Golden Visa Indonesia is a new residency permit for foreigners who want to stay in Indonesia for five or ten years. The visa needs to be officially launched and will make it easier for foreign investors to reside in the Southeast Asian country. With the introduction of the Golden Visa, Indonesia follows many other countries that already implemented the Golden Visa, such as the United States, Portugal, United Arab Emirates, Ireland, Germany, Italy, and Spain.
What is Indonesia’s Golden Visa?
Indonesia’s Golden Visa is a new visa that allows foreigners to stay in Indonesia for five to 10 years if they make substantial investments. The Indonesian government launched this visa to boost the country’s economy with investments from foreign individuals and corporations. The visa targets foreign individual investors, foreign investors who want to establish a company in Indonesia, and foreigners who are already a director or a commissioner of an Indonesian company.
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Golden Visa Indonesia requirements
There are several requirements to be eligible for Indonesia’s Golden Visa. Silmy Karim, the Indonesian Director of Immigration, said in a press conference that the Indonesian government is targeting quality investors. There are three different groups that each have other Golden Visa Indonesia requirements.
Golden Visa Indonesia investment requirements for individuals who don’t intend to establish a company in Indonesia:
- Five-year visa: Investment of at least IDR 5.3 billion ($344,500) into public company shares, savings or deposit bank accounts, or government bonds.
- Ten-year visa: Investment of at least IDR 10.6 billion ($689,000) into public company shares, savings or deposit accounts, or government bonds.
Investment requirements for individuals establishing a company in Indonesia:
- Five-year visa: Investment of at least IDR 38 billion ($2.47 million).
- Ten-year visa: Investment of at least IDR 76 billion ($4.94 million).
Golden Visa investment requirements for directors and commissioners of Indonesian companies:
- Five-year visa: Investment of at least IDR 380 billion ($24.7 million)
- Ten-year visa: Investment of at least IDR 760 billion ($49.4 million)
Besides that, the foreigner is expected to have a legal passport that is still valid for at least 36 months at the moment of application for a Golden Visa in Indonesia and must provide a recent colored photograph with a size of 4 cm by 6 cm and a white background.
Benefits of Indonesia’s Golden Visa
Obtaining Indonesia’s Golden Visa ITAS has several benefits for foreigners who wish to receive a long-term temporary residence permit in Indonesia:
- Allowed to stay longer in Indonesia: Foreigners can stay up to ten years without renewing or re-applying for their visa. This is longer than many other visas, such as the Investor KITAS, which allows a foreigner to stay up to two years in Indonesia.
- Ease of leaving and entering Indonesia: With Indonesia’s Golden Visa, foreigners can leave and enter Indonesia anytime without applying for an ITAS or other Indonesian visa at the immigration office.
- Becoming a tax resident in Indonesia: Having a Golden Visa makes it easier to become an Indonesian tax resident, which can provide tax benefits to foreigners.
How to apply for Golden Visa Indonesia?
It’s not possible yet to apply for the Golden Visa Indonesia. The government expects to launch the Golden Visa at the end of 2023. Until then, foreigners can use other visas to stay in Indonesia long-term, such as the Second Home Visa ITAS or the Investor KITAS. To obtain an Investor KITAS, one must establish a PT PMA in Indonesia.
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Frequently Asked Questions (FAQs)
How much does Golden Visa Indonesia cost?
How much the Golden Visa Indonesia will cost is unclear yet.
What is the processing time of Indonesia’s Golden Visa?
The processing time of Indonesia’s Golden Visa is not clear yet.
When can I apply for the Golden Visa Indonesia?
Foreigners can probably apply for the Golden Visa Indonesia at the end of 2023, as the Indonesian government expects to launch its new visa program in December 2023. It’s important to note that the visa was supposed to be launched in June 2023, so it could be further delayed.
What are Golden Visa Indonesia alternatives?
Indonesia’s Second Home Visa is a popular alternative to the Golden Visa, allowing foreigners to stay in Indonesia for five or ten years by possessing at least IDR 2 billion ($130,000) in their bank accounts.
Can I buy property in Bali to obtain Indonesia’s Golden Visa?
Foreign individuals who do not wish to establish a company in Indonesia can not buy a house in Bali to obtain Indonesia’s Golden Visa. They must invest at least IDR 5.3 billion ($344,500) into public company shares, savings or deposit accounts, or government bonds to be eligible for a five-year Golden Visa. Foreigners who want to establish a company in Indonesia can buy property in Bali to obtain a Golden Visa in Indonesia if the property is used for business purposes. For that, an investment of at least IDR 38 billion ($2.47 million) is required.