By Moustafa Daly
Indonesia has lowered the investment threshold for foreigners investing in its planned capital city project, Nusantara.
Down from $25 million, foreign businesses investing in Nusantara can now get a five-year golden visa for an investment of $5 million or a 10-year golden visa for $10 million instead of $50 million.
For individual investors, the golden visa investment threshold remains at $350,000.
Since the announcement in late August 2023, the government has granted the golden visa to 52 applicants, as per official figures. Notably, the first recipient of the golden visa was Sam Altman, CEO of OpenAI.
The plan is for Nusantara, a planned city project in Indonesia, to become a symbol of urban innovation and sustainability in the region and replace Jakarta as the capital of the 270-million-strong nation.
Through tax breaks, land incentives, and regulatory reforms, the Indonesian government seeks to attract domestic and international investors to participate in this transformative urban development project, the framework under which the golden visa amendments come to life.
Envisioned as a futuristic metropolis, the city plans to integrate advanced technologies, green spaces, and smart infrastructure to accommodate a projected population of millions. It aims to address pressing urban challenges and foster economic growth and social development. The government plans its inauguration in 2045.
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