In a bid to attract wealthy foreign investors, authorities in Indonesia have launched the Golden Visa Program which permits them to stay legally in this country for a period of ten years.
Indonesia’s Residency by Investment Scheme, allows internationals to acquire residency in exchange for financial investment, through nine options that are available to them, VisaGuide.World reports.
The golden visa will ease foreigners’ investments and contributions in Indonesia as well as attract more quality travelers who will invest and be productive while staying.
Among the options that lead wealthy foreign nationals to residency are the following ones:
- Investing $2.5 million in the country for a five-year visa, or $5 million for a 10-year visa.
- Acquiring a five-year visa by investing at least $350,000 in a state-owned bank. Depositing $700,000 for a ten-year stay visa.
- Depositing $130,000 at a state-owned bank and buying an apartment worth at least $1 million.
Companies can acquire golden visas for directors and commissioners by investing $25 million for a five-year stay and $50 million for a ten-year stay.
Immigration Chief Silmy Karim said that Indonesia began testing the golden visa in August last year, granting residency permits to about 300 applicants and attracting a total of $123 million.
According to him, Indonesia’s goal is to issue a total of 1,000 golden visas before the end of this year.
He said the new visa will also bring opportunities for international companies that are currently 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.
Karim said that authorities are discussing new ways to grant special status to internationals of Indonesian descent, similar to the Overseas Citizenship of India, which permits internationals of Indian ancestry to live and work in India for an undefined period. According to Karim, this could be issued by October.
The Golden Visa Program Could Lead to a Decrease in Number of Digital Nomads
Local media reports revealed that OpenAI CEO, Samuel Altman, was the first to receive a golden visa issued by authorities in Indonesia. The country’s Immigration Authority granted him a ten-year global talent permit.
The new visas are expected to reduce the number of digital nomads and other long-stayers.
Concerns that the number of digital nomads in Indonesia could decrease come after the Association of Indonesian Tour and Travel Agencies said digital nomads and other international business owners are at risk of breaking the law through activities such as using tourist accommodations as formal offices or conducting business activities that are not in line with their issued permits.