As part of efforts to attract internationals and boost the national economy, authorities in Indonesia have unfolded plans to introduce the Golden Visa Program.
Such a scheme that was previously announced by the country’s authorities has been confirmed through a statement published by the country’s Ministry of Law and Human Rights on Sunday, VisaGuide.World reports.
“The golden visa is granting a residence permit for an extended period of five to 10 years,” Director General of Immigration Silmy Karim pointed out.
While for the five-year visa, foreign investors are required to establish a company worth $2.5 million, for those who wish to hold a ten-year visa, the demand is $5 million.
As for persons who do not want to establish a company in Indonesia, different provisions apply. The requirement differs from $350,000 to $700,000 in funds that can be used to purchase Indonesian government bonds.
“Once they arrive in Indonesia, golden visa holders no longer need to apply for a permit. Because we are targeting quality investors, the requirements are more thorough,” Karim stressed.
Earlier this year, the Minister of Tourism and Creative Economy of Indonesia, Sandiaga Uno, confirmed that members of the national cabinet, together with President Joko Widodo, discussed a new visa facility that would permit “quality” internationals to remain for extended periods in Indonesia.
“We have just held discussions with The President and the Coordinating Minister on how we will issue a new policy to encourage quality tourists to stay longer and have a greater economic benefit to the people of Indonesia,” Sandiaga noted back then.
He emphasized that the Golden Visa targets high-net-worth individuals who have sufficient savings. Uno said that those targeted for the Residency by Investment Scheme, known as the Golden Visa Program, are also entrepreneurs engaged in fields such as technology, as well as those engaged in healthcare professionals seeking to live in Indonesia.
Those who benefit from the Golden Visa scheme will not be required to apply for a temporary stay permit at the immigration office, according to local media reports.
Sandiaga also considered that the Golden Visa Program is a great opportunity for foreign tourists.
Authorities in Indonesia are attempting to boost the country’s economy, especially after the damages caused by COVID-related restrictions.
In addition to the Golden Visa Program, Minister Uno previously said that the country plans to help the further growth of the economic sector by welcoming 10 million international visitors this year, thus exceeding the target of 8.5 million.