Indonesia introduces golden visa to draw foreign investors

INDONESIA will issue so-called golden visas allowing foreigners who make substantial investments to remain for between five and 10 years, in an effort to boost the country’s economic development.

An individual who invests funds worth US$350,000 into shares of public companies, savings or deposit accounts or government bonds is eligible for a five-year stay, or US$700,000 for 10 years, according to a press release Saturday (Sep 2) citing Indonesia Director General of Immigration Silmy Karim.

A five-year visa would also be permitted for an individual setting up a company with at least US$2.5 million invested, or for a 10 year stay, US$5 million. Directors and commissioners of firms being established in the country are eligible for five year visas if their companies invest US$25 million, or US$50 million for 10 years, the release shows.

“Because we are targeting quality investors, the requirements are more thorough,” Karim said. Golden visa holders are expected to enjoy exclusive benefits from the visa, including not needing to apply for a temporary stay permit at the immigration office, according to the release.

Last year, the South-east Asian nation rolled out a second home visa for wealthy tourists with at least two billion rupiah (S$177,757) in their bank account. BLOOMBERG