The Indonesian government has rolled out a new “Golden Visa” policy, aimed at enticing foreign investors to pour capital into the country, offering extended residency rights in return.

In a move to boost the nation’s economy and compete with countries already offering similar schemes, this policy grants residency to investors for up to a decade, based on their financial commitment to Indonesia.

The “Golden Visa”, as explained by the Director General of Immigration, Silmy Karim, permits foreign nationals to reside in Indonesia for five to ten years, specifically to bolster economic progress.

For a five-year residency, individual foreign investors establishing local businesses must invest $2.5 million. Doubling that investment to $5 million extends the residency to 10 years.

On the corporate side, companies investing $25 million in Indonesia are granted five-year residency for their directors and commissioners. A doubled investment of $50 million extends that benefit to 10 years.

However, there’s a different set of rules for individual foreign investors not looking to set up a business. They need to place funds of $350,000 (for five-year residency) or $700,000 (for ten-year residency), which can be used for government bonds, public company shares, or deposits.

This decision comes in the wake of the Ministry of Law and Human Rights Regulation No. 22/2023 on Visas and Residency and the Minister of Finance Regulation No. 82/2023, established on 30 August 2023.

For Singaporeans and other international visitors, this move by Indonesia underlines its serious intent to establish itself as a prime destination for investment and long-term business residency. Those seeking strategic locations in Southeast Asia for investment now have an added incentive to consider Indonesia.

Indonesia introduces a “Golden Visa” scheme, targeting foreign investors by offering extended residency of up to 10 years based on investment commitment. This strategic move, aligning with global trends, aims to fortify Indonesia’s economic position in the Southeast Asian region, presenting new opportunities for Singaporean and global investors.

Note: The phrasing and style are adapted to match the BBC’s typical news presentation while ensuring that the essence and facts of the original article are retained.

Source: SWA Online (2023)