Indonesia’s goal of issuing 1,000 golden visas by the end of 2024 is currently halfway.
The Director General of Immigration, Silmy Karim, has said that almost 500 people have applied for the Golden Visa Program of Indonesia since July, when the program was launched, VisaGuide.World reports.
In spite of being halfway to its goal, the number of golden visas registered in a two-month period is high.
Currently, we are approaching 500 [registrations]. Every day there are changes [in the database].
Indonesia’s Residency-by-Investment scheme, known as the Golden Visa Program, offers residency for wealthy foreigners in exchange for financial investments made in this territory.
In 2023, Indonesia launched a pilot scheme for the Golden Visa Program, while in July 2024, the country officially launched the Golden Visa Program.
The scheme, in particular, aims to help the country’s economy grow further.
There are conditions for Golden Visa Programs that differ depending on the investor’s type of visa.
If they want to apply for a five-year visa, they are required to invest at least $2.5 million. At the same time, for a ten-year golden visa, investors must invest at least $5 million.
In addition, those who are not interested in creating a company must deposit $350,000 and $700,000 in exchange for obtaining a five-year and 10-year permit.
Golden Visa Program Aims to Lure Good Quality Travelers
Announcing the implementation of the program, the President of Indonesia, President Joko Widodo, said the program intends to lure good quality travelers.
“We’re launching the golden visa to make it easier for foreign nationals to invest and contribute in Indonesia,” President of Indonesia Joko Widodo
The President of Indonesia, introducing the program, said there are not many countries that post positive economic growth and maintain stability in terms of the political situation, with demographic dividends and abundant natural resources.
It means that Indonesia should become a promising investment destination and a destination for global talents.
Earlier this year, authorities in Indonesia unfolded plans to attract $101.5 billion of domestic and international direct investment by the end of 2024 to achieve the GDP growth target of 5.2 per cent.
In this regard, the Chief of the Immigration Agency, Silmy Karim, said his country issued about 300 golden visas since the testing process for this program began, attracting $123 million.
Silmy, back then, also added that the country’s authorities were attempting to find additional ways to grant special status to foreigners of Indonesian descent, which is similar to the Overseas Citizenship of India (OCI).