Indonesia Targets 1,000 Golden Visa Recipients by End of 2024

Moustafa Daly
Cairo

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Indonesia has set a goal of issuing 1,000 golden visas by the end of 2024 to attract foreign investment and boost economic growth. The Director General of Immigration, Silmy Karim, revealed the target during an event in Central Java on the 5th of October.

The golden visa program, which Indonesia officially launched in July 2024 following a pilot scheme it initiated in 2023, aims to streamline the process for foreign nationals to invest and contribute to Indonesia’s economy.

Karim announced that Indonesia had issued nearly 300 golden visas, attracting approximately US$123 million in investments since the government launched the pilot program. The government’s push to reach 1,000 recipients by year-end thus would require a significant jump in application volume.

How Indonesia’s golden visa program works

The program offers long-term residency options of five or ten years, depending on the level of investment or the applicant’s profile. This initiative followed Indonesia’s introduction of a ten-year visa for wealthy digital nomads in 2022.

The scheme caters to various categories of applicants, including individual and corporate investors, global talents, global figures, second-home owners, and former Indonesian citizens and their descendants.

The golden visa is open to investors who make a local bank deposit starting from US$350,000 for a five-year visa or US$700,000 for a ten-year visa.

The requirements are substantial for individual investors seeking to establish a business in Indonesia. Investors must invest a minimum of $2.5 million for a five-year visa, while they must invest US$5 million for a ten-year visa. Additionally, applicants must demonstrate ownership of a business outside Indonesia with an annual turnover of at least US$25 million for the five-year visa or US$50 million for the ten-year option.

Corporate investors can secure golden visas for their directors and commissioners by investing US$25 million for a five-year visa or US$50 million for a ten-year visa.

The benefits of the golden visa extend beyond mere residency rights. Holders enjoy priority access to immigration services at international airports and face reduced bureaucratic hurdles, such as exemption from the need to apply for limited stay permits (ITAS) from immigration offices.

However, the program is not without its challenges. The slow increase in applications and the goal of reaching 1,000 within three months has raised questions about the feasibility of the target.

Addressing these concerns, Karim reportedly emphasized that the focus is on quality rather than quantity. “It’s not about reaching a large number, as the golden visa should be highly exclusive and must provide benefits for Indonesia,” he explained.