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In its quest to stimulate economic development, Indonesia introduced a new type of permanent residence permit on August 30, 2023: the Golden Visa. This visa primarily aims at retirees, investors, entrepreneurs, and renowned professionals. It allows these elites to stay in Indonesia for five to ten years in exchange for substantial investments in the local economy.
Eligibility Requirements
Applicants must provide proof of their income, savings outside of Indonesia, and investments that have or will be made to be eligible. A bank statement proving an amount exceeding 2 billion Indonesian rupiahs (approximately 130,537 US dollars) is required.
In addition, individual investments must be USD 350,000 for a 5-year visa and USD 5,000,000 for a 10-year visa. For corporate investments, a 5-year visa is USD 25,000,000, and a 10-year visa is USD 50,000,000.
The government has summarized all the conditions in this document: Golden Visa Indonesian government.
These visas are designed to attract wealthy and influential individuals who can significantly contribute to Indonesia's economy and development.
Required Investments
Foreigners can obtain this visa by making substantial investments through various channels, such as shares in local public companies, government bonds, real estate, or savings accounts. This investment mechanism aligns with the OECD definition of a golden visa, a residence or citizenship program granted through investment.
Advantages of the Golden Visa
Golden Visa holders enjoy several significant benefits; here are the benefits of obtaining a golden visa for foreigners.
1. Extended Stay Duration
One of the main attractions of the Golden Visa is the ability to stay in Indonesia for a prolonged period of five to ten years. This duration is particularly beneficial for those planning long-term projects, whether real estate investments, business creation, or simply enjoying retirement in an exotic setting. An extended stay allows holders to settle comfortably and fully integrate into Indonesian society.
2. Simplified Entry and Exit
Golden Visa holders benefit from simplified procedures for entering and exiting Indonesia. This significantly reduces the administrative formalities and waiting times typically associated with international travel. This ease of movement is crucial for investors and entrepreneurs as it allows them to efficiently manage their international affairs without being hindered by bureaucratic constraints.
3. Streamlined Procedures for Long-Term Visas
Obtaining a long-term visa can often be complicated and time-consuming. The Golden Visa removes these obstacles by offering a simplified and quick procedure. This allows holders to focus on their main activities without being distracted by administrative requirements. Furthermore, this simplification encourages more people to consider Indonesia a viable destination for prolonged stays. The visa creation can be done entirely online.
4. Suited for Renowned Individuals
The Golden Visa is also designed to attract individuals of international renown. Whether celebrities, opinion leaders, business magnates, or technological pioneers, the presence of these personalities can enhance Indonesia's international profile. Their influence and networks can bring additional economic and cultural opportunities while drawing global attention to Indonesia's potential.
5. Rigorous Selection of Holders
The selection process for the Golden Visa is strict to ensure that only those who can make a positive and significant contribution to Indonesia are admitted. Applicants must prove their ability to invest and maintain substantial financial resources. This rigor ensures that beneficiaries can positively impact the Indonesian economy and society.
6. Positive Impact for Indonesia
The Golden Visa is designed to attract individuals who will positively impact Indonesia. Direct investments in critical sectors such as real estate, local businesses, and government bonds can stimulate economic growth. Additionally, the arrival of high-caliber professionals and entrepreneurs can foster innovation, job creation, and knowledge transfer, contributing to the country's sustainable development.
7. Initial Issuance and Anticipated Impact
The first recipient of this Golden Visa is Samuel Altman, CEO of OpenAI, marking a promising start for this program. Indonesia thus follows in the footsteps of several other countries, such as the United States, Canada, the United Arab Emirates, Ireland, Germany, New Zealand, Italy, Spain, and Denmark, all of which have successfully implemented similar programs.
In summary, the Ministry of Immigration and Finance of Indonesia's work has created a valuable opportunity for foreigners to invest in a country booming economically while benefiting from an attractive living environment and increased legal and financial stability. The program is expected to attract individuals who can provide significant investments and valuable expertise, thereby contributing to Indonesia's sustainable development and prosperity.
