Golden Visa Expected to Facilitate Investment in New Capital, Attract Foreign Tourists: Minister
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July 25, 2024 | 07:41 am
TEMPO.CO, Jakarta - Minister of Tourism and Creative Economy Sandiaga Uno said the government had formulated a new policy to facilitate foreign investment, one of which was the golden visa policy.
"Hopefully, Golden Visa will boost investment growth in Indonesia," Sandiaga told Tempo in a written response on Tuesday evening, July 23, 2024. "Particularly the investment in IKN (the new capital project).”
The golden visa allows foreign citizens to enter and live in Indonesia for a period of 5 to 10 years. The government will launch this policy on Thursday, July 25, 2024, in Jakarta.
Sandiaga said the minimum investment required to obtain the 5-year visa was down from US$25 million to US$5 million. Meanwhile, for a 10-year stay, the requirement was down from US$50 million to US$10 million.
Sandiaga Uno also hoped that the golden visa would not only attract investment but foreign tourists as well. With a golden visa, foreign tourists are not obliged to apply for a repeat visa.
"But please note that the golden visa holders must reside in Indonesia for less than a year as they cannot be categorized as foreign tourists past that,” he said.
Furthermore, Sandiaga said the government applied the precautionary principle in the golden visa policy. He also claimed that his ministry together with the Ministry of Law and Human Rights were preparing mitigatory steps to prevent the negative impacts of the golden visa. This includes background checking of the applicant and the investment’s source of funds. The government also prepared a monitoring mechanism for golden visa tourists, he said.
"We also propose a review so the golden visa policy is not made permanent but can be evaluated and stopped if necessary," he said.
RIRI RAHAYU
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