Indonesia has announced the introduction of a golden visa program as a part of its efforts to draw investment from foreigners, each individuals and corporations, to spice up domestic economic growth. The Ministry of Law and Human Rights announced this decision on Sunday (September 3).
According to Director General of Immigration Silmy Karim, the gold visa will provide its holder with a residence permit for a period of 5 to 10 years. In his statement, Karim explained that the Golden Visa will likely be granted to foreigners who’re highly qualified and might make a positive contribution to the country’s economic growth, including by way of investment, whether in the shape of corporations or individuals.
For corporate investors, they’re required to take a position $2.5 million to acquire a five-year visa valid for directors and commissioners. To obtain a 10-year visa, corporate investors must double their investment to $5 million.
Different rules apply to individual foreign investors who don’t intend to determine an organization in Indonesia. They can still obtain a five- or ten-year visa by investing their funds in Indonesian government bonds, shares of public corporations or deposits of a predetermined amount.
For example, to acquire a five-year Golden Visa, an applicant is required to take a position USD 350,000, which may be used to buy government bonds of the Republic of Indonesia, shares of public corporations or placed in savings/deposits that meet pre-determined limits. Meanwhile, a ten-year golden visa requires an investment of $700,000.
Golden Visa holders are expected to experience plenty of exclusive advantages that any such visa provides. These include an extended stay, ease of travel to and from Indonesia, and increased efficiency as there isn’t any longer the necessity to frequently apply for a residence permit on the Immigration Office.
Other countries world wide comparable to the United States, Germany, Canada, the United Arab Emirates, Ireland, New Zealand and Spain have introduced similar golden visa programs to draw investors and entrepreneurs. The positive impact is clear within the trend that has made the United Arab Emirates the highest destination for foreign investors.
In his statement, Karim said this policy move is predicted to have an identical impact on Indonesia in the long run. Moreover, Indonesia has diverse potentials that may be developed and strengthened.
