Indonesia launches Golden Visa to lure foreign investors

Indonesia has launched a long-term visa scheme designed to attract foreign investors. The initiative offers visas of up to 10 years to investors, aiming to draw significant investments into Southeast Asia's largest economy.

The new "Golden Visa" scheme offers two main options for investors: a five-year visa and a ten-year visa. To obtain a five-year visa, individual investors must establish a company worth at least $2.5 million. For a ten-year visa, the requirement is a $5 million investment. For those not interested in setting up a company, individuals can obtain a five-year permit by investing $350,000 or a ten-year permit with a $700,000 investment. These funds can be directed towards Indonesian government bonds, public company stocks, or placed as deposits.

Corporate investors have different criteria. Companies must invest $25 million to secure five-year visas for their directors and commissioners. To obtain ten-year visas, a $50 million investment is required. If investments are made in Indonesia's new $32 billion capital city, which is currently under construction in Borneo's jungles, the requirements are reduced to $5 million for a five-year visa and $10 million for a ten-year visa.


While similar investment visa schemes are available in several countries, others, like Canada, Britain, and Singapore, have recently discontinued these programs. They concluded that such visas do not effectively create jobs and may be used for speculative purposes.

President Joko Widodo, often referred to as Jokowi, emphasized that the visa is aimed at attracting "good quality travellers." "We're launching the golden visa to make it easier for foreign nationals to invest and contribute in Indonesia," he stated.

Silmy Karim, the head of Indonesia's immigration agency, told Reuters that since the trial phase began last year, the country has granted golden visas to nearly 300 applicants, bringing in $123 million in investments. Additionally, Karim revealed that Indonesian authorities are considering granting a special status for foreign nationals of Indonesian descent. This initiative would be modeled after India's Overseas Citizenship of India (OCI) program, which permits individuals of Indian ancestry to live, work, and travel in India indefinitely. The special status could be available as soon as October.

The plan to offer a special status for foreign nationals of Indonesian descent responds to increasing calls for Indonesia to allow its citizens to hold dual passports, thus enhancing their global mobility and connection to their ancestral homeland.