Indonesia has taken a significant leap forward by introducing the Indonesia Golden Visa program, an initiative designed to attract high-caliber foreign nationals who can contribute to the nation’s economic growth, both as individual investors and corporate players. This remarkable immigration program finds its roots in the Ministry of Law and Human Rights Regulation (Permenkumham) Number 22 of 2023, governing Visas and Residence Permits.
Underpinning this visionary move is the Ministry of Finance Regulation Number 82 of 2023, enacted on August 30, 2023, solidifying the program. In accordance with OECD’s definition, a Golden Visa represents a residency or citizenship arrangement granted through substantial investments
What is the Indonesia Golden Visa?
The Indonesia Golden Visa is a specialized visa program designed to facilitate foreign investors, retirees, and professionals to live and work in Indonesia. It is a strategic move by the Indonesian government to attract foreign capital, and expertise, and boost economic development.
What are the Countries that Offer Golden Visas?
Indonesia is one of many countries to implement the Golden Visa program. Similar policies have already been implemented in various developed countries, including:
- United States
- Canada
- United Arab Emirates
- Ireland
- Germany
- New Zealand
- Italy
- Spain.
Countries that have this visa policy have experienced positive impacts. For example, Denmark excels in innovation, and the United Arab Emirates has become a preferred destination for foreign investors.
Moreover, in 2018, Transparency International conducted a study. It is estimated that between 2008 and 2018, the European Union received approximately EUR 25 billion (IDR 407 trillion) in Foreign Direct Investment (FDI) due to implementing the visa schemes in its member countries.
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Benefits of Indonesia Golden Visa
- Residency: The Golden Visa allows you to reside in Indonesia, making it a popular choice for retirees seeking an exotic and affordable destination to enjoy their golden years.
- Investment Opportunities: Holders of the Golden Visa have the opportunity to invest in various sectors of the Indonesian economy, including real estate, tourism, and startups.
- Business Expansion: Foreign entrepreneurs can expand their business interests in Indonesia, tapping into the vast market potential of the nation.
- Education: Access to world-class education for your children is another advantage, with Indonesia being home to several prestigious international schools.
- Cultural Experience: Immerse yourself in the rich Indonesian culture and explore the beautiful landscapes while residing in this diverse archipelago.
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Eligibility for Foreign Nationals
Foreign nationals who wish to obtain the Indonesia Golden Visa must fulfill certain conditions, which include:
- Financial Criteria: Applicants are required to invest a minimum amount, which can vary based on the type of visa they are seeking.
- Background Check: A clean background, free from any criminal records, is essential.
- Health Insurance: Health insurance coverage is often mandatory to ensure that the visa holder can cover their healthcare costs while residing in Indonesia.
- Investment Plan: Applicants must present a clear investment plan, specifying how they intend to contribute to Indonesia’s economic development.
Implementation of Indonesia Golden Visa
The implementation of the Indonesia Golden Visa program is managed by the Indonesian Immigration authorities, in coordination with other relevant government agencies. The program has been streamlined to offer a hassle-free experience for eligible applicants.
The following steps outline the typical process:
- Application: Applicants must submit their application, including all required documentation, to the Indonesian Immigration authorities.
- Review: The authorities will review the application and conduct background checks, including verifying the financial capacity of the applicant.
- Visa Issuance: Once the application is approved, the Indonesia Golden Visa is issued, allowing the holder to reside in the country.
- Compliance: Visa holders must adhere to the visa conditions, including any investment commitments.
- Renewal: Visa renewal is possible, allowing for a more extended stay in Indonesia.
Get Your Easy Golden Visa with E-Visa Bali
Indonesia’s Golden Visa program presents a golden opportunity for foreign investors, retirees, and professionals looking to experience the charm of the archipelago while contributing to its growth. The program’s benefits, policies, and eligibility criteria are carefully designed to encourage foreign nationals to call Indonesia home, fostering economic development and cultural exchange.
For detailed information and guidance on the Indonesia Golden Visa program, it’s recommended to consult with the Indonesian Immigration authorities or seek assistance from reputable immigration experts. Make the most of this opportunity to experience the magic of Indonesia while making a meaningful impact on its vibrant economy.
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