Indonesia launches "golden visa" program to attract investment

According to Reuters , this is the information just announced by the Indonesian Ministry of Law and Human Rights on September 3.

“The golden visa will grant a residence permit for a period of five to 10 years,” said Immigration Director General Silmy Karim.

The five-year visa requires individual investors to set up a $2.5 million company, while the 10-year visa requires an investment of $5 million. Meanwhile, corporate investors must invest $25 million to get a five-year visa for directors and executives. They need to invest double that, or $50 million, to get a 10-year visa.

Other rules apply to individual foreign investors who do not want to set up a company in the Southeast Asian country. The requirements range from $350,000 to $700,000, which can be used to buy Indonesian government bonds.

According to Mr. Silmy, this is also one of the government's measures to screen qualified foreign tourists. The golden visa allows its holder to conduct business and other activities in Indonesia.

Golden visas also offer a number of exclusive benefits that regular visa holders do not enjoy, such as faster visa processing, multiple entries, longer stay permits, the right to own property in Indonesia, and can be used as a basis for applying for citizenship.

Apart from Indonesia, other countries around the world including the US, Ireland, New Zealand and Spain have introduced similar golden visas for investors in a bid to attract startup capital and residents.

Indonesian Tourism and Creative Economy Minister Sandiaga Uno expressed hope that the “golden visa” will help attract more foreign investment in many sectors and make Indonesia a center of sustainable economic growth.

Minh Hoa (according to Hanoi Moi, Economics & Urban)

Source: https://www.nguoiduatin.vn/indonesia-trien-khai-chuong-trinh-visa-vang-de-thu-hut-dau-tu-a624769.html