Indonesia plans to grant 1,000 golden visas: Have money? You could qualify
Source: Business Standard
Indonesia. Photo: Shutterstock
Are you considering a long-term stay in Indonesia rather than just a holiday? The Indonesian government is on a mission to grant 1,000 golden visas by the end of this year.
Indonesia’s Director General of Immigration, Silmy Karim, expressed his confidence in meeting this target during a recent event.
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“This year’s target is 1,000 recipients and, hopefully, it can be achieved by the end of 2024,” said Karim, speaking at a Joint Immigration Sympathetic Passport Service event held at De Tjolomadoe, Karanganyar, on October 5.
Karim also clarified that the goal of the golden visa programme wasn’t solely to increase the number of recipients.
“It’s not about reaching a large number as the golden visa is highly exclusive, specific, and must provide benefits for Indonesia,” he said.
Indonesia’s strategy to attract wealthy foreign investors
In July, Indonesia launched the golden visa programme with the aim of drawing international investors to the country. President Joko Widodo said that this initiative was designed to boost economic growth.
“The golden visa programme of Indonesia has been launched as part of efforts to boost economic growth. Internationals are eligible to acquire residency in this country through this scheme in exchange for financial investments. In addition, they are also required to meet some specific conditions at first,” said Widodo.
Investment requirements for the golden visa
Five-year visa: Requires foreign investors to set up a company with a minimum investment of $2.5 million.
Ten-year visa: Demands a $5 million investment.
Non-business investors: Those not establishing a company must deposit $350,000 for a five-year permit and $700,000 for a ten-year permit.
Indonesia aims to attract $101.5 billion in domestic and foreign direct investment by 2024 to help achieve its GDP growth target of 5.2%.
Progress so far
Since the trial phase of the golden visa programme last year, Indonesia has granted golden visas to around 300 applicants, attracting a total investment of $123 million. According to Karim, the authorities are exploring ways to extend special status to internationals of Indonesian descent, similar to India’s Overseas Citizenship of India (OCI) scheme.
How golden visas work globally
Golden visa programmes operate on a straightforward principle: invest a minimum amount in a country, and in return, gain residency rights. The required investment varies depending on the country but generally includes benefits like easier movement, access to healthcare, and advantages in tax or business dealings.
Countries offering golden visa schemes
Cyprus: Requires a minimum investment of €300,000 in residential property or other eligible investments.
Greece: Offers multiple options, starting with a €250,000 investment.
Italy: Demands a €2 million investment in government bonds or other significant contributions.
Malta: Requires property investment of at least €350,000 or a minimum annual rental.
Portugal: Currently reviewing its residency-through-real-estate programme but allows investments in non-real estate options.
Spain: Requires a minimum investment of €500,000 in real estate or €1 million in other financial assets.
Other countries with similar programmes include Australia, Austria, Canada, Luxembourg, Malaysia, Monaco, Namibia, New Zealand, Panama, Singapore, Thailand, the UAE, and Hong Kong.
Golden visa benefits
Golden visas provide wealthy individuals with several perks, such as:
Residency rights: Ability to live and work in the country.
Healthcare access: Eligibility for local healthcare services.
Business and tax advantages: Smoother estate planning and favourable tax conditions.
Freedom of movement: Easier travel within the country and sometimes to other regions.
First Published: Oct 09 2024 | 12:47 PM IST
