TEMPO.CO, Jakarta - The Indonesian government is planning to issue a new visa dubbed the ‘golden visa’ for those who invest in the country. The visa allows the holders to have a longer stay period compared to other types of visas, says Investment Minister Bahlil Lahadalia.

"Golden visas are not only entitled for investors but also for people with special expertise, retirees who have high incomes," he said at the Presidential Palace Complex on Wednesday, May 31.

A golden visa, according to Euronews, is a residence through an investment scheme that allows individuals to obtain a residence permit in a country by buying property, making investments, or making large donations.

This scheme offers opportunities for applicants who meet the requirements, such as being over 18 years old, having no criminal record, and having sufficient funds to make the necessary investments.

This slightly differs from the golden passport program, officially known as the citizenship through investment program, which allows foreign nationals to acquire citizenship using the same method.

The golden visa scheme provides access to its holders to enjoy a multitude of benefits as residents of countries within the European Union, including the freedom to move between countries.

However, in 2022, the European Commission issued a call to EU country governments to stop offering citizenship to investors. After the war in Ukraine, there were concerns that this scheme could become a security risk for EU countries.

Such a call was not only linked to golden visas offering permanent residency but also aims to tackle the multi-billion euro golden visa industry.

While the golden visa scheme provides investment opportunities and economic contributions, policies need to be introduced that ensure the scheme will not be abused or misused for inappropriate purposes, such as money laundering or tax evasion.

HAN REVANDA PUTRA

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