Indonesian Golden Visa: Everything You Need to Know

In today’s ever-evolving global landscape, international investment opportunities beckon with enticing promises. The Indonesian Golden Visa program is a game-changer for those seeking a seamless path to prosperity and dynamic business opportunities.

This initiative of the new visa program benefits foreign investors and is a key topic in global immigration and investment discussions. This article delves into the depths of the Golden Visa. It also helps you to shed light on its key aspects, benefits, and the essential information you need before doing business in Indonesia.

Indonesia Officially Introduces the Golden Visa

Indonesia has officially introduced a Golden Visa program aimed at high-quality foreign nationals who will contribute to the country’s economic development, including corporate and individual investors. The basis for implementing this immigration program is rooted in the Ministry of Law and Human Rights Regulation (Permenkumham) Number 22 of 2023 regarding Visas and Residence Permits.

The new initiative is regulated under the Ministry of Finance Regulation Number 82 of 2023, then enacted on August 30, 2023. According to the definition provided by the OECD, a Golden Visa is a residency or citizenship scheme granted through investment.

This new visa allows foreign citizens to live in a country if they make significant investments in that country. However, the granting of this visa is not solely based on investment. Payment of an agreed-upon sum of money can also be one of the requirements for obtaining this type of visa.

What is A Golden Visa?

A Golden Visa, often called a “Golden Residency” or “Investor Visa,” is a sought-after immigration program offered by various countries worldwide. This innovative concept has gained widespread popularity for its ability to provide individuals and families with an exclusive opportunity to obtain residency in a foreign nation, usually through investments or specific financial contributions.

The term “Golden Visa” itself evokes an aura of prestige and exclusivity, and rightfully so. It signifies a pathway that opens doors to new horizons, offering many advantages beyond mere residency. These visas are typically designed to attract high-net-worth individuals, investors, entrepreneurs, and professionals who can significantly contribute to the host country’s economy and development.

What are the Countries that Offer Golden Visas?

Indonesia is one of many countries to implement the Golden Visa program. Similar policies have already been implemented in various developed countries, including:

• United States
• Canada
• United Arab Emirates
• Ireland
• Germany
• New Zealand
• Italy
• Spain.

Countries that have this visa policy have experienced positive impacts. For example, Denmark excels in innovation, and the United Arab Emirates has become a preferred destination for foreign investors.

Moreover, in 2018, Transparency International conducted a study. It is estimated that between 2008 and 2018, the European Union received approximately EUR 25 billion (IDR 407 trillion) in Foreign Direct Investment (FDI) due to implementing the visa schemes in its member countries.

What are the Benefits of the Indonesian Golden Visa?

Indonesia has introduced a transformative Golden Visa program to bolster its national economy and attract globally renowned individuals to contribute to its growth. This initiative represents a remarkable departure from the country’s previous immigration regulations, as it offers residency permits that can extend from 5 to 10 years, with the latter being an entirely new and enticing option for visa holders.

1. Extended Duration of Stay

One of the primary advantages of the Golden Visa in Indonesia is its extended stay duration. Holders of this prestigious visa program can enjoy an extended period of residence there. This particular immigration program offers them 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 are granted streamlined entry and exit processes. This means they can enjoy smoother transitions in and out of the country, 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, which can be a bureaucratic challenge. The Golden Visa program eliminates this requirement, enhancing efficiency and convenience for visa holders to obtain residency by investment.

4. Categories Tailored to Different Individuals

It’s important to note that the Golden Visa program offers various categories to cater to different individuals’ expertise and contributions. Besides the investor-based category, options like the “World Figures” sub-category exist. The unique subcategory is designed for internationally renowned individuals who have the potential to contribute to Indonesia’s growth and development significantly.

5. A Rigorous Selection Process

To ensure the program attracts the right individuals, a government institution at the national level is responsible for proposing and recommending eligible foreign nationals for the Golden Visa. This stringent selection process ensures that those granted this prestigious visa have a proven track record of excellence and are poised 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. Therefore, this beneficial visa program helps to position the country as a hub for innovation, investment, and progress.

What are the Requirements for Golden Visa Indonesia?

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. These funds 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).

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The introduction of the Golden Visa further underscores the Indonesian government’s commitment to attracting investment for economic development. Thanks to its abundant natural resources, substantial digital market share, and many immense tourism destinations, Indonesia is a lucrative market, offering significant business potential.

Investors seeking this visa can contact our experts to understand the application process better. InCorp Indonesia also offers various visa-related services, including Investor KITAS and Business Visas, to streamline your business operations within Indonesia. Feel free to reach out to our consultants by completing the form below.