Foreign nationals wishing to acquire residency in Indonesia through the Golden Visa Program will be eligible to do so shortly after the country’s Coordinating Minister for Maritime and Investment Affairs, Luhut Binsar Pandjaiton, said that the scheme will become effective within one or two weeks.
In addition, Luhut emphasized that his ministry held discussions with President Joko Widodo and several ministers regarding this scheme, VisaGuide.World reports.
“I think maybe this can be finished in 1-2 weeks. I’d say one week,” he pointed out at the State Palace in Central Jakarta.
The Golden Visa scheme allows wealthy foreign nationals to reside in Indonesia legally, provided they meet specific conditions, such as making a financial investment in this country and meeting the needed requirements.
Authorities in Indonesia unfolded plans for the introduction of Residency by Investment Schemes earlier this year in order to attract a larger number of wealthy foreign nationals and thus help the further growth of the country’s economy.
According to the Director General of Immigration, Silmy Karim, this policy would later benefit the Indonesian government after, in addition to granting visas which are very selective, companies planning to obtain a Golden Visa are required to make a real investment of at least US$50 million dollars, while investments in government bonds US$350,000 million dollars.
“They have to make a real investment, not just on paper, not just a notary’s deed. We will monitor the amount and also the activities,” Silmy pointed out.
All those who benefit from this kind of visa are eligible to get a multi-entry visa valid for ten years.
“Many countries have had success with issuing Golden Visas, such as the UAE, Singapore, then several European countries, and the United States. Indonesia needs to implement this policy,” Silmy noted.
Earlier this year, authorities in Indonesia announced that they plan to introduce the Golden Visa Program for all wealthy foreign nationals interested in living in this country.
The decision was announced by Minister for Tourism and Creative Economy Sandiaga Uno while details regarding issues were still being discussed.
Uno expressed his hopes that the scheme would significantly contribute to Indonesia’s economic sector, stressing that it would help attract a larger number of talents from other countries engaged in different fields, including health and technology.
Authorities in Indonesia have tightened efforts to help further increase the country’s economic sector, thus recovering from the notable damages caused by the spread of the Coronavirus and its new variants.