6 Important Facts about Indonesia's Golden Visa for Special Foreigners

TEMPO.CO, Jakarta - Indonesia's President Joko Widodo or Jokowi officially launched the Golden Visa on Thursday, July 25, 2024. This exclusive residence permit is designed to allow foreign nationals (WNA) who invest and work in Indonesia to stay for 5 to 10 years.

"I hope that the Golden Visa can be socialised soon so that it can be reached by top investors and top global talents," Jokowi said during the launch event at the Ritz Carlton Hotel Kuningan, Jakarta.

Here are some things you need to know about Indonesia's Golden Visa for special expatriates:

1. Legalised since 2023

This Golden Visa policy was actually ratified on August 30, 2023 based on the Minister of Law and Human Rights Regulation No. 22 of 2023 on Visa and Stay Permit, as well as the Minister of Finance Regulation No. 82 of 2023.

2. New form of second residence visa

President Jokowi said that the Golden Visa facility is to facilitate residence permit services for investors and global talents who want to work in Indonesia. This is a new form of second home visa for international investors and businessmen, global talents and foreign tourists who meet the criteria.

3. Exclusive benefits

Golden Visa holders can enjoy a number of exclusive benefits such as longer stay, priority access to immigration services at international airports, and efficiency as they no longer need to apply for a temporary residence permit (ITAS) at the immigration office.

4. Terms and Conditions

Foreign investors holding a Golden Visa can have a residence permit in Indonesia for 5 to 10 years with certain investment amount requirements. Foreign individuals who wish to establish a company in Indonesia for a period of 5 years must invest US$2,500,000 or approximately Rp38 billion. For a 10-year stay, an investment of US$5,000,000 or around Rp76 billion is required.

For corporate investors who establish a company in Indonesia and invest, the requirements are as follows:

• Directors and commissioners will get a 5 year stay if they invest US$ 25,000,000 or about Rp380 billion.
• Directors and commissioners get a 10 year stay if they invest US$50,000,000.

For individual foreign investors who do not plan to establish a company in Indonesia:

• For a 5-year stay, applicants are required to deposit funds worth US$350,000 or approximately Rp5.3 billion.
• For a 10-year stay, the deposit is US$700,000 or around Rp10.6 billion.

5. Targets

By 2024, the Indonesian government aims to have as many as 1,000 Golden Visa recipients. Apart from quantity, the government is also paying attention to the quality of the recipients of this new type of visa.

The Director General of Immigration at the Indonesian Ministry of Law and Human Rights, Silmy Karim, said that the Indonesian government has received investments worth Rp2 trillion from 300 foreigners who had been granted Golden Visas.

6. Types

Silmy said that the types of Golden Visas include

- Individual investors

- Corporate investors

- Former Indonesian citizens

- Descendants of former Indonesian citizens

- Second home

- Global talents, and

- Prominent international figures.

ANTARA

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