Indonesia targets 1,000 foreigners via 'golden visa' program

By VNA January 29, 2024 | 03:24 pm PT

Tourists at a beach in Bali, Indonesia. Photo by AFP

The Indonesian government has set a target of attracting at least 1,000 investors through the “golden visa” program, part of an effort to attract high-quality talent and capital flows into this Southeast Asian country.

Immigration Director-General Silmy Karim said that his office is in the process of formulating supporting regulations to implement the golden visa policy, and many investors have expressed interests in applying for this type of visa.

The golden visa program allows investors to stay in Indonesia for 5-10 years, depending on the amount of their investment in the country.

Individual investors planning to establish a company in Indonesia with an investment of at least US$2.5 million are eligible for a five-year stay. This stay period is extended to ten years if the investment exceeds $5 million.

For corporate investments of $25 million, directors and commissioners are entitled to a five-year stay permit, while doubling the investment amount will secure a 10-year stay permit.

The golden visa privilege also applies to individual investors who contribute between $350,000 and 700,000 to a local firm, earning them a stay permit ranging from five to 10 years.

Previously, at a press conference in Jakarta in May 2023, Tourism and Creative Economy Minister Sandiaga Uno said the above-mentioned visa policy aims to attract more talents in the field of digitalisation, health, research and technology.

He affirmed that the policy will make Indonesia a centre for sustainable economic development in the region.