Indonesia has officially launched its Golden Visa program, a significant move aimed at attracting foreign investment and global talent to bolster the nation’s development. Unveiled by President Joko Widodo on July 25, 2024, in Jakarta, this new visa category offers a streamlined pathway for long-term stays in Indonesia for individuals and businesses who meet specific investment criteria.
Why Indonesia?
Through his speech, President Widodo highlighted Indonesia’s promising investment landscape, citing the country’s robust economic growth, political stability, favourable demographics, and abundant natural resources. The Golden Visa is designed to capitalise on these strengths, making Indonesia an even more attractive destination for foreign investors and skilled professionals.
As of the launch date, over 300 Golden Visas have already been issued, generating approximately Rp 2 trillion in investments. The government aims to grant 1,000 Golden Visas by the end of 2024, with a focus on attracting high-quality individuals who can contribute significantly to Indonesia’s development.
Who has received the Indonesia Golden Visa?
A few famous people have been given a special visa called a Golden Visa. This visa allows people to live and work in Portugal.
One of these people is Shin Tae Yong, the coach of the Indonesian national football team. He has helped the team win games and get a higher ranking in international competitions. The Portuguese government gave him a Golden Visa to show that they valued his work and wanted to attract more talented people to Portugal.
Another famous person who got a Golden Visa is Sam Altman, the CEO of OpenAI, a company that does research on artificial intelligence (AI). Altman is a leader in the field of AI, and his work could change many different industries. The Portuguese government gave him a Golden Visa to show that they want to bring in more talented people in the tech industry and make Portugal a centre for AI research.
These two people are just two examples of the many talented people who have been given Golden Visas. The Portuguese government wants to bring in these people to help Portugal grow and innovate in different areas.
What is Golden Visa and Who is it for?
Indonesia is rolling out the red carpet for global investors and exceptional talent with its newly introduced Golden Visa program. This groundbreaking initiative, officially launched in 2023 and refined in 2024, offers a streamlined pathway for extended stays in the archipelago, opening doors to lucrative business opportunities and a vibrant lifestyle.
The Golden Visa is a special category of visa that grants foreign nationals the privilege of living and working in Indonesia for an extended period. It consolidates various types of limited stay visas, limited stay permits, permanent stay permits, and re-entry permits under one umbrella, offering durations of up to 5 or 10 years.
Who is Eligible?
The Golden Visa caters to a diverse range of individuals who can contribute to Indonesia’s economic growth and development:
Investors
Both individual and corporate investors who meet specific investment thresholds in sectors like property, government bonds, or public companies.
Family Reunification: Spouses and children of Indonesian citizens or Golden Visa holders.
Repatriates: Former Indonesian citizens and their descendants.
High-Net-Worth Individuals
Those seeking a “second home” in Indonesia, individuals with specialized skills, and globally recognized figures.
Retirees
Foreign nationals aged 55 and above who meet certain financial requirements.
Investment Requirements
The investment requirements for the Golden Visa vary depending on the category:
Individual Investors (Establishing a Company):
- 5-year visa: USD 2,500,000 investment
- 10-year visa: USD 5,000,000 investment
Corporate Investors:
- 5-year visa: USD 25,000,000 investment
- 10-year visa: USD 50,000,000 investment
Individual Investors (Not Establishing a Company):
- 5-year visa: USD 350,000 investment in government bonds, public company stocks, or savings/deposits
- 10-year visa: USD 700,000 investment in government bonds, public company stocks, or savings/deposits
Benefits of the Golden Visa
The Golden Visa offers a multitude of advantages for its holders:
- Enjoy the freedom to live and work in Indonesia for up to 10 years.
- Streamlined immigration procedures and reduced bureaucratic hurdles.
- Travel in and out of Indonesia with ease throughout the visa’s validity.
- Gain the right to own assets in Indonesia, including property.
- The Golden Visa can serve as a stepping stone towards obtaining Indonesian citizenship.
The Directorate General of Immigration has already issued over 300 Golden Visas, with a combined investment value of approximately Rp 2 trillion. Notable recipients include South Korean football coach Shin Tae-yong, OpenAI CEO Sam Altman, and the president director of Boeing Indonesia.
The Cons of Golden Visa Implementation
While the Golden Visa holds immense potential for economic growth, some experts like Indef economist Nailul Huda express caution. Huda emphasizes the importance of setting clear boundaries to prevent potential negative impacts, such as excessive foreign ownership of assets.
Nevertheless, the Indonesian government has implemented robust measures to mitigate risks associated with the Golden Visa. These include collaborations with Interpol, immigration checkpoints, and anti-money laundering agencies. Additionally, authorities are actively monitoring the financial activities and conduct of Golden Visa holders.
The Future of Indonesia’s Global Talent
The Golden Visa represents a significant step in Indonesia’s efforts to attract global talent and investment. By offering a more accessible and attractive pathway for long-term stays, Indonesia is positioning itself as a hub for innovation, entrepreneurship, and cultural exchange.
Navigating the Visa Application Process With Lets Move Indonesia
Lets Move Indonesia as a trusted visa and legal consultancy will be your ideal partner in navigating the Indonesia visa application processes. Our team of experts can provide comprehensive guidance on eligibility requirements, document preparation, and submission procedures, ensuring a smooth and successful application.
Disclaimer: The information provided in this article is for general informational purposes only and should not be construed as legal advice. For specific guidance on your unique circumstances, please consult with our qualified visa consultants.
