Indonesia poised to unveil a new Golden Visa program aimed at attracting high-net-worth individuals willing to make substantial financial investments in the country. This initiative aligns with Indonesia’s efforts to reform immigration policies and encourage foreign investment and expertise in entrepreneurship and commerce.
Bali, the nation’s premier tourist destination, has already become a hub for entrepreneurs and digital nomads. The “golden visa,” set to launch before year-end, designed to cater to a select number of individuals, as confirmed by government officials.
Sandiaga Uno, Indonesia’s Minister for Tourism and Creative Economies, announced that the much-discussed Golden Visa program will be operational by the end of the year. Luhut Binsar Pandjaitan, the Coordinating Minister for Maritime and Investment Affairs, expects the Golden Visa policy to finalized within one to two weeks. This policy will exempt foreign enterprises or individuals making substantial investments from visa requirements.
To qualify for the Golden Visa, companies may need to invest at least US$50 million in the country’s real economy, while individuals could invest a minimum of US$350,000 in government bonds.
Initially announced in June 2023 with an expected launch date of June 2023, the debut of the residency-by-investment Golden Visa has delayed due to administrative adjustments and regulatory modifications.
Although the exact cost of the Golden Visa is yet to disclosed, it expected to be substantial. The introduction of a new second-home visa category last year, which demanded bank statements with savings equivalent to IDR 2 billion (approximately USD 130,000), generated mixed reactions among Bali enthusiasts.
The impending launch of the Golden Visa coincides with concerns expressed by government officials about the future of Bali’s tourism industry. Both the Golden Visa and the existing Second Home Visa targeted at high-net-worth individuals interested in making significant financial investments in Indonesia.