Benefits of the Indonesia Golden Visa
Published on October 23, 2023News
Indonesia has introduced a transformative Golden Visa program to boost its national economy and attract globally renowned individuals to contribute to its growth. This initiative marks a significant departure from the country's previous immigration regulations, offering residency permits that can extend from 5 to 10 years, the latter being a completely new and enticing option for visa holders.
1. Extended Duration of StayThe Golden Visa in Indonesia distinguishes itself with its extended stay duration. Holders of this prestigious visa program can relish an extended period of residence, a unique opportunity to immerse themselves in Indonesia's rich culture and vibrant business environment.
2. Streamlined Entry and Exit Processes
Navigating immigration procedures can often be cumbersome, but Golden Visa holders enjoy streamlined entry and exit processes, ensuring smoother transitions in and out of the country, thus saving valuable time and effort.
3. Elimination of the ITAS Requirement
Traditionally, foreign nationals in Indonesia have had to apply for an ITAS (Temporary Stay Permit) at the immigration office, a bureaucratic challenge. The Golden Visa program eliminates this requirement, enhancing efficiency and convenience for visa holders seeking residency through investment.
4. Categories Tailored to Different Individuals
The Golden Visa program offers various categories to cater to individuals with diverse expertise and contributions. Besides the investor-based category, options like the "World Figures" sub-category exist, designed for internationally renowned individuals poised to significantly contribute to Indonesia's growth and development.
5. A Rigorous Selection Process
A national-level government institution is responsible for proposing and recommending eligible foreign nationals for the Golden Visa to ensure the program attracts the right individuals. This stringent selection process guarantees that those granted this prestigious visa have a proven track record of excellence and are positioned to make meaningful contributions to Indonesia's future.
In a historic moment, Samuel Altman, the Chief Executive Officer (CEO) of OpenAI, became the first foreign national to receive the Golden Visa in Indonesia following its enactment at the end of August. Altman was granted the visa under the "World Figures" sub-category, entitling him to a 10-year residency period.
His recognition as a Golden Visa holder underscores the program's commitment to attracting global leaders and visionaries to Indonesia, positioning the country as a hub for innovation, investment, and progress.
The requirements for this visa vary based on the benefits it offers, as follows:
1) Individual Investors
- Five-year residency: Individual foreign investors planning to establish a company in Indonesia must invest approximately USD 2.5 million (around IDR 38 billion) to qualify for a five-year Golden Visa.
- Ten-year residency: A minimum investment of USD 5 million (approximately IDR 76 billion) is necessary for individual foreign investors establishing a company in Indonesia to obtain a ten-year Golden Visa.
2) Corporate Investors
- Five-year residency for directors and commissioners: A five-year Golden Visa will be granted to directors and commissioners of a large-sized company in Indonesia that commits an investment of USD 25 million or approximately IDR 380 billion.
- Ten-year residency for directors and commissioners: A ten-year Golden Visa will be granted to directors and commissioners of a large-sized company in Indonesia that commits an investment of USD 50 million or approximately IDR 760 billion.
Different criteria apply to individual foreign investors who do not intend to establish a company in Indonesia:
- Five-year residency: Applicants must allocate funds worth USD 350,000 (around IDR 5.3 billion) for a five-year Golden Visa, which can be utilized to purchase Indonesian government bonds and public company shares or placed in savings/deposits.
- Ten-year residency: For a ten-year Golden Visa, applicants must allocate a sum of USD 700,000 (approximately IDR 10.6 billion).