President of the Republic of Indonesia Joko Widodo launched the Indonesian Golden Visa in a ceremony at The Ritz-Carlton Hotel, Jakarta, Thursday (25/7/2024). In his remarks, Jokowi said that currently there are not many countries that have good economic growth, maintained political stability, as well as demographic bonuses and abundant natural resources.
“This means that Indonesia should be able to become a promising investment destination, a destination for global talents to work. All of that will provide a big multiplier effect for the country. Starting from capital gains, job opportunities, technology transfer, improving the quality of human resources, and so on,” he said.
Therefore, according to Jokowi, today the government is launching the Golden Visa service. The goal is to make it easier for foreigners to invest and work in Indonesia. Jokowi warned that the Golden Visa should only be given to good quality travelers. So, it must be truly selective, truly selected, and its contribution must be truly seen.
The head of state also hopes that the Indonesian Golden Visa facility will be immediately disseminated and socialized. Do it massively through various channels so that it can reach more top investors and top global talents.
“In addition, I also hope that the ambassadors of friendly countries can convey information about this policy to the people in their respective countries to increase economic cooperation and become a glue for friendship between countries,” said Jokowi.
For the record, the Golden Visa service is stated in the Regulation of the Minister of Law and Human Rights (Permenkumham) Number 22 of 2023 concerning Visas and Residence Permits and the Regulation of the Minister of Finance Number 82 of 2023 which was promulgated on August 30, 2023. This visa classification is intended for qualified foreigners who will benefit the development of the country’s economy, one of which is investors, both corporate and individual.
“A golden visa is a visa that is given as a basis for granting a residence permit for a period of 5 to 10 years in order to support the national economy,” said the Director General of Immigration of the Ministry of Law and Human Rights, Silmy Karim in his press statement, Sunday (3/09/2023), as reported by detik.com.
To be able to live in Indonesia for 5 years, foreign individual investors who will establish a company in Indonesia are required to invest US$ 2.5 million (around IDR 38 billion). Meanwhile, for a 10-year stay, the required investment value is US$ 5 million (around IDR 76 billion).
Meanwhile, corporate investors who form a company in Indonesia and invest US$ 25 million or around IDR 380 billion will receive a Golden Visa with a 5-year stay for their directors and commissioners. For an investment value of US$ 50 million, a 10-year stay will be given.
“Different provisions apply to individual foreign investors who do not intend to establish a company in Indonesia,” he said.
For a 5-year Golden Visa, applicants are required to place funds worth US$ 350 thousand (around IDR 5.3 billion) which can be used to buy Indonesian government bonds, shares of public companies or savings/deposits. While for a 10-year Golden Visa, the funds that must be placed are US$ 700 thousand (around IDR 10.6 billion).
“Because we are targeting quality travelers, the requirements are more stringent. The longer you stay in Indonesia, the higher the value of the guarantee, especially for investment activities which can be up to around IDR 760 billion,” he added.
July 25, 2024, CNBC Indonesia
(https://www.cnbcindonesia.com/lifestyle/20240725112403-33-557512/jokowi-luncurkan-golden-visa-beri-kemudahan-wna-berinvestasi-di-ri)