The Golden Visa – New Visa Regulation is Out
The Indonesian Director General of Immigration, Silmy Karim, has officially confirmed the imminent launch of the Golden Visa policy in July 2023. This groundbreaking visa initiative will be available to foreign companies and individuals who meet specified investment criteria within the country.
Karim explained that the finalization of the policy depends on the signing of the Presidential Regulation. He elaborated, stating, “[We are] currently awaiting the signatures of the Foreign Affairs Minister, Coordinating Minister for Political, Legal, and Security Affairs, and then the President. We hope to complete this process within the month. It’s primarily an administrative procedure.” These steps are the final hurdles before the program’s implementation.
The program is anticipated to bring significant benefits to Indonesia as it will grant visas selectively. Foreign companies seeking the visa will need to make substantial real investments of at least US$50 million, while individuals will be required to invest a minimum of US$350,000 in government bonds.
Karim emphasized the importance of these investments being genuine, saying, “They have to make a real investment, not just on paper, not solely through notarial deeds. We will closely monitor the investment amount and related activities.”
Under this policy, applicants will receive multiple visas valid for 5 to 10 years. Visa holders will have the freedom to engage in business activities and other endeavors within Indonesia.
Silmy Karim also highlighted that this policy aligns with the government’s strategy to attract high-quality foreign tourists to the country. He pointed out, “Many countries, including the UAE, Singapore, and several European nations, have successfully implemented the Golden Visa. Therefore, Indonesia needs to adopt this policy.”
The Minister of Investment and Head of the Investment Coordinating Board (BKPM), Bahlil Lahadalia, expressed confidence that the Golden Visa policy will attract long-term investors to Indonesia. He stated that this policy eliminates the need for frequent visa renewals, allowing investors to stay in the country for extended periods based on their investment value.
Furthermore, Lahadalia mentioned that the Ministry of Law and Human Rights would provide detailed information on the Golden Visa’s rule changes. He added that the Golden Visa might also be extended to individuals with special skills or retirees with substantial incomes.
This development follows President Joko Widodo’s directive earlier this year, which identified the Golden Visa as a priority for the Directorate General of Immigration to expedite immigration services in 2023. It is expected that this initiative will not only boost investment but also enhance employment opportunities and tourism in Indonesia.
References:
1. https://en.tempo.co/read/1749298/indonesia-to-launch-golden-visa-for-investors-this-month
2. https://www.linkedin.com/pulse/indonesia-unveils-plans-golden-visa-program-attract-naeem-baloch/
5. https://en.antaranews.com/news/283500/golden-visa-to-draw-investors-for-longer-in-indonesia-minister
