bonds, purchasing property, or placing a certain amount of funds in a state-owned bank.
To be able to stay in Indonesia for five years, foreign individual investors who wish to establish a company in Indonesia are required to invest US$ 2.5 million, while a stay of ten years will require an investment value of US$ 5 million.
For directors, commissioners or representatives of parent corporations who form a company in Indonesia and apply for a Golden Visa, the investment value is at US$ 25 million for a five-year stay and US$ 50,000,000 for a 10-year stay.
Different provisions apply to individual foreign investors who do not intend to establish a company in Indonesia, where applicants are required to place funds which can be used to buy Indonesian government bonds, public company shares, or place savings and/or deposits. For a five year Golden Visa, the total funds required is US$ 350,000, while a ten-year Golden Visa will require US$ 700,000.
According to Director General of Immigration Silmy Karim, the investment value from the Golden Visa scheme to date has reached Rp 2 trillion.
To simplify the process of applying for a Golden Visa, the Directorate General of Immigration is collaborating with banking services in integrating the electronic visa portal evisa.imigrasi.go.id so that applicants can deposit immigration guarantee online from their country of origin.
