Indonesia has unveiled a new initiative aimed at attracting foreign individual and corporate investors to bolster its national economy. The "golden visa" program, announced by the Ministry of Law and Human Rights on September 3, offers extended residence permits as incentives for substantial investments in the country.
Under this program, referred to as the "golden visa," foreign investors will be granted residence permits for an extended period of either five or ten years, as per a statement by Silmy Karim, the Director General of Immigration. The specific investment requirements for each category of visa have been outlined to encourage various levels of investment in the Indonesian economy.
For the five-year golden visa, individual investors are required to establish a company in Indonesia with a minimum investment of $2.5 mn. To secure a ten-year visa, a more substantial investment of $5 mn is necessary.
Similar programs, often referred to as golden visas, have been adopted by various countries globally, including the United States, Ireland, New Zealand, and Spain. These programs have proven effective in attracting capital and fostering entrepreneurial residents.
Corporate investors, on the other hand, will need to invest significantly more to secure golden visas for their directors and commissioners. A $25 mn investment is necessary for a five-year visa, while a ten-year visa can be obtained with a $50 mn investment.
For foreign individual investors who do not wish to establish a company in Indonesia, alternative provisions have been established. These investors can gain access to the golden visa program by investing in Indonesian government bonds, with investment amounts ranging from $350,000 to $700,000.
One of the most significant advantages of the golden visa is the streamlined application process. Once granted, golden visa holders will no longer need to apply for permits upon their arrival in Indonesia. This simplification of the immigration process is expected to make Indonesia even more appealing to foreign investors looking to make substantial contributions to the nation's economic development.
The Indonesian government's introduction of the golden visa program reflects its commitment to fostering economic growth by attracting foreign investment and talent. As the program rolls out, Indonesia joins the ranks of countries leveraging such initiatives to stimulate their economies and promote entrepreneurship.
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