The Golden Visa Program of Indonesia has brought to the country about $259.4 million (Rp4 trillion) so far, according to the figures provided by the government of Indonesia.
The government said that since its introduction on July 25, 2024, Indonesia has received about 500 applications for its Golden Visa Program, VisaGuide.World reports.
The figures have been provided by the Director General of immigration at the Law and Human Rights Ministry Silmy Karim during the “Golden Visa Towards Golden Indonesia 2045”.
According to Karim, the majority of investments are made in the banking sector and for second-home visas.
Requirements for Indonesia’s Golden Visa
Indonesia’s Golden Visa was launched by President Joko Widodo (Jokowi), on July 25. The scheme was introduced to help the further growth of Indonesia’s economy.
The program gives wealthy internationals the opportunity to acquire residency, permitting them to live legally in this country for a period of five to ten years.
Among the requirements to benefit from this visa is to invest about $350,000 to $700,000, Antara News explains.
At the same time, high-ranking investors, such as members of boards of directors or holding company representatives are required to invest in the range of $25 million to $50 million.
Immigration is not only limited to conducting inspections at airports or seaports or only related to ordinary visit visas. Immigration also has a role to benefit people,”
In August last year, authorities in Indonesia began testing the golden visa program, issuing permits to about 300 applicants, bringing a total of $123 million to Indonesia.
Karim said that before the end of this year, the country intends to issue a total of 1,000 golden visas.
Back then, Karim said that the new visa would bring new opportunities for international companies that were already operating in Indonesia.
For example, a mining company that would like to expand downstream would be able to earn golden visas for their foreign workers. Immigration Chief Silmy Karim
In spite of the significant benefits that the scheme brings to the country, fears have been raised that the program could lead to a decline in the number of digital nomads and other long-term stayers.
The Association of Indonesian Tour and Travel Agencies said that digital nomads and other international business owners are at risk of breaking the law through some activities such as using tourist accommodation as formal offices or conducting business activities that are not in line with their issued permits.