Indonesia has made significant progress with its Golden Visa Program, issuing almost 500 golden visas within two months of its official launch in July 2024. This new residency-by-investment scheme aims to attract wealthy investors and boost the country’s economy.
Halfway to 1,000 Golden Visas Goal
The Director General of Immigration, Silmy Karim, announced that the country is halfway toward its goal of issuing 1,000 golden visas by the end of 2024. “We are approaching 500 registrations, and the numbers keep changing every day,” Karim said.
The Golden Visa Program offers residency permits to foreign nationals in exchange for financial investments. Although Indonesia started a pilot version of the program in 2023, it was officially launched in July 2024 to attract more investors.
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Investment Requirements for Golden Visas
The program offers two types of golden visas: a five-year visa and a ten-year visa, each with different investment requirements:
- Five-year visa: Requires a minimum investment of $2.5 million.
- Ten-year visa: Requires a larger investment of $5 million.
For individuals who prefer not to set up a company, they can secure golden visas through direct deposits.
- Five-year visa: Requires a deposit of $350,000.
- Ten-year visa: Requires a deposit of $700,000.
Indonesia Seeks High-Quality Travelers and Investments
Indonesian President Joko Widodo emphasized that the Golden Visa Program is designed to attract high-quality travelers and investors to the country. “We’re launching the golden visa to make it easier for foreign nationals to invest and contribute in Indonesia,” President Widodo said.
The President highlighted Indonesia’s stability, natural resources, and positive economic growth, positioning the country as an attractive destination for global investors and talented professionals.
Indonesia is also working on offering special status for foreigners of Indonesian descent, similar to India’s Overseas Citizenship of India (OCI) scheme, to build stronger ties with the diaspora.
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Investment Goals and Economic Impact
Indonesia aims to attract $101.5 billion in domestic and international direct investment by the end of 2024. Achieving this investment goal is essential to meet the country’s GDP growth target of 5.2%.
Karim noted that even before the official launch, Indonesia had issued about 300 golden visas, generating around $123 million in investment during the pilot phase.
The rapid progress of Indonesia’s Golden Visa Program shows strong interest from investors. With nearly 500 visas issued in just two months, the country is on track to meet its 1,000-visa target by the end of 2024. As Indonesia continues to position itself as an attractive investment hub, the government expects the program to contribute significantly to economic growth and long-term development.