Local and regional newswires, including Tempo are reporting that Silmy Karim, Director General of Immigration at the Law and Human Rights Ministry has released details on the golden visa regulation as stipulated by the Indonesian government. This regulation is contained in Minister of Law and Human Rights Regulation Number 22/2023 concerning Visas and Stay Permits, as well as Regulation of the Minister of Finance Number 82/2023 which was passed on August 30, 2023, report Tempo.
According to reporting, Silmy Karim explained the golden visa will allow someone to stay in Indonesia for 5 to 10-years in order to support the national economy. The visa classification is aimed at qualified people who will bring benefit to the development of the state economy, among others, an investment by corporations or individuals.
In order to be able to stay in Indonesia for 5-years, foreign individual investors who want to set up a company in Indonesia are required to invest USD 2.5-million (approx. IDR 38-billion) and for a 10-year stay period, the required investment value is USD 5-million (approx. IDR 76-billion.)
Meanwhile, corporate investors who want to set up a company in Indonesia and invest USD 25-million (approx. IDR 380-billion,) can get a golden visa with a 5-year stay for the directors and commissioners. For an investment value of USD 50-million, they would get a residence permit of up to 10-years.
However, the rules would be different for individual investors who do not aim to set up a company in Indonesia. To get a golden visa with a 5-year-stay, the applicants must invest USD 350,000 (approx. IDR 5.3-billion) in Indonesian government bonds, shares of public companies, or savings or deposits.
As for a 10-year-stay visa, the investment must be USD 700,000 (approx. IDR 10.6-billion.)
Golden visa holders are expected to get a number of exclusive benefits. These include longer stay periods, ease of leaving and entering Indonesia, and efficiency because there is no longer the need to apply for a limited stay permit (ITAS) at the immigration office, say Tempo.
The golden visa regulations have been implemented in a number of developed countries, such as the United States, Canada, United Arab Emirates, Ireland, Germany, New Zealand, Italy, and Spain. Silmy revealed that these countries have felt positive impacts from implementing the golden visa rules.
“Hopefully, with this policy, Indonesia will also receive a similar impact in the future. Moreover, our country has a huge potential to be managed and developed,” Silmy Karim said.