Indonesia introduced a new visa for investors. The Golden Visa allows investors to stay in the country for 5 or 10 years, depending on the visa type. By introducing the new visa , Indonesia hopes to attract more foreign investment. There are also golden visas for people of Indonesian origin and talented individuals.
Visa for foreign investors
The new golden visa is intended for foreign investors. Indonesia’s president Joko Widodo stressed that the immigration service will be selective in issuing visas to make sure that the visa is only issued to travellers who can contribute financially to the country. The visa is supposed to attract travellers from Asian countries, including Singapore, Japan, China and the United Arab Emirates, as well as travellers from European countries, including the United Kingdom, Germany, France and the Netherlands.
Indonesia’s new visa campaign focuses especially on prominent individuals. The first person receiving a golden visa was the CEO of OpenAI, Sam Altman. Additionally, the American director of Boeing and the South Korean coach of Indonesia’s national football team received golden visas. At the moment, the country is hoping for the famous entrepreneur Elon Musk to apply for a golden visa.
Different types of golden visas
The validity term and the requirements for the golden visa depend on different factors. The Indonesian government offers golden visas in various sub-categories. Depending on the visa type and the invested amount, travellers may receive a visa that is valid for 5 or 10 years.
1. Golden visa for private investors
Private investors are eligible for two types of golden visas. Entrepreneurs who want to found a company in Indonesia, may apply for the E28B visa. They have to prove that their company can raise investments worth at least USD 2.5 million. Entrepreneurs who found a company that invests at least USD 5 million in Indonesia, are eligible for a visa with a validity period of 10 years.
Individuals who want to invest in Indonesia without founding a company, may apply for a golden visa of the E28C category. In that case, they have to invest at least USD 350,000 in state bonds, public companies or private equity funds.
2. Golden visa for companies
If a company wants to open a new branch in Indonesia, the members of the board of directors and commissioners may be eligible for a golden visa of the type E28D. To be eligible for the visa with a validity of 5 years, the company has to invest at least USD 25 million. If the company invests at least USD 50 million, they are eligible for a visa with a validity term of 10 years.
Companies may also invest in Indonesia’s capital city, Nusantara. The government has started a USD 33 billion mega-project to build an entirely new city on the island of Borneo. Companies investing at least USD 5 million in the city are eligible for a 5-year visa, and if they invest USD 10 million, they are eligible for a 10-year visa.
3. Golden visa for people of Indonesian origin
The Indonesian government also announced to introduce a special diaspora visa for people of Indonesian origin. This visa follows the example of the Indian OCI-card, allowing for people living outside of India who no longer have the Indian citizenship to travel to the country visa-free. There are two types of this visa. The E32A visa is for people who had the Indonesian citizenship in the past, and the E32B variant is for first or second degree descendants of Indonesian citizens. To be eligible for the E32A visa, applicants have to invest at least USD 35,000 in Indonesia, while the E32B visa requires an investment of at least USD 50,000. The government plans to introduce this visa type in October 2024.
Other categories
Indonesia offers a few other types of golden visas, besides the previously mentioned ones. Travellers who want to make Indonesia their home away from home, can apply for the so-called Second Home Visa (type E33), allowing them to stay in the country for 5 years. Applicants have to put at least USD 130,000 in an Indonesian bank account or to buy property worth at least USD 1 million.
Furthermore, there are visas for travellers with special talents who are invited by the Indonesian government or who come to work with the Indonesian government. These visas are called Global Talent Visas (type E33A, E33B and E33C). Travellers applying for this visa have to provide an invitation by the Indonesian government or proof of their special knowledge or expertise. Finally, there is a so-called Silver Hair Visa (type E33E), allowing retirees to stay in the country for 5 years. This visa requires applicants to put at least USD 50,000 in a savings account of an Indonesian state-owned bank. Also, they have to have a monthly income of at least USD 2,000.
Objective of 1000 visa in 2024
The Indonesian authorities strive to issue 1000 golden visas until the end of the year. They already started a pilot program in 2023, issuing 300 golden visas. This has brought in investments worth of USD 123 million. Although the new golden visa brings in the desired investments, there are critics of the new policy. The critics fear that housing prices may increase to the disadvantage of the local population and that the new visas will make it easier for criminals to launder illegal money in Indonesia. Also, the new visas may lead to foreigners buying a lot of land in Indonesia, which could negatively affect the local population.