Indonesia launches ‘Golden Visa’ program to attract investors

Indonesia has launched a “golden visa” program that will allow investors and highly skilled professionals to stay in the country for five or 10 years, President Joko Widodo announced.

Thus, an individual investor can invest $2.5 million in the Southeast Asian country on a five-year visa and $5 million on a 10-year visa.

Meanwhile, tourists can get a five-year visa by depositing $350,000 in a state-run bank, while a 10-year stay requires a $700,000 deposit.

Meanwhile, companies can obtain golden visas for directors and committee members by committing to investing $25 million for a five-year stay or $50 million for a 10-year stay.

Investors in the new capital on the island of Borneo will receive a five-year visa for investments worth $5 million, and a 10-year visa for investments worth $10 million.

President Joko Widodo said the visa aims to attract quality visitors and allow foreigners to contribute more to the Indonesian economy.

Indonesia’s immigration director-general Silmi Karim said Indonesia began trialing the golden visa in August last year and has issued permits to about 300 applicants, raising revenue of $123 million.

The Indonesian government is also considering a special status for foreigners of Indonesian origin, which is expected to be finalized in October.