TEMPO.CO, Jakarta - The Directorate General of Immigration of the Ministry of Law and Human Rights officially launched Indonesia's Golden Visa on Thursday, July 25. Bank Mandiri, through Livin’ by Mandiri was appointed as the first bank to provide integrated digital services for the golden visa program.

The Golden Visa program is expected to facilitate foreign investors to reside in Indonesia for 5 to 10 years. Foreigners could invest their funds through various means including in state-owned banks.

Bank Mandiri was chosen as the first partner of the Golden Visa program due to the accessibility of Livin’ by Mandiri services to 121 countries including the UK, Netherlands, and China while offering various investment products.

Bank Mandiri's Director of Institutional Relations Rohan Hafas said this collaboration will help foreigners open saving accounts using only their passport, temporary residence permit (ITAS)/permanent residence permit (ITAP)/Golden Visa through Livin’ by Mandiri.

"We will optimize the Directorate General of Immigration's public services to foreign citizens to attract foreign investors. This will support the state’s economic growth,” said Rohan Hafas while attending the Golden Visa Inauguration event at The Ritz-Carlton Hotel, Jakarta, on Thursday, July 25, 2024, as quoted from a written statement.

Rohan said the Golden Visa launch signified Bank Mandiri's commitment to supporting national economic growth through significant foreign investment. In addition, Rohan claimed that the Golden Visa program has the potential to encourage the growth of Bank Mandiri's sustainable third-party fund portfolio in the future.

As of the end of May 2024, Bank Mandiri's third-party funds amounted to Rp1,296.1 trillion, a 12.9 percent rise y-o-y supported by low-cost funds or current account savings account (CASA).

Indonesia Targets 1,000 Foreigners to Receive Golden Visa

President Jokowi asked for ease of investment and work opportunities for foreign citizens through the Golden Visa program while maintaining strict eligibility criteria.

Director General of Immigration at the Ministry of Law and Human Rights (Kemenkumham) Silmy Karim said that currently, 300 foreign nationals or foreigners have received Indonesian Golden Visas. Of that number, Silmy said the government received an investment of Rp2 trillion.

“We hope for a positive impact on the economy, which we expect to continue growing,” Silmy said on Thursday.

The recipients of the Golden Visas represent a diverse group, including individuals and companies. Among them are ChatGPT CEO Samuel Altman and Indonesian national football team coach Shin Tae-yong. The South Korean citizen received his Golden Visa directly from President Joko Jokowi Widodo at the launch event.

Meanwhile, Silmy said Immigration targeted 1,000 foreign nationals to receive the Golden Visa by the end of 2024.

ADIL AL HASAN

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