TEMPO.CO, Jakarta - President Joko "Jokowi" Widodo today, July 25, officially launched the Indonesian Golden Visa, a new visa program aimed at attracting foreign investment and skilled foreign workers to the country.

He emphasized the selective nature of the visa, stating that only high-quality individuals will be eligible. As a symbolic gesture, he bestowed a Golden Visa upon Shin Tae-Yong, the coach of the Indonesian national football team, during a ceremony at the Ritz Carlton Kuningan Hotel.

“I hope the Golden Visa can be widely disseminated soon to attract top investors and global talent,” the President said. “However, we must carefully assess each applicant to ensure they contribute positively to the nation and do not pose a security risk.”

The Golden Visa policy, outlined in the Law and Human Rights Ministerial Regulation No. 22 of 2023 and Finance Ministerial Regulation No. 82 of 2023, was enacted on August 30, 2023. This visa grants foreign nationals residence permits for five to ten years, offering various exclusive benefits, such as extended stay periods, simplified entry and exit procedures, and exemption from the Limited Stay Permit requirement.

Designed to bolster Indonesia's economic development, the Golden Visa targets qualified foreigners, primarily investors.

To obtain a five-year Golden Visa, individual investors planning to establish a company in Indonesia must invest a minimum of US$2.5 million or around Rp38 billion. For a ten-year visa, the investment requirement increases to US$5 million or around Rp76 billion.

Corporate investors can acquire a five-year Golden Visa for their directors and commissioners by investing US$25 million or around Rp380 billion or a ten-year Golden Visa by investing US$50 million or around Rp760 billion.

Individual foreign investors without plans to start a business can also qualify for a Golden Visa. A five-year visa requires a deposit of US$350,000 or around Rp5.3 billion in Indonesian government bonds, public company shares, or savings accounts. For a ten-year visa, the deposit amount is US$700,000 or around Rp10.6 billion.

DANIEL A. FAJRI

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