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.
KARACHI – The Pakistani rupee on Tuesday continued its ascent, trading at less than Rs290 against the US dollar in the morning interbank market, primarily due to stringent measures in the financial sector.
The US dollar was valued at Rs289.78 around 9:48 am, as reported by the Forex Association of Pakistan, marking a decrease of Rs1.18 from the previous day’s closing rate of Rs290.86.
This ongoing rise in the value of the rupee follows the crackdown on illegal dollar trading initiated earlier this month, with strong support from the military.
In the open market, the rupee also made gains against the dollar, trading at Rs292 compared to the previous day’s rate of Rs293, according to the Exchange Companies Association of Pakistan.
Saad Bin Naseer, the director of the financial services platform Mettis Global, noted that this marked the 16th consecutive day of appreciation for the PKR, amounting to nearly a 6% increase.
Naseer attributed this surge primarily to administrative measures, stating that it seems the government’s crackdown on speculative elements contributing to rupee depreciation is having an effect.
He also suggested that if this trend persists and the Afghan border remains closed, the rupee could continue to appreciate in the future. However, he emphasized the importance of attracting foreign direct investment (FDI) into export-oriented sectors for long-term stability.
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 210,100 on Tuesday. The price of 10 grams of 24k gold was recorded at Rs180,130.
Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
|Lahore||PKR 210,100||PKR 2,587|
|Karachi||PKR 210,100||PKR 2,587|
|Islamabad||PKR 210,100||PKR 2,587|
|Peshawar||PKR 210,100||PKR 2,587|
|Quetta||PKR 210,100||PKR 2,587|
|Sialkot||PKR 210,100||PKR 2,587|
|Attock||PKR 210,100||PKR 2,587|
|Gujranwala||PKR 210,100||PKR 2,587|
|Jehlum||PKR 210,100||PKR 2,587|
|Multan||PKR 210,100||PKR 2,587|
|Bahawalpur||PKR 210,100||PKR 2,587|
|Gujrat||PKR 210,100||PKR 2,587|
|Nawabshah||PKR 210,100||PKR 2,587|
|Chakwal||PKR 210,100||PKR 2,587|
|Hyderabad||PKR 210,100||PKR 2,587|
|Nowshehra||PKR 210,100||PKR 2,587|
|Sargodha||PKR 210,100||PKR 2,587|
|Faisalabad||PKR 210,100||PKR 2,587|
|Mirpur||PKR 210,100||PKR 2,587|