When the Directorate General of Immigration announced the launch of the new Golden Visa policy back in 2024, there were high hopes that the new residency permit would make it easier for digital nomads to immigrate to the country. However, the latest figures show that very few foreigners have even made an application from Bali.
According to the Head of Denpasar Immigration Office, Ridha Sah Putra, just four foreigners have applied for the Golden Visa in Bali in the property and hospitality sector. The four foreigners are from Russia and Hong Kong and their applications are currently under review by the Directorate General of Immigration in Jakarta.
Putra told reporters, “The Golden Visa application process is done online through the Molina application. After verification and approval, the Golden Visa residence permit will be issued.”
He added, “This program is expected to not only provide investment opportunities but also support the economic and social development of the local community.”
Since the policy launched in 2024 a total of 471 Golden Visas have been issued nationwide. However, just four applications have been made for foreigners investing and developing businesses in Bali’s property and hospitality sector.
There had been subtly suggested hopes, from immigration and tourism leaders, that the Golden Visa would result in an upsurge in investment in these sectors in Bali specifically.
The Golden Visa policy has so far generated IDR 9 trillion, or USD 550,000. Putra concluded, “We are optimistic that Bali can become the main destination for foreign investors who want to take advantage of this Golden Visa program.”
The Golden Visa was officially launched by President Joko Widodo on 25th July 2024 and it was one of the last big immigration policies to be brought into effect during his time in office.
The policy is a form of residency-by-investment visa, and foreign investors, global talent figures, and corporate investors of former Indonesian citizens can invest a minimum of USD 350,000 in return for a 5 to 10-year residency visa.
The Golden Visa can be applied for on the basis of an individual investor setting up a company in Indonesia, an individual investor purchasing Indonesian government bonds or company stocks, on the basis of a corporate investor establishing a branch or subsidiary in Indonesia, or as a representative of an overseas company.
Those applying on the grounds of global talent can be processed via an invitation from the Indonesian government or by securing a collaboration with the Indonesian government.
The first Golden Visa, for example, was granted on the grounds of global talent. The visa was awarded to the coach of the Indonesian national football team, South Korean-born Shin Tae-Yong. Speaking at the launch ceremony, Widodo told reporters, “We hope to provide as many national benefits as possible.”
“Don’t let people enter who are not useful to our country…But remember, the Golden Visa is only for good quality travelers, so it must be really selective and really see its contribution. Do not let people endanger the security of the country, people who do not provide national benefits.”
However, just as Bali is calling for more investment in the tourism and property sector, local community groups are calling for more accountability and transparency to help protect the livelihoods and landscape for local people, the environment and in turn the tourism sector.
Online community journalism group Uluwatu Community have published an overview of the biggest development projects happening on the Bukit Peninsula at the moment.
The group’s questions to international investors are simple: “How will you tackle water scarcity, waste management, and general infrastructure problems? We are eager to hear.”
As Indonesia looks to attract more global talent, and more international investment, and just as Bali calls in more investment though the Golden Visa policy for development of property and hospitality sectors, it is clear that many feel more needs to be done to strike a fair and sustainable balance between development and destruction on the world’s most popular vacation island.
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