By Moustafa Daly
Indonesia is to roll out a golden visa program to attract global talent and investors to the Southeast Asian country, set to become available by September 2023 at the latest, according to local media reports.
The visa is set to be valid for 5 or 10 years, offering a simplified route to citizenship and granting its holders the right to live, work and purchase property in the country, including popular destinations such as the island of Bali, according to the country’s tourism minister Sandiaga Uno.
“The golden visa is a new policy that we will soon launch to attract quality talents in the field of digitalization, health, research and technology,” Uno reportedly said. “It will be a game changer that will bring more foreigners, including digital nomads and entrepreneurs to invest in Indonesia.”
"Golden visas are not only entitled for investors but also for people with special expertise, retirees who have high incomes," he further announced.
The visa will be available to companies and private citizens. Companies would have to have at least $50 million of investments in Indonesia, while individuals will be required to invest a minimum of $350,000.
Is this Indonesia’s first golden visa?
While Indonesia currently has no golden visa open for investors, it has a Second Home visa which is catered to wealthy retirees or digital nomads looking to take up residence in the country’s tourist destinations.
It grants wealthy foreigners with 10-year visas if they’re able to demonstrate a proof of funds amounting to an equivalent of $130,000 to be deposited in a local bank.
This visa was introduced in October of last year and became available to applicants in December.
Golden visa rush in Southeast Asia
Indonesia may only be waking up to the perks of golden visas now, but its neighbors have long realized its potential.
Regional countries such as Malaysia, Singapore, and Thailand have rolled out investor visa regulations over the past year in an increasing competition for talent and funds.
Singapore, one of the world’s most developed nations, offers foreigners a route to a long-term visa in exchange for an investment threshold of nearly $8 million – one of the world’s most expensive. This visa is particularly attractive to ultra-rich Chinese citizens looking for an economic haven not far from home.
Singapore also has a program called ONE Pass, granting long-term visas to foreign workers who make at least $22,000 per month.
Similarly, Malaysia offers two investor visa programs, Malaysia My Second Home and the recently-introduced Premium Visa Program, offering long-term residency visas of varying validity periods in exchange for local bank deposits starting at an equivalent of $215,000.
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