The government officially launched on Thursday the golden visa program, which aims to attract foreign investors, global talent and the diaspora to put their money into the country or contribute their expertise in exchange for longer permits to stay in the country for between five and 10 years.

“[Since] currently there are not many countries that show such strong economic growth, political stability, abundant natural resources and demographic bonus, Indonesia should be a promising investment destination and [a place where] global talent can contribute,” Jokowi said during the launching of the program.

The long-term visa, he added, would create a multiplier effect for Indonesia, the largest economy in Southeast Asia, boosting the capital gain, work opportunities and transfers of technology.

“But keep in mind, [these visas] are only for good quality travelers, so [authorities] must carefully select and evaluate the contribution [of each applicant],” Jokowi said. "Let’s make sure [that we] don't grant visas to those that might harm national security or who don't offer any benefits to the national [economy]."

Under the scheme, individual investors are required to set up a company worth US$2.5 million in investment for the five-year golden visa, and a $5 million investment for the 10-year visa.

Meanwhile, corporate investors are required to invest $25 million to get five-year visas for directors and commissioners. They need to invest $50 million to gain a 10-year visa.