Indonesia Launches Golden Visa to Drive Investment

Posted by Written by Ayman Falak Medina Reading Time: 5 minutes

Indonesia has unveiled a new initiative aimed at attracting global investors: the golden visa. This program offers long-term residency to foreign nationals who make substantial investments in the country.

The golden visa policy was officially enacted on August 30, 2023, through the Minister of Law and Human Rights Regulation No. 22 of 2023 but was officially launched last week. The initiative is designed to attract high-net-worth individuals, business leaders, global talents, and the Indonesian diaspora who can contribute to the country’s economic development.

Since the government first tested this visa program in August 2023, it has issued nearly 300 permits and attracted US$123 million in investments. Indonesia is targeting to issue 1,000 golden visas by the year-end.

What are the benefits of the golden visa?

Ease of doing business

The golden visa provides investors with streamlined procedures for establishing and operating businesses in Indonesia, reducing bureaucratic red tape and expediting processes.

Extended residency periods

The visa offers extended residency periods, which provide investors with a stable and secure environment to live and work for between 5 to 10 years.

Further, golden visa holders have priority access to immigration services at international airports and enjoy streamlined procedures.

Categories and requirements

There are nine categories for Indonesia’s golden visa. These are:

  1. Individual investors that wish to establish a business in Indonesia;
  2. Individual investors who do not want to establish a business in Indonesia;
  3. Corporate investors;
  4. Indonesian diaspora (ex Indonesian citizens);
  5. Indonesian diaspora (the descendants of ex-Indonesian citizens);
  6. Second home;
  7. Global talent;
  8. Personage (public figures); and
  9. Retirees.

Individual investors (wanting to establish a business)

For individual investors that wish to establish a business in Indonesia, they are eligible for either a 5-year or 10-year golden visa. The requirements are as follows:

  • Proof of ownership of a business outside of Indonesia with a minimum 20 percent share. This must be proven through financial audit reports;
  • Further, the business must have an annual turnover of at least US$25 million to qualify for a 5-year visa or US$50 million for a 10-year visa;
  • In addition, the individual must also invest at least US$2.5 million to establish a business in Indonesia to qualify for the 5-year visa or US$5 million for the 10-year visa
  • Proof of funds to cover living costs of at least US$5,000 per month; and
  • The application fees for the 5-year visa are 13 million rupiah (US$798) and 19.5 million rupiah (US$1,197) for the 10-year visa.

The commitment to invest must be done no later than 90 days from the issuance of the limited stay permit.

Individual investors

This category is for individual investors who will not establish a business in Indonesia. The visa is eligible as a 5-year or 10-year visa. The requirements are as follows.

For the 5-year visa, the individual must purchase:

  • Indonesian government bonds worth at least US$350,000;
  • Shares in an Indonesian public company worth at least US$350,000; or
  • Mutual funds in a publicly listed company worth at least US$350,000.

For the 10-year visa, the individual must purchase:

  • Indonesian government bonds worth at least US$700,000;
  • Shares in an Indonesian public company worth at least US$700,000; or
  • A property in the form of an apartment or flat worth at least US$1 million.

The application fees for the 5-year visa are 13 million rupiah (US$798) and 19.5 million rupiah (US$1,197) for the 10-year visa. Further, the individual must have proof of funds to cover monthly living costs of at least US$5,000.

The commitment to invest must be done no later than 90 days from the issuance of the limited stay permit.

Corporate investors

This category offers a 5-year or 10-year golden visa for directors or commissioners of the company to be established in Indonesia.

  • Corporations investing US$25 million (380 billion rupiah) will receive a 5-year golden visa for their directors and commissioners and those that invest US$50 million (760 billion rupiah) will be granted a 10-year visa;
  • They must provide proof of turnover of their overseas business of at least US$100,000.

Further, the director or commissioner must have proof of funds to cover monthly living costs of at least US$5,000. The commitment to invest must be done no later than 90 days from the issuance of the limited stay permit.

The application fees for the 5-year visa are 13 million rupiah (US$798) and 19.5 million rupiah (US$1,197) for the 10-year visa.

Diaspora (Ex-Indonesian Citizens)

This golden visa category is valid for 5 years and is open for ex-Indonesian citizens.

The individual must purchase:

  • Government bonds worth at least US$35,000;
  • Shares in an Indonesian public company worth at least US$35,000; or
  • Mutual funds in an Indonesian public company worth at least US$35,000.

The commitment to invest must be done no later than 90 days from the issuance of the limited stay permit. Further, the individual must have proof of funds to cover monthly living costs of at least US$2,000.

The application fee for the visa is 12 million rupiah (US$737).

Diaspora (the descendants of ex-Indonesian citizens)

This golden visa category is for the descendants of ex-Indonesian citizens and is valid for either 5 or 10 years.

The individual must purchase:

  • Government bonds worth at least US$50,000;
  • Shares in an Indonesian public company worth at least US$50,000; or
  • Mutual funds in an Indonesian public company worth at least US$50,000.

The commitment to invest must be done no later than 90 days from the issuance of the limited stay permit. Further, the individual must have proof of funds to cover monthly living costs of at least US$2,000.

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The application fees for the 5-year visa are 12 million rupiah (US$737) and 18 million rupiah (US$1,105) for the 10-year visa.

Second home

This category is aimed at individuals seeking long-term residence without the intention of setting up a business. The visa is valid for 5 years.

To be eligible, the individual can either deposit US$130,000 at an Indonesian state-owned bank under their name or buy a property in the form of an apartment worth at least US$1 million.

The commitment to invest must be done no later than 90 days from the issuance of the limited stay permit. Further, the individual must have proof of funds to cover monthly living costs of at least US$5,000.

The application fee for the 5-year visa is 13 million rupiah (US$798).

Global talent

This category is aimed at attracting global talent at the invitation of the Indonesian government. Notably, Shin Tae-Yong, the coach of Indonesia’s national football team was one of the first recipients of this visa category.

To qualify, the individual must show proof of their sponsorship from the central government or a state institution as well as a statement from the central government explaining their decision to sponsor the individual.

The foreigner must also show proof of their expertise that including any certifications and proof of graduation from a top 100 university.

Further, the individual must have proof of funds to cover monthly living costs of at least US$2,000.

The visa is available for either 5 years or 10 years.

The application fees for the 5-year visa are 13 million rupiah (US$798) and 19.5 million rupiah (US$1,197) for the 10-year visa.

Personage (public figures):

This category is targeted at distinguished individuals with notable contributions to their fields.

To qualify, the individual must show proof of their sponsorship from the central government or a state institution.

The individual must have proof of funds to cover monthly living costs of at least US$5,000.

Retirees:

This category is intended for retirees who wish to live in Indonesia.

To qualify, the applicant must deposit at least US$50,000 at a state-owned bank under their name.

How to apply for Indonesia’s golden visa

To apply for the golden visa, follow this step-by-step guide:

  1. Go to the Ministry of Law and Human Rights’ official website.
  2. Click on the “Apply” button.
  3. Select your home country from the list.
  4. Enter “Golden Visa” as your main purpose for visiting Indonesia.
  5. Choose the sub-purpose of your visit, such as investment or business.
  6. Choose the type of Golden Visa you are applying for.
  7. Select your desired period of stay (5 or 10 years).
  8. Click the “Detail and Log In” button.
  9. If you already have an account, log in. Otherwise, create a new account to proceed.
  10. Fill out the required fields with accurate information.
  11. Upload the necessary documents, such as proof of investment, passport copies, and financial statements.
  12. Use the secure online payment system to pay the application fee using Mastercard, Visa, or JCB cards.
  13. Review all the entered details and documents.
  14. Click the “Apply” button to submit your application.
  15. Use the online portal to track the status of your application.

Timeline

The immigration authorities typically process applications within four working days.

Once approved, you must report your commitment to invest within 90 days of receiving your Limited Stay Permit. Upon approval, you will receive your Golden Visa documents via email in PDF format.

 

 

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ASEAN Briefing is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia and maintains offices throughout ASEAN, including in Singapore, Hanoi, Ho Chi Minh City, and Da Nang in Vietnam, in addition to Jakarta, in Indonesia. We also have partner firms in Malaysia, the Philippines, and Thailand as well as our practices in China and India. Please contact us at asean@dezshira.com or visit our website at www.dezshira.com.