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Indonesia officially introduces the Golden Visa

Indonesia officially introduces the Golden Visa

The Indonesian Golden Visa program stands out as a beacon of opportunity. It becomes the country’s answer to reshape in response to economic shifts and technological advancements as the world continues.

The new visa program opens doors to investors and expatriates alike. The program invites them to explore the countless benefits and opportunities that await Indonesia’s dynamic business landscape. Within this guide, you’ll delve into the intricacies of this new visa program.

Indonesia releases Golden Visa for foreign investors

Indonesia has just introduced a Golden Visa program. The program is designed for high-quality foreign individuals to invest in the country’s developing economy. Therefore, it is open to corporate and individual investors.

The foundation of this program lies in two important government regulations: the Ministry of Law and Human Rights (Permenkumham), Number 22 of 2023, and the Ministry of Finance, Number 82 of 2023. These regulations officially came into effect on August 30, 2023.

This new visa program allows foreign citizens to live in Indonesia by making substantial investments. While investment is a crucial factor, it’s not the only requirement. Applicants may also need to make a specific monetary payment as part of the application process.

This program aims to attract individuals who can contribute to Indonesia’s growth and development.

Read more: How to apply for an Indonesian tourist visa

Golden Visa in other countries

Indonesia is joining the ranks of several countries by introducing the Golden Visa program. This policy has already been implemented in numerous developed nations, including the United States, Canada, the United Arab Emirates, Ireland, Germany, New Zealand, Italy, and Spain.

Adopting this new visa policy has yielded positive outcomes in these countries. For instance, Denmark has witnessed remarkable advancements in innovation, while the United Arab Emirates has emerged as a favored destination for foreign investors.

The promising effects

In 2018, Transparency International embarked on a comprehensive study to examine the impact of Golden Visa programs within the European Union member states.

From 2008 to 2018, the European Union successfully drew an impressive sum of approximately EUR 25 billion (equivalent to IDR 407 trillion) in Foreign Direct Investment (FDI), all of which was attributed to the strategic implementation and allure of the programs across its member nations.

This substantial influx of investment capital played a pivotal role in bolstering the economic landscapes of these countries, creating opportunities, fostering growth, and showcasing the significance of such programs on an international scale.

The benefits of the Indonesian Golden Visa

Indonesia officially introduced the Golden Visa

The Golden Visa program in Indonesia introduces a significant change in immigration regulations. It offers residency permits lasting 5 to 10 years, a departure from the previous rules that did not include 10-year residency visas.

Golden Visa holders can look forward to exclusive benefits, such as:

  • Extended stay durations,
  • Simplified entry and exit processes,
  • Increased efficiency and eliminated the need for ITAS (Temporary Stay Permit) applications at immigration offices.

In addition to investor-based Golden Visas, other categories are available, including one designed for internationally recognized individuals capable of contributing to Indonesia’s growth. Under this category, eligible foreign nationals are proposed and recommended by a national-level government institution to obtain this visa.

A notable recipient of the new visa program is Samuel Altman, the Chief Executive Officer (CEO) of OpenAI, who became the first foreign national to receive this honor in Indonesia following its enactment in late August.

Altman received the visa under the “World Figures” sub-category, entitling him to a 10-year residency.

The requirements for the Golden Visa application

The application requirements change depending on the advantages it gives you, such as:

Starting your own company in Indonesia

  • If you invest a minimum of USD 2.5 million, you are eligible for the 5-year Golden Visa.
  • If you invest USD 5 million or more, you qualify for the 10-year Golden Visa.

Directors or commissioners of a large-sized company who want to live in Indonesia

  • If the company invests a minimum of USD 25 million, you are eligible for the 5-year Golden Visa.
  • If the company invests USD 50 million or more, you qualify for the 10-year Golden Visa.

Individual foreign investors who do not intend to establish a company in Indonesia

  • If you allocate funds worth USD 350,000, you are eligible for the 5-year Golden Visa.
  • If you allocate funds worth USD 700,000 or more, you qualify for the 10-year Golden Visa.

These funds can be utilized to purchase Indonesian government bonds and publicly listed company shares or placed in savings or deposits.

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How to obtain an Indonesian Golden Visa

The Golden Visa reflects Indonesia’s dedication to attracting investments for economic growth. Indonesia presents exciting business opportunities with abundant resources, a thriving digital market, and stunning tourist spots.

If you’re interested in this new visa program, our consultants can assist you through the application process. InCorp Indonesia also provides other visa services like Investor KITAS and Business Visas to make your business in Indonesia smoother. Contact our consultants by clicking the button below.

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    Pandu Biasramadhan

    Senior Consulting Manager at InCorp Indonesia

    An expert for more than 10 years, Pandu Biasramadhan, has an extensive background in providing top-quality and comprehensive business solutions for enterprises in Indonesia and managing regional partnership channels across Southeast Asia.

Frequently Asked Questions

    Yes. KITAS/ITAS is extendable for up to five years.

    Limited liability company with 100% local/domestic direct investment

    It all depends on your business’s purpose and nature. Our consultants will help you to clear out the matters.

    No, a business visa can only be used for non-income-generating business purposes, such as attending business meetings, seminars, exhibitions, or training. To work in Indonesia, you must apply for a proper work permit and a limited (KITAS) or permanent (KITAP) stay permit.

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