Indonesia Attracts US$123 Million in One Year with Golden Visa Strategy

• 6 August 2024
• Property Focus
• 1572 Views

Indonesia’s new “golden visa” policy has successfully attracted US$123 million in foreign investment within its first year. This initiative launched to entice foreign investors and businessmen to stay in the country for five to 10 years, has already issued nearly 300 permits since its pilot in August last year. The government aims to reach 1,000 golden visas by the end of this year, as reported by the Indonesian Immigration Service and updated by NikkeiAsia on 25 July 2024.

To qualify for a golden visa, foreign individuals and companies must meet specific investment thresholds. A five-year visa requires an investment of US$2.5 million, while a 10-year visa demands US$5 million. Additionally, individuals can secure a five-year visa by depositing US$350,000 in an Indonesian government bank or US$700,000 for a 10-year visa, which can later be used to purchase government bonds or shares in companies listed on the Indonesian Stock Exchange.

A unique provision allows individuals to obtain a five-year visa by depositing US$130,000 in a state bank to purchase an apartment valued at US$1 million or more. Companies are also eligible for the golden visa, provided the director invests US$25 million for a five-year stay or US$50 million for a 10-year stay.

The golden visa policy is expected to create new opportunities for foreign companies looking to expand operations in Indonesia. Notably, OpenAI CEO Samuel Altman is reported to be the first recipient of Indonesia’s golden visa.

• Policy and Strategy
• Investment and Funding