The soon-to-be-launched Golden Visa program is aimed at affluent individuals seeking to make substantial financial investments within Indonesia.
Indonesia is actively working on substantial reforms to its immigration policies to attract foreign investment and international business expertise.
Bali, the nation’s premier tourist destination, is already a hotspot for entrepreneurs and digital nomads. The “golden visa” will be available to a limited number of individuals by year-end, as confirmed by official announcements from government ministers.
Sandiaga Uno, the Minister for Tourism and Creative Economies, revealed after a recent press conference that the controversial “golden visa” will be put into effect before the end of the year.
The Golden Visa policy, which exempts foreign companies or individuals making significant investments from visa requirements, is expected to be finalised within one to two weeks, according to Coordinating Minister for Maritime and Investment Affairs Luhut Binsar Pandjaitan.
Companies seeking the Golden Visa may need to invest at least US$50 million (Rp767 billion) in the real economy, while individuals can invest at least US$350,000 (Rp5.3 billion) in government bonds.
Initial predictions pointed to the availability of the residency-by-investment visa by June 2023 when the new visa category was first introduced. However, the launch has been delayed due to administrative adjustments.
Uno expressed the desire to ensure that the Golden Visa entices foreign tourists to invest and extend their stay in Indonesia. The aim is to achieve certainty regarding the launch before the end of the third quarter.
Efforts are being made by the Department of Immigration to establish foolproof regulations for the Golden Visa.
The new visa policy, unveiled in May 2023, aims to attract global talent to sectors like technology, digital, health, and research, according to Minister Uno.
The visa will be offered with both five-year and ten-year validity periods, accompanied by several unique benefits not available under other visa categories, such as expedited application processes and increased global mobility.
The ability to own property and stay for extended periods, along with the potential for a fast-track citizenship application process, make the Golden Visa an enticing proposition, even though its official cost remains undisclosed.
This development arrives amidst concerns expressed by Indonesian officials about the future of Bali’s tourism industry.
High-net-worth individuals keen on making substantial financial investments in the nation constitute the prime audience for both the Golden Visa and the Second Home Visa.