Indonesia announces 10-year visa policy for foreigners

Silmy Karim, head of the agency, claimed that the policy will benefit the country as visas will be granted selectively.

Companies applying for this visa must invest at least US$50 million in Indonesia, while individuals are required to invest a minimum of $350,000 in government bonds.

Silmy said it is also one of the government’s measures to screen qualified foreign tourists. The "golden visa" is valid for 5-10 years and allows its holder to conduct business and other activities in Indonesia.

Indonesian Tourism and Creative Economy Minister Sandiaga Uno expressed his hope that the "golden visa" will help attract more foreign investment in many fields and make Indonesia a center of sustainable economic growth.

Based on the definition of the Organization for Economic Co-operation and Development (OECD), the golden visa refers to a residence permit scheme through investment, or residency by investment.

This policy is implemented by a country through the mechanism of granting residence permits or citizenship to foreign citizens through investment or paying a certain fee.

Foreigners with golden visa will enjoy exclusive benefits that are not received by visa holders in general, such as easier and faster procedures and requirements for visa applications and immigration matters, mobility with multiple entries, longer stay periods, the right to own assets within the country, and included in the fast-track to apply for citizenship.