Indonesia’s Director General of Immigration, Silmy Karim, has confirmed the much-anticipated details of the new Golden Visa policy.
The new visa category will allow investors, high-wealth individuals, and those wishing to start businesses in Bali and around the country to stay for 5-10 years.
Speaking from Jakarta, Director General Silmy Karim outlined the finer details of the new visa category.
The Golden Visa is intended to attract more highly qualified and high-wealth individuals to Indonesia to boost the country’s economic development.
In his statement, Director General Karim said, “The golden visa is a visa that 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.”
There are a series of different application requirements and minimum investment costs for investors, corporations, and individuals.
In order 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.
Corporate investors who want to form a company in Indonesia via the Golden Visa category must invest USD 25 million (IDR 380 billion) and will receive a 5-year gold visa for directors and commissioners.
An investment of USD 50 million will be required for a 10-year visa in the cooperate investor category.
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A foreign investor who does not wish to set up a company in Indonesia via the Golden Visa policy will still be able to make 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.
For a 10-year visa, a deposit of funds worth USD 700,000 (IDR 10.6 billion) is required.
Director General Karim continued, “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.”
He added that the Golden Visa program has been mandated by President Joko Widodo for completion within six months.
The Immigration Director confirmed that over the last six months, he and his teams have been reviewing and formulating the relevant policy changes for the golden visa.
Golden Visa holders will be entitled to a series of exclusive benefits, including the long stay periods and ease of entering and exiting Indonesia, and he confirmed golden visa holders will not need to apply for ITAS upon arriving in the country.
Director General Karim said, “Once they arrive in Indonesia, they (golden visa holders) no longer need to apply for a limited stay permit (ITAS) at the immigration office.”
During the press conference, he compared the new Indonesian Golden Visa policy to similar residency-by-investment style policies elsewhere in the world.
Karim said, “Countries that have implemented the golden visa policy have felt the positive impact. Denmark, for example, has succeeded in becoming one of the leading countries in innovation. Then the United Arab Emirates became a favorite destination for foreign investors.”
Similar policies are already in place in the USA, Canada, Ireland, Germany, New Zealand, Italy and Spain.
Many nations in the Caribbean have also created Golden Visa policies that have encouraged huge investment into the islands and garnered financial support for government-run national development programs.
The Golden Visa is technically a business visa category; it remains the case that the most appropriate visa for most tourists heading to Bali is the visa on arrival.
Indonesia’s visa on arrival is valid for 30 days and can be extended while in the country for an additional 30 days.
The visa costs IDR 500,000, which can be paid for on arrival at I Gusti Ngurah Rai International Airport in Bali (or any other international airport in Indonesia) or can be applied for online up to 48 hours before arrival.
The visa on arrival is available for passport holders from 96 countries, including Australia, New Zealand, the USA, and most European countries too.
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Shorty
Wednesday 6th of September 2023
Absolutely no advantage or benefit over existing provisions for people who want to live, retire or do business here. Quite the opposite. A prime example of the old joke.... A camel is a horse designed by a committee.
Firechef
Wednesday 6th of September 2023
In other words...my $750.000 is sitting in a bank not making interest for me, but for the Indonesian government? Dream on! Been burned once already, literally, not going to happen again. I'll just keep doing my yearly kitas since I'm married to a Indonesian and take that money and have my wife invest in a business. I'm allowed to be an unpaid Advisor which works fine with me since I'm retired anyway.
Randy
Thursday 7th of September 2023
@Firechef, does she know that you complain too much on here?? Hahaha
BaliDuck
Wednesday 6th of September 2023
Imagine being that dumb.
Who will even consider this garbage visa?
Wayan Bo
Wednesday 6th of September 2023
Millions of Rp and US $ aren’t the same, if in Rp than it is OK.
Wayan Bo
Tuesday 5th of September 2023
It’s not true that something like this exists in civilized countries, especially not in EU (only golden visa credit card exists worldwide 🤣). - It seems that Indonesia becomes more and more closed country. - Anyway, Republic of Turkeys yearly inflation rate is around 60%, now only from August 2023 to September 2023 there is inflation of 9%.
Edward Jones
Wednesday 6th of September 2023
@Wayan Bo,
Did your mother and father evert tell you be quiet?