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In a move to woo foreign individuals and corporate investors, Indonesia has introduced a golden visa scheme. It has taken this step to boost its national economy, a statement from the Ministry of law and Human Rights said.
“The golden visa is granting a residence permit for an extended period of five to 10 years,” director general of Immigration, Silmy Karim said in the statement.
To be eligible for the five-year visa, an individual needs to set up a company worth USD 2.5 million. If you want a 10-year visa, an investment of USD 5 million would be required.
Corporate investors are required to invest USD 25 million to get five-year visas for directors and commissioners. They need to invest double, or USD 50 million, to gain a 10-year visa.
If you do not want to invest and still be eligible for the golden visa, you can purchase the Indonesian government bond ranging from USD 350,000 to USD 700,000. “Once they arrive in Indonesia, golden visa holders no longer need to apply for permit,” Silmy Karim said.
Other countries that issue the golden visa include the US, Ireland, New Zealand and Spain. They all have similar golden visas for investors, seeking to attract capital and entrepreneurial residents.
The heart of the conflict lies in the time-consuming and often unpredictable visa processing times. Travellers have found themselves stuck in limbo, with trip plans hanging in the balance due to delays caused by embassies’ backlogs or stringent application review processes. Tour operators and service providers, on the other hand, grapple with irate customers and operational setbacks due to circumstances beyond their control. Read more to understand the issue..
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