Indonesia has recently launched the Golden Visa program is set to revolutionize the country’s approach to attracting foreign investment and top global talent. With a target of 1,000 recipients, the government has identified 10 priority countries whose citizens are poised to benefit from this exclusive residency pathway.
Prioritising Investment and Talent
The Indonesia Golden Visa is designed to lure high-value individuals and investors to Indonesia, offering them a pathway to long-term residency in exchange for significant contributions to the nation’s economy.
Director General of Immigration, Silmy Karim, unveiled the list of priority countries at a high-profile event in Jakarta. “The Golden Visa is a strategic instrument to accelerate national economic growth,” Karim stated. “By attracting high-net-worth individuals and exceptional talent, we aim to stimulate investment, create jobs, and foster innovation across various sectors.”
The ten priority countries identified for the program include:
- Singapore
- Japan
- China
- South Korea
- Netherlands
- United States
- United Kingdom
- France
- Germany
- United Arab Emirates
These countries have been selected based on their robust investment track record in Indonesia, as highlighted by data from the Investment Coordinating Board (BKPM). The government’s strategy aims to leverage these existing economic relationships to stimulate growth and innovation further.
Ensuring Quality and Mutual Benefit
To maintain the program’s integrity and ensure that it benefits both Indonesia and the visa recipients, the government will conduct regular evaluations every three months. These evaluations will focus on assessing the impact of Indonesia Golden Visa holders on the Indonesian economy, rather than revoking visas for minor infractions.
Director General Karim emphasized the importance of attracting “good quality travellers” who will ultimately contribute to Indonesia’s development. He stressed that the program is not about revoking visas easily but rather about strategically selecting individuals who will bring long-term value to the country.
Presidential Emphasis on Security and Selectivity
President Joko Widodo has expressed his support for the Indonesia Golden Visa but has also cautioned against approving applications from individuals who may pose a threat to national security. He emphasized the need for strict selection criteria to ensure that only those who will genuinely benefit Indonesia are granted this privileged status.
What is the Golden Visa?
The laws and regulations regarding Indonesia’s Golden Visa are set out in the Minister of Law and Human Rights Regulation (Permenkumham) Number 22 of 2023 concerning Visas and Stay Permits. The Chapter V on Golden Visas, Article 184 explains the following:
The Golden Visa is a grouping of limited stay visas, limited stay permits, permanent stay permits, and re-entry permits for a certain period, namely a maximum of 5 or 10 years. The Golden Visa is granted for the purposes of investment, family reunification, repatriation, and second homes.
Eligibility Criteria for the Indonesia Golden Visa Program
Individual Investors Establishing a Company in Indonesia
- Five-Year Visa: For a 5-year stay, individual foreign investors planning to set up a company in Indonesia must invest a minimum of USD 2.5 million (approximately IDR 38 billion). This investment can be in the form of share purchases, company establishment, or other investment activities that support the local economy.
- Ten-Year Visa: For those who wish to stay for 10 years, the investment requirement increases to USD 5.000.000 (approximately IDR 76 billion). The aim of this investment is to ensure a long-term impact on the Indonesian economy.
Corporate Foreign Investors
- Five-Year Visa: Corporate investors, including directors and commissioners, who wish to stay for 5 years in Indonesia must establish a company and invest USD 25.000.000 (approximately IDR 380 billion). This investment aims to support job creation and economic growth through significant company establishment.
- Ten-Year Visa: For a 10-year stay, the investment requirement is USD 50.000.000 (approximately IDR 760 billion). This demonstrates a greater commitment to have a broader and more sustainable economic impact.
Individual Foreign Nationals Not Establishing a Company
- Five-Year Visa: Foreign investors who do not intend to establish a company but wish to reside in Indonesia for 5 years must invest USD 350.000 (approximately IDR 5.3 billion). This investor can later use this investment to purchase Indonesian government bonds, shares in public companies, or for savings/time deposits in banks.
- Ten-Year Visa: For a longer stay of 10 years, the required investment amount is USD 700.000 (approximately IDR 10.6 billion). This allows investors to benefit from greater investment opportunities and make a more substantial contribution to the Indonesian economy.
Benefits of the New Golden Visa
Here are some of the benefits of obtaining a Golden Visa:
- Extended stay duration of up to 10 years.
- Ease of entry and exit from Indonesia.
- Priority lane access at designated Immigration checkpoints.
- Priority service at Immigration offices.
- Priority service from relevant agencies and ministries based on cooperation agreements.
- Increased efficiency as there’s no need to apply for a Temporary Stay Residence Permit (ITAS) at the Immigration office.
- Access to priority immigration lanes at international airports.
Want to learn more about the Indonesia Golden Visa?
Indonesia Golden Visa truly represents a significant opportunity for foreign investors and talented individuals to contribute to the country’s economic growth, while enjoying the benefits of long-term residency. With its focus on quality, security, and mutual benefit, the program will attract a diverse range of individuals who will enrich the cultural and economic landscape.
If you would like to learn more, consider reading our other article about Everything You Need to Know About Indonesia Golden Visa 2024.
As the program continues to evolve, LetsMoveIndonesia remains committed to providing up-to-date information and expert guidance to those seeking to unlock the potential of the Golden Visa and make Indonesia their home.
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