Indonesia is introducing a golden visa scheme in order to attract foreign individuals and corporate investors as an attempt to boost the country’s economy.
Silmy Karim, director general of immigration stated that the golden visa will grant anyone a residence permit for an extended period of five to 10 years.
A five-year visa requires individual investors to set up a company worth over $2.5 millions whereas for the 10-year visa, a $5 million investment is needed.
Other countries such as the United States, Ireland, New Zealand and Spain have introduced a similar golden visa scheme for investors in order to attract capital and entrepreneurial residents to their countries.
Meanwhile for corporate investors, they are required to invest $25 million in order to get the five-year visa for directors and commissioners. They will need to invest double which is $50 million for the 10-year visa.
There are different provisions for individual foreign investors who do not wish to start a company in Indonesia. However, the requirements range from $350,000 to $700,000 in funds so that it can be used to purchase Indonesian government bonds.
He added that once they arrive in the country, they will no longer need to apply for permits.
