Indonesia unveils 'golden visa' for foreign investors

The residency by investment scheme launched on July 25 offers a five-year visa to investors who set up a local company worth $2.5 million or a 10-year visa if their company is worth $5 million.

Corporate investors can obtain five-year visas for directors with a $25 million investment, or a 10-year visa with $50 million.

Alternatively, individuals can invest $350,000 in government bonds, shares, or deposits for a five-year visa, or $700,000 for a 10-year visa, ITIJ reports.

Silmy Karim, Indonesia’s Director-General for Immigration, said nearly 300 golden visas were issued last year during a trial, raising $123 million.

This initiative comes as other countries, such as Australia, Canada, Spain, and the UK, end their golden visa programs, citing a lack of job creation.