Indonesia launches golden visa programme
Indonesia has announced a ‘golden visa’ scheme designed to attract foreign investors
The residency by investment scheme, which launched on 25 July, will offer a five-year visa to any individual investor who sets up a company worth US$2.5 million in Indonesia, or a 10-year visa if their company is worth $5 million.
Corporate investors must invest $25 million to get five-year visas for directors and commissioners, or $50 million for a 10-year visa.
Individuals not looking to set up a company can alternatively spend money on Indonesian government bonds, shares in public companies, or by placing deposits.
The amounts required to acquire five- or 10-year visas via this route are $350,000 and $700,000 respectively.
Speaking to Reuters, Silmy Karim, Indonesia’s Director-General for Immigration, said that the country had already granted golden visas to almost 300 applicants while trialling the permits last year – raising $123 million in the process.
The announcement comes at a time when other countries – including Australia, Canada, Spain, and the UK – are scrapping their own golden visa schemes, as their governments conclude that they do not create jobs.