President Joko Widodo, known as Jokowi, has announced the introduction of the Indonesian Golden Visa. The government aims for this visa to facilitate foreign nationals (WNA) in investing and working in Indonesia.
Selective Issuance for High-Quality Travelers
Jokowi stressed that the Golden Visa should be granted exclusively to high-quality travelers, requiring a highly selective process. During an event at the Ritz Carlton Hotel in Kuningan, the President symbolically awarded the Golden Visa to Shin Tae-yong, the coach of the Indonesian national football team.
Jokowi expressed his hope that the Golden Visa would be promoted quickly to attract top investors and global talents. He also highlighted the importance of carefully assessing their contributions to prevent the approval of individuals who might pose a threat to national security or fail to provide national benefits.
Also read: Indonesia Travel Visa: Step-by-Step Application Guide
Legal Framework and Benefits
The Golden Visa policy was enacted on August 30, 2023, based on the Minister of Law and Human Rights Regulation (Permenkumham) No. 22 of 2023 concerning Visas and Residence Permits, as well as the Minister of Finance Regulation No. 82 of 2023.
This visa offers a residence permit valid for between five and ten years. Holders of the Golden Visa are entitled to several exclusive benefits, including extended stay periods, simplified entry and exit procedures from Indonesia, and streamlined processing as they are exempt from managing a Limited Stay Permit at the immigration office.
Also read: Understanding Indonesia ITAS for Foreigners
Targeted Beneficiaries
The Golden Visa is intended for high-quality foreigners who are expected to contribute to the economic development of the country, encompassing both corporate and individual investors.
Investment Requirements for Individual Investors
For individual foreign investors intending to establish a company in Indonesia, an investment of USD 2,500,000 (approximately IDR 38 billion) is required for a five-year stay. For a ten-year stay, the investment amount must be USD 5,000,000 (approximately IDR 76 billion).
Investment Requirements for Corporate Investors
Corporate investors who form a company in Indonesia and invest USD 25,000,000 (approximately IDR 380 billion) will receive a Golden Visa granting a five-year stay for their directors and commissioners. For an investment of USD 50,000,000, a ten-year stay is provided.
Also read: Understanding ITAS Investor in Indonesia
Criteria for Non-Corporate Individual Investors
Different criteria apply to individual foreign investors who do not plan to establish a company in Indonesia. For a five-year Golden Visa, applicants are required to place funds of USD 350,000 (approximately IDR 5.3 billion), which can be used to purchase Indonesian government bonds, shares of public companies, or be deposited in savings. For a ten-year Golden Visa, the required investment is USD 700,000 (approximately IDR 10.6 billion).
For those considering applying for the Golden Visa, the process can be intricate and detailed. To streamline your application and ensure a smooth process, you may wish to consult with experts. Devisa Global Services offers comprehensive visa and residency services. Our expertise can help you navigate the requirements and maximize your investment potential in Indonesia. Contact us for more info!