Indonesia plans to unveil a golden visa program aimed at luring foreign individuals and corporate investors, with the goal of stimulating its national economy.
This initiative in a document seen by Nairametrics will provide a five-year visa option for individual investors from any country including Nigeria who establish a company valued at $2.5 million, while a $5 million investment grants a 10-year visa as stated by the Ministry of Law and Human Rights.
This follows the footsteps of various other nations like the United States, Ireland, New Zealand, and Spain, which have also introduced golden visa programs to entice investment and foster entrepreneurial residency.
Indonesia, situated in Southeast Asia and Oceania between the Indian and Pacific oceans, comprises more than 17,000 islands, such as Sumatra, Java, Sulawesi, and sections of Borneo and New Guinea.
The cost of living in Indonesia, on average, is 59.4% lower than in the United States.
What he said
The Director General of Immigration, Silmy Karim elaborated on this new scheme. He said,
- “The golden visa is granting a residence permit for an extended period of five to 10 years Meanwhile, corporate investors are required to invest $25 million to get five-year visas for directors and commissioners”.
- “They need to invest double, or $50 million, to gain a 10-year visa”
According to the statement, unique provisions are in place for individual foreign investors who prefer not to establish a company within the country..
These requirements vary, with investment options ranging from $350,000 to $700,000, which can be utilized to acquire Indonesian government bonds.
- Once they arrive in Indonesia, golden visa holders no longer need to apply for a permit” Silmy Karim said.