The President of the Republic of Indonesia, Joko Widodo, launched the Golden Visa on Thursday, July 25, 2024, at The Ritz-Carlton Mega Kuningan, South Jakarta. In his address, the President stated that the Golden Visa facilitates foreign nationals (FN) investing and working in Indonesia, thereby providing a multiplier effect on the Indonesian economy.
“Currently, not many countries have good economic growth, maintained political stability, demographic bonus, and abundant natural resources. This means Indonesia should be a promising investment destination and a global talent destination for work. This will significantly affect the country, including capital gains, job opportunities, technology transfer, improvement in human resource quality, and more. Therefore, today, we are launching the Golden Visa service to help foreign nationals invest and work in our country, Indonesia. As of today, I asked the Director General of Immigration, and there are already 300 applicants for the Golden Visa. I was surprised. That’s a lot,” said President Joko Widodo.
Hence, the Golden Visa, a privilege reserved for high-quality travellers, will attract more such individuals to invest and be productive while staying in Indonesia. President Joko Widodo emphasized that through the principle of selective policy, the Government ensures that only individuals with high potential contributions can obtain the Golden Visa service, making it an exclusive opportunity.
Echoing this statement, the Minister of Law and Human Rights of the Republic of Indonesia, Yasonna H. Laoly, stated that the Golden Visa is an adaptive and responsive policy from the Ministry of Law and Human Rights through the Directorate General of Immigration, which manifests one of the immigration functions as a facilitator of community welfare development.
“Indonesia opens wide opportunities for world figures, international investors, global talents, and the Indonesian Diaspora to come, contribute, and participate in building Indonesia. The implementation of this policy brings new optimism for business actors and investors, providing them with comfort and certainty in investing in Indonesia,” said the Minister of Law and Human Rights, instilling a sense of reassurance and confidence in the audience.
On this occasion, President Joko Widodo symbolically handed over the Golden Visa to South Korean national Shin Tae Yong, the Coach of the Indonesian National Football Team.
The Director General of Immigration, Silmy Karim, explained that Golden Visa holders are expected to enjoy several exclusive benefits from this type of visa. These include extended stay periods (up to 10 years), priority immigration service lanes at international airports, and efficiency as they no longer need to apply for limited stay permits (ITAS) at the immigration office. Types of Golden Visas include Individual Investors, Corporate Investors, Former Indonesian Citizens, Descendants of Former Indonesian Citizens, Second Home, Global Talent, and World Figures.
All Golden Visa applicants must commit to direct investment in Indonesia. The form of investment, as detailed by the Director General of Immigration, is determined based on the profile of the Golden Visa applicant. This could include establishing a new company, purchasing capital market investment instruments, or property, or placing a certain amount of funds in a state-owned bank account.
Silmy revealed, “As of today, the investment value received from the Golden Visa is 2 trillion rupiahs.”
Silmy mentioned that each applicant’s qualifications for applying for a Golden Visa vary. To stay in Indonesia for 5 (five) years, individual foreign investors establishing a company in Indonesia must invest US$2,500,000 (approximately Rp. 40 billion). For a stay of 10 (ten) years, the required investment value is US$5,000,000 (approximately Rp. 81 billion).
Meanwhile, for directors, commissioners, or representatives of parent corporations establishing a company in Indonesia and applying for a Golden Visa for a 5 (five) year stay, the investment value is US$ 25,000,000 or approximately Rp. 406 billion. To be able to stay for 10 (ten) years, the investment value is US$ 50,000,000 or approximately Rp. 813 billion.
Different provisions apply to individual foreign investors who do not intend to establish a company in Indonesia. For a 5 (five) year golden visa, applicants are required to place funds of US$350,000 (approximately Rp 5.6 billion), which can be used to purchase Indonesian government bonds, public company stocks, or savings/deposits; for a 10 (ten) year golden visa, the funds to be placed are US$700,000 (approximately Rp 11.3 billion).
“The Golden Visa is implemented in a digital system that we strive to make as easy as possible, through evisa.imigrasi.go.id. We are partnering to integrate the Directorate General of Immigration’s electronic visa portal with banking services, so Golden Visa applicants can deposit immigration guarantees online from their home country. Such fast and easy public services are expected to drive Indonesia to become an increasingly advanced country,” concluded the Director General of Immigration, making the audience feel facilitated and at ease with the process.
