Wednesday, October 4, 2023

Indonesia Launches Golden Visa, Here’s How to Apply

Jakarta has released official details regarding the much-anticipated Golden Visa, weeks after the country said it would launch the program.

Details of the visas that will allow investors, high-wealth persons, and those wanting to create enterprises in Bali and around the country to stay for 5 to 10 years have been announced by Silmy Karim, Indonesia’s Director General of Immigration.

According to Karim, a golden visa can be used to obtain permanent residency in the country for a period of 5-10 years in order to benefit the national economy.

According to the official information, investors, corporations, and individuals can pick from a variety of application requirements and minimum investment fees.

Individuals from other countries who wish to invest in Indonesia in exchange for a Golden Visa must put up USD 2.5 million (769,478,250 pkr) for a one-year visa, or USD 5 million (1,531,204,960 pkr) for a 10-year visa. 

The Golden Visa program offers a 5-year gold visa for company directors and commissioners to foreign investors who invest USD 25 million (7,651,708,952 pkr) to set up shop in the country.

However, a USD 50 million investment is necessary for a 10-year visa in the collaborative investor category. The government has stated that an international investor who is not interested in setting up a business in Indonesia under the Golden Visa program can still apply.

For a five-year visa, a person must invest USD 350,000 (107,726,955 pkr) in Indonesian government bonds and public company shares or open an Indonesian savings account. The 10-year visa, on the other hand, requires a deposit of USD 700,000 (213,442,407 pkr). 

“The requirements are stricter since we are aiming for high-quality bystanders. Especially for investment activities, the longer you stay in Indonesia, the bigger the guarantee value, which can reach over IDR 760 billion,” said Director General Karim.

According to the Balisun, the source stressed that President Joko Widodo has ordered the Golden Visa scheme to be finalized within six months.

The official stated that the golden visa policies have been reviewed and formulated during the past six months. With a Golden Visa, entering and leaving Indonesia will be more simple for its holders, among other privileges. It was also confirmed by the official that golden visa holders do not need to apply for an ITAS (Indonesian Limited Stay Permit) upon arrival in Indonesia.

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