The Indonesian government has provided Golden Visa services for foreign nationals. The provisions regarding this Golden Visa are regulated in the Minister of Law and Human Rights Regulation (Permenkumham) No. 22 of 2023 concerning Visas and Stay Permits, as well as Minister of Finance Regulation (Permenkeu) No. 82 of 2023 which was promulgated on August 30, 2023. Foreigners who obtain a Golden Visa can get various exclusive benefits, one of which is a longer period of stay. However, the Golden Visa is not given to just anyone and not all foreigners can easily get it. There are conditions related to investment in Indonesia with a certain amount of funds for foreigners who want to have a Golden Visa. So, what is a Golden Visa and what conditions must be met by foreigners to get it? Check out the full explanation in the following article.
What is a Golden Visa?
Reporting from the setkab.go.id page, the Golden Visa in accordance with the definition issued by the Organization for Economic Co-operation and Development (OECD) is a residency by investment and citizenship by investment scheme. Golden Visa is also a policy enacted by a country through a mechanism of providing residence permit facilities or citizenship to foreigners through investment or paying a certain fee. The Golden Visa scheme is expected to attract more foreign investment in various instruments, be it in investment funds, government bonds, company shares, or property. As quoted from the immigration.go.id page, a Golden Visa is a visa granted as the basis for granting a residence permit for a period of five to ten years in order to support the national economy. According to Article 184 of Permenkumham No. 22 of 2023, the Golden Visa is a grouping of limited stay visas, limited stay permits, permanent residence permits, and re-entry permits for a certain period of time. Furthermore, in Article 185 paragraph 1, it is stated that limited stay visas, limited stay permits, permanent residence permits and re-entry permits are granted to carry out investment activities, family unification, repatriation, and second homes. These are valid for a maximum period of five to ten years.
Types of Golden Visa
There are ten types of Golden Visa with requirements and supporting data needs based on type. There are individual investors establishing companies, individual investors not establishing companies, corporate investors, diaspora foreigners ex Indonesian citizens, diaspora foreigners descendants of Indonesian citizens, second homes, global talents, personages, silver hair, and digital nomads. Reporting from the setkab.go.id page, it is currently estimated that more than 60 countries have implemented the Golden Visa policy. Not only countries in the Americas and Europe, developing countries in the Asia Pacific and Africa regions also see Golden Visa as an opportunity to boost incoming foreign investment.
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Golden Visa holders will enjoy exclusive benefits that are not received by visa holders in general, including easier and faster visa application and immigration procedures and requirements, mobility with multiple entries, longer periods of stay, the right to own assets in the country, as well as being a fast track path for applying for citizenship.
Requirements for obtaining a golden visa for foreigners
The following are the requirements for foreigners who want to have a Golden Visa as quoted from the official immigration website. As for foreigners to be able to live in Indonesia for five years, foreign individual investors who will establish companies in Indonesia are required to invest US$2.5 million or around Rp38 billion. Meanwhile, for a ten-year stay, the required investment value is US$5 million or around Rp76 billion. Meanwhile, corporate investors who form a company in Indonesia and invest US$25 million or around Rp380 billion, will get a Golden Visa with a five-year stay for directors and commissioners. Then for an investment value of US$50 million, a ten-year stay will be granted. Different provisions apply to individual foreign investors who do not intend to establish a company in Indonesia. For a five-year Golden Visa, the applicant is required to place funds worth US$350 thousand or around Rp5.3 billion which can be used to buy Indonesian government bonds, shares of public companies, or placement of savings/deposits. As for the ten-year Golden Visa, the funds that must be placed are US$700 thousand or around Rp10.6 billion. “Because we are targeting qualified travelers, the requirements are more weighty. The longer the stay in Indonesia, the higher the guarantee value, especially for investment activities which can be up to around Rp760 billion.” said Director General of Immigration at the Ministry of Law and Human Rights, Silmy Karim. In addition to individual and corporate investors, the Ministry of Law and Human Rights has also issued Circular Letter No. IMI-0315.GR.01.01 of 2023 concerning the Implementation of Stay Permit Services After the Stipulation of Permenkumham No. 22 of 2023 concerning Visas and Stay Permits, which regulates the implementation system for the Silver Hair Visa type. Through this circular letter, the Director of Residence Permit will create a new system with a breakthrough where re-entry permits and passport data changes can be made by foreigners while abroad online. For Silver Hair Visa applicants, the requirements are also eased where only proof of income or allowances worth US$300 per month or equivalent is required for applicants who are 60 years of age or older.
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In addition, applicants for Temporary Stay Permit (ITAS)/ Permanent Stay Permit (ITAP) for Foreign Investors (PMA) must have shares with an amount above IDR 10 billion for ITAS and IDR 15 billion for ITAP. However, if the applicant does not meet these conditions, it will be included in the criteria for Foreign Workers (TKA) and follow the applicable provisions in accordance with these criteria.
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That is the explanation about Golden Visa, be it for individuals, companies, diaspora, to PMA. Hopefully it can provide an overview for foreigners or companies that employ foreign workers, to know everything related to residence permits and investment in Indonesia. This regulation was also issued by the government to ensure that foreigners who enter Indonesia are of high quality, considering that the requirements for obtaining a Golden Visa must invest in Indonesia at least US$2.5 million or around Rp38 billion. Well, for KH Pals who are still confused about residence permits for foreigners, you can consult with Kontrak Hukum. In addition to consultation, we can help you to make and prepare all the licenses needed to take care of foreigners, such as ITAP and ITAS. for service information, visit the KH Services – Immigration page. If you have questions about other business needs, please contact us at Ask KH and send a direct message (DM) to Instagram @kontrakhukum. With KH, #semuajadiberes!
