Indonesia Introduces Golden Visa Program: A Guide to Obtaining It in 2024

In a strategic move to boost its economy and attract foreign investment, Indonesia has launched its Golden Visa program. This initiative caters to foreign investors and skilled professionals, providing them the opportunity to reside in the country for either five or ten years, depending on their investment decisions. Here’s a detailed overview of the program, its requirements, benefits, and future plans.

Program Overview

The Golden Visa program aims to welcome foreign investors who are crucial for enhancing Indonesia's economic landscape. With the ability to secure residency for extended periods, the program positions Indonesia as an attractive destination for ambitious individuals looking to contribute to the local economy.

Investment Requirements

Individual Investors

Individual investors can obtain a five-year Golden Visa by establishing a company with a minimum investment of $2.5 million. For those seeking a ten-year visa, the investment requirement increases to $5 million.

Alternative Investments

Alternatively, individuals can also secure a five-year permit by investing $350,000 in Indonesian government bonds, public company stocks, or bank deposits. A ten-year permit requires a $700,000 investment under the same categories.

Corporate Investors

For corporate investors, the stakes are higher. Companies must invest $25 million to ensure five-year visas for their directors and commissioners. To secure a ten-year visa, a grand investment of $50 million is necessary.

Special Incentives

Recognizing the significance of its new capital city currently in development in Borneo, Indonesia has introduced reduced requirements for investments in this area: a $5 million investment secures a five-year visa, while a $10 million investment qualifies for a ten-year duration.

Benefits of the Golden Visa

The Golden Visa program is set to streamline foreign investments, facilitating contributions that are not only financial but also productive. It serves as an invitation for quality travelers who bring their expertise and resources, thereby enhancing the local business environment.

Moreover, the program opens doors to new markets and business opportunities, enabling foreign investors to establish companies and broaden their operational reach within Indonesia.

Global Context

Indonesia's Golden Visa program is part of a global trend wherein various countries have introduced similar investment visa schemes to entice foreign capital. However, some countries, including Canada and the UK, have downsized or discontinued such programs due to concerns regarding job creation and the potential for speculative investments.

Implementation and Results

Since the pilot phase of the Golden Visa program was initiated last year, nearly 300 applicants have successfully obtained golden visas, bringing in approximately $123 million in investments to the country. This program is also part of a larger initiative to enhance global mobility and strengthen connections among members of the Indonesian diaspora.

In addition, Indonesia is contemplating the introduction of special status for foreign nationals of Indonesian descent, resembling India’s Overseas Citizenship of India (OCI) program, potentially launching as soon as October.

Future Plans

As the Golden Visa program continues to evolve, Indonesian authorities are focused on creating an even more inviting atmosphere for foreign investors and professionals while catering to the needs of its expatriate community. The plans to extend special status for individuals of Indonesian descent reflect a commitment to enhancing cultural ties and economic connections.

Indonesia's Golden Visa program not only aims to attract foreign investment but also enriches its community by fostering a robust environment for skilled professionals and entrepreneurs to thrive.