This Asian country is launching Golden Visa for 10 years and it's not China

BALI - In a bid to attract quality talent and foster economic growth, Indonesia has announced to launch Golden Visa soon, following the policy adopted by many other countries in the past.  

Minister of Tourism and Creative Economy, Sandiaga Uno, has unveiled the implementation of the "Golden Visa" policy aiming to attract foreign citizens with expertise in digitalization, health, research, and technology.

During a meeting at the Jakarta Presidential Palace on Monday, Minister Sandiaga Uno emphasized that the policy is not only intended to boost investment but also create employment opportunities.

The much sought-after "Golden Visa" grants residence permits or citizenship to foreigners through investment or the payment of a specified fee and permits exclusive benefits that regular visa holders do not typically receive. These benefits include streamlined and expedited visa application and immigration procedures, multiple entries with extended stay periods, the right to own assets within the country, and a fast-track path to citizenship.

The introduction of the "Golden Visa" scheme by Indonesia is expected to attract increased foreign investment across various sectors but as far as the timeline is concerned, Sandiaga Uno emphasized that the policy will be launched in the near future.

The minister highlighted that the "Golden Visa" will have a validity period of five to ten years, and it is anticipated to be a game changer that brings in more tourists, including digital nomads and entrepreneurs looking to invest in the country.

Minister Sandiaga explained that the government was diligently working on the legal framework for this policy and the Ministry of Justice and Human Rights will soon announce the accompanying regulations and legal provisions for the said visa category. 

The Golden Visa is famous amongst wealthy billionaires across the world who wish to stay in other countries without any strict border control regulations.

At present, several European countries offer a Golden Visa scheme for wealthy citizens from other countries but the European Union has been advocating against this program, saying it allows criminals to find refuge in countries under the garb of investment.  

Recently, Portugal announced to termination of its Golden Visa program becoming the second country after Ireland to do away with the visa scheme despite the fact that Portugal saw a total of 41.9 percent increase in investments through this program last year.

As far as Portugal is concerned, some say the scheme was ended due to a surge in the prices of real estate and housing rents which made it difficult for locals to secure any place. Portugal is now envisioning a mechanism to regulate rent increases and will offer tax incentives to landlords who convert tourism properties into houses for locals to rent.