Indonesia started a long-term visa program on Thursday in an effort to draw in international investment. The announcement for the launch came from President Joko Widodo, with amount of up to $10 million giving the investors to get a 10-year visa that allows them to access the largest economy in Southeast Asia.According to the new rules, the Golden Visa for five years necessitates that individual investors establish a $2.5 million corporation, while the 10-year visa demands an investment of $5 million.Apart from this, individuals who do not intend to establish a company are required to deposit $350,000 and $700,000, respectively, in order to obtain a 5-year and 10-year permit. With this money, they can purchase public company stocks, Indonesian government bonds, or place deposits.On the other hand, corporate investors need to invest the amount of $25 million to get five-year visas for directors and commissioners and for a period of 10 years, an investment of $50 million is required.While speaking at the launch event, Widodo said, “Today, I officially launched Golden Visa Indonesia and invited world citizens to invest and work in Indonesia. I am optimistic that Indonesias potential as a global investment destination is very large considering the good economic growth, maintained political stability, as well as the demographic bonus and abundant natural resource wealth.”Hari ini, saya resmi meluncurkan Golden Visa Indonesia serta mengundang warga dunia untuk berinvestasi dan berkarya di Tanah Air. Saya optimistis potensi Indonesia sebagai tujuan investasi global sangat besar mengingat pertumbuhan ekonomi yang baik, stabilitas politik yang… pic.twitter.com/3dn0MAYqLG— Joko Widodo (@jokowi) July 25, 2024Significance of the moveIndonesias decision to introduce a Golden Visa program signifies a strategic move to attract foreign investors with the promise of long-term residency benefits. This initiative aims not only to bolster the economy but also to encourage substantial foreign investments into various sectors of the Indonesian economy. The Golden Visa typically offers perks such as residency rights, ease of travel, and potential pathways to citizenship, which are appealing to affluent investors seeking stability and opportunities in Southeast Asia. Meanwhile, it is important to note that several other countries also offer similar schemes, but Canada, Britain and Singapore have already scrapped such policies as the government concludes that such schemes do not create jobs and could be a means to park speculative money.
