Indonesia is launching Golden Visa and here are the official details

JAKARTA – Weeks after the country announced to launch much sought-after Golden Visa, Jakarta has now unveiled the official details about the visa.

Indonesia’s Director General of Immigration, Silmy Karim, has announced the details of the visas which will allow investors, high-wealth individuals, and those wishing to establish businesses in Bali and around the country to stay for 5 to 10 years in the country.

Karim said the golden visa is given as a basis for granting a residence permit for a period of 5 to 10 years in order to support the national economy.

As per the official details, there are a series of different application requirements and minimum investment costs for investors, corporations, and individuals and one can choose based on own preference.

To apply for a one-year Golden Visa, applicants applying as foreign individual investors must invest USD 2.5 million (IDR 38 billion), or USD 5 million (IDR 76 billion) for a 10-year visa. 

Meanwhile, corporate investors who want to establish a company in the country via the Golden Visa must invest USD 25 million (IDR 380 billion) after which they will receive a 5-year gold visa for directors and commissioners.

On the other hand, for a 10-year visa in the cooperate investor category, an investment of USD 50 million will be required. 

The authorities have announced that a foreign investor who does not wish to establish a company in Indonesia via the Golden Visa will still be able to submit an application.

On an individual basis, the visa requires the applicant to place funds worth USD 350,000 (IDRR 5.3 billion) into Indonesian government bonds and public company shares or place them in an Indonesian savings account for a five-year visa.

On the other hand, to secure the 10-year visa, a deposit of funds worth USD 700,000 (IDR 10.6 billion) is needed. 

“Because we are targeting quality passers-by, the conditions are more weighty. The longer you stay in Indonesia, the higher the guarantee value, especially for investment activities, which can reach around IDR 760 billion,” Director General Karim said.

The official highlighted that the Golden Visa program has been mandated by President Joko Widodo for completion within six months, the Balisun reported.

The official confirmed that over the last six months, relevant policy has been formed and reviewed for the golden visa. 

As far as the perks are concerned, Golden Visa holders will be entitled to a series of benefits, including ease of entering and exiting Indonesia.

The official also confirmed that golden visa holders will not need to apply for ITAS (Indonesian Limited Stay Permit) upon arriving in the country.