The President of the Republic of Indonesia, Joko Widodo, launched the Golden Visa at The Ritz-Carlton Mega Kuningan, South Jakarta, Thursday, 25 July 2024. In his speech, the President said that the Golden Visa will encourage foreign nationals (FNs) to invest and work in Indonesia, bringing a multiplier effect to the Indonesian economy.
“Currently, there are not many countries that have good economic growth, maintained political stability, have a demographic bonus, and are rich in natural resources. This means that Indonesia is a promising investment destination and a global talent destination for jobs. This will have a significant impact on the country, including capital gains, employment opportunities, technology transfer, and improved quality of human resources. Therefore, today we are launching the Golden Visa service to help foreigners invest and work in our country, Indonesia. As of today, I asked the Director General of Immigration and he told me that there are already 300 applicants for the Golden Visa. I’m surprised. That’s a lot,” said President Joko Widodo.
The Golden Visa is therefore a privilege given to quality travelers and will attract more such individuals who are looking to invest and increase their productivity during their stay in Indonesia. President Joko Widodo stressed that through the principle of selective policy, the Government will ensure that only individuals with high potential contributions can obtain the Golden Visa service, making it a special opportunity.
Echoing this, Yasonna H. Laoly, Minister of Law and Human Rights of the Republic of Indonesia, said the Golden Visa is an adaptive and responsive policy of the Ministry of Law and Human Rights through the Directorate General of Immigration, and demonstrates one of the functions of immigration as a promoter of community welfare development.
“Indonesia offers a wide range of opportunities for world celebrities, international investors, global talents, and the Indonesian diaspora to come and contribute and participate in the construction of Indonesia. The implementation of this policy will bring new optimism to business people and investors, giving them peace of mind and certainty in investing in Indonesia,” said the Minister of Law and Human Rights, providing reassurance and confidence to the audience.
On this occasion, President Joko Widodo symbolically handed over a golden visa to Shin Tae-yong, the South Korean coach of the Indonesian national football team.
Immigration Director-General Sirmi Karim explained that Golden Visa holders can enjoy several special benefits from this type of visa, including extended stay (up to 10 years), priority entry service lanes at international airports, and efficiency by not having to apply for a Limited Stay Permit (ITAS) at the Immigration Bureau. The types of Golden Visa include Individual Investors, Corporate Investors, Former Indonesian Citizens, Descendants of Former Indonesian Citizens, Second Homes, Global Talent, and Global Celebrities.
All Golden Visa applicants are required to make a direct investment in Indonesia. The form of investment will be determined based on the Golden Visa applicant’s profile as detailed by the Director General of Immigration. This may include setting up a new company, purchasing capital market investment products or real estate, or depositing a certain amount of funds in a state bank account.
“As of today, the investment value we have received from Golden Visa is 2 trillion rupiah,” Silmy said.
Silmi said each applicant’s qualifications to apply for a Golden Visa are different. To stay in Indonesia for five years, individual foreign investors who set up a company in Indonesia need to invest US$2.5 million (about Rp40 billion). For a 10-year stay, the required investment is US$5 million (about Rp81 billion).
Meanwhile, for a director, committee member or representative of a parent company who is establishing a company in Indonesia and applying for a Golden Visa for a 5-year stay, the investment is US$25,000,000, or approximately IDR 406 billion. To be able to stay for 10 years, the investment is US$50,000,000, or approximately IDR 813 billion.
Different regulations apply to individual foreign investors who do not intend to set up a company in Indonesia. For a 5-year Golden Visa, applicants are required to deposit funds of US$350,000 (approximately Rp 5.6 billion). This funds can be used to purchase Indonesian government bonds, public company shares, or savings/deposits. For a 10-year Golden Visa, the funds to be deposited are US$700,000 (approximately Rp 11.3 billion).
“The Golden Visa will be implemented through a digital system through evisa.imigrasi.go.id, which we strive to make as easy as possible. We have partnered to integrate the Directorate General of Immigration’s e-visa portal with banking services, allowing Golden Visa applicants to deposit their immigration deposit online from their home country. With such fast and easy public services, we hope that Indonesia will become an increasingly developed country,” concluded the Directorate General of Immigration, making the audience feel that the process was easy and reassuring.
