Indonesia’s ‘Golden Visa’ seeks to lure investors
JAKARTA—Indonesia launched a long-term visa scheme on Thursday intended to attract foreign investors, President Joko Widodo said, with amounts of up to $10 million giving them a 10-year visa and access to Southeast Asia’s largest economy.
The five-year “Golden Visa” requires individual investors to set up a company worth $2.5 million, while a 10-year visa requires a $5 million investment.
Individuals not looking to set up a company must place $350,000 and $700,000 to gain a 5-year and 10-year permit respectively, and the money can be used to buy Indonesian government bonds, public company stocks or place deposits.
Corporate investors are required to invest $25 million to get five-year visas for directors and commissioners. They need to invest $50 million to gain a 10-year visa.
If the investment is made in the new $32 billion capital city currently being built in the jungles of Borneo island, $5 million will gain investors a 5-year visa and $10 million a 10-year visa, the immigration agency said.
‘Quality travelers’
Several countries offer similar investment visa schemes, but others have scrapped such schemes as governments conclude they do not create jobs.
Jokowi said the visa was intended to lure “good quality travelers.”
“We’re launching the golden visa to make it easier for foreign nationals to invest and contribute in Indonesia,” he said.
