Indonesia Passes Golden Visa Regulation

TEMPO.CO, Jakarta - Director General of Immigration at the Law and Human Rights Ministry, Silmy Karim, revealed the reasons behind the golden visa regulation stipulated by the Indonesian government. This regulation is contained in Minister of Law and Human Rights Regulation Number 22/2023 concerning Visas and Stay Permits, as well as Regulation of the Minister of Finance Number 82/2023 which was passed on August 30, 2023.

Silmy Karim explained that the golden visa will allow someone to stay in Indonesia for 5-10 years in order to support the national economy. The visa classification is aimed at qualified people who will bring benefit to the development of the state economy, among others, an investment by corporations or individuals.

In order to be able to stay in Indonesia for 5 years, foreign individual investors who want to set up a company in Indonesia are required to invest US$2.5 million or around Rp38 billion. Meanwhile, for a 10-year stay period, the required investment value is US$5 million or around Rp76 billion.

Meanwhile, corporate investors who want to set up a company in Indonesia and invest US$25 million or around Rp380 billion, can get a golden visa with a 5 year stay for the directors and commissioners. For an investment value of US$50 million, they would get a residence permit of up to 10 years.

However, the rules would be different for individual investors who do not aim to set up a company in Indonesia. To get a golden visa with a 5-year-stay, the applicants must invest US$350,000 or around Rp5.3 billion in Indonesian government bonds, shares of public companies, or savings or deposits.

As for a 10-year-stay visa, the investment must be US$700,000 or around Rp10.6 billion.

Golden visa holders are expected to get a number of exclusive benefits. These include longer stay periods, ease of leaving and entering Indonesia, and efficiency because there is no longer the need to apply for a limited stay permit (ITAS) at the immigration office.

The golden visa regulations have been implemented in a number of developed countries, such as the United States, Canada, United Arab Emirates, Ireland, Germany, New Zealand, Italy, and Spain. Silmy revealed that these countries have felt positive impacts from implementing the golden visa rules.

"Hopefully, with this policy, Indonesia will also receive a similar impact in the future. Moreover, our country has a huge potential to be managed and developed," Silmy Karim remarked.

Amy Heppy

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