Jakarta, Indonesia: President Joko Widodo announced Indonesia's new long-term visa scheme designed to draw foreign investors. This initiative offers a 10-year visa for investments up to US$10 million (S$13 million), granting access to Southeast Asia's largest economy.
The “Golden Visa” program requires individual investors to establish a company valued at US$2.5 million for a five-year visa, or US$5 million for a 10-year visa.
For individuals not planning to start a company, a five-year visa is available with an investment of $350,000, while a ten-year visa requires an investment of $700,000. These funds can be used to purchase Indonesian government bonds, public company stocks, or make deposits.
Corporate investors must invest US$25 million to secure five-year visas for directors and commissioners, and US$50 million for a 10-year visa.
Investments in the new US$32 billion capital city being built on Borneo island have different requirements. A US$5 million investment grants a five-year visa, and a US$10 million investment secures a 10-year visa, according to the immigration agency.
While several countries offer similar investment visa schemes, others, including Canada, Britain, and Singapore, have discontinued such programs, believing they do not generate jobs and may serve as a means to park speculative funds.
President Widodo, often referred to as Jokowi, announced that the purpose of the visa is to attract "high-quality travelers."
"We are introducing the golden visa to facilitate foreign nationals in investing and contributing to Indonesia," he explained.
Silmy Karim, chief of the immigration agency, reported that since the permits were piloted in 2023, nearly 300 applicants have been granted golden visas, bringing in US$123 million.
Karim also mentioned that authorities are exploring the possibility of granting special status to foreign nationals of Indonesian descent, similar to India's Overseas Citizenship of India (OCI) program. This status, allowing Indonesian descendants to visit, work, and live in Indonesia indefinitely, could be introduced by October.
