The Indonesian government has introduced a golden visa policy to attract eligible foreign corporate and individual investors.
Silmy Karim, the country’s director-general of immigration, said on Saturday that the visas will be granted to foreigners as a basis for a stay permit of five to 10 years.
For a five-year stay, individuals who wish to establish a company must invest $2,500,000 while those eyeing a 10-year stay are required to invest $5,000,000.
Corporate investors, on the other hand, are expected to make an investment of $25,000,000 and will be eligible to stay in the country for five years while those who offer an investment value of $50,000,000 will be granted a 10-year stay permit.
Investors who do not wish to establish a company in Indonesia are required to buy government bonds, public company shares, or have deposit savings worth $350,000 for a five-year stay and $700,000 for 10 years.
“Because we are targeting quality investors, the requirements are more thorough,” Karim said.
“The longer you stay in Indonesia, the higher the deposit amount required, especially for foreign investment.”
Aside from a prolonged stay duration, golden visa holders will also enjoy the ease of leaving and entering Indonesia, and will no longer need to apply for a temporary stay permit (ITAS) at the immigration office.
“Countries that have implemented the golden visa policy are getting a positive impact. Denmark, for example, has succeeded in becoming one of the countries at the forefront of innovation. Then, the United Arab Emirates became a favourite destination for foreign investors,” Karim said.
“Hopefully, with this policy, Indonesia will also receive a similar effect. Moreover, our country has a myriad of potentials to be fully managed and developed.”
Other countries that offer golden visas include the United States, Canada, Ireland, Germany, New Zealand, Italy, and Spain.