In a bid to bolster its national economy, Indonesia is launching a ‘golden visa’ scheme, aiming to lure foreign individuals and corporate investors. The Ministry of Law and Human Rights issued a statement on Sunday outlining the details of this initiative.
Extended Residence Permits
The ‘golden visa’ program offers extended residence permits, spanning a duration of five to ten years, according to Director General of Immigration, Silmy Karim.
- For a five-year visa, individual investors must establish a company with a minimum value of $2.5 million.
- To qualify for the ten-year visa, a substantial investment of $5 million is required.
Similar ‘golden visa’ programs have been introduced by countries such as the United States, Ireland, New Zealand, and Spain, all aiming to attract capital and entrepreneurial residents.
Corporate Investor Criteria
Corporate investors, on the other hand, must invest $25 million to secure five-year visas for their directors and commissioners. To obtain a ten-year visa, their investment must double to $50 million.
For individual foreign investors who do not wish to establish a company in Indonesia, alternative options are available. These options involve holding funds ranging from $350,000 to $700,000, which can be used to purchase Indonesian government bonds.
Once in Indonesia, ‘golden visa’ holders will no longer be required to apply for additional permits, simplifying the process, as stated by Silmy Karim.
This initiative aligns Indonesia with other countries seeking to attract foreign investment through such programs.