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On 22 August 2023, Indonesia introduced its ‘Golden Visa’ scheme. Under Minister of Law and Human Rights (MOLHR) Regulation No. 22 of 2023 on Visas and Stay Permits (Reg 22/2023), foreign investors may be eligible for visas lasting up to five or ten years, depending on the value of their planned investment in Indonesia.
A 'Golden Visa' is a visa type (in the form of a limited stay visa, limited stay permit, permanent stay permit, or a re-entry permit for a certain period) which is granted for up to five or 10 years to, amongst others, individual foreign investors who:
- intend to set up a local company;
- do not intend to set up a local company but intend to invest in Indonesian government bonds or shares or mutual funds of publicly listed companies in Indonesia; or
- are directors or commissioners of a local branch or subsidiary of a foreign company (with a cap of ten people per company),
subject to satisfaction of relevant investment-related requirements.
Apart from having a longer visa validity (compared to a limited stay visa which is typically valid for up to two years), Golden Visa holders will also enjoy other benefits:
- priority lane at Immigration Checkpoints designated by the MOLHR;
- priority services at the Immigration Office; and
- priority services from related government agencies and ministries based on a cooperation agreement.
Unlike a limited stay visa, a Golden Visa does not require a guarantor (such as the employer) to support the application. However, proof of commitment to invest (known as an 'Immigration Guarantee') is required, as set out in the accompanying table.
The Golden Visa should both attract high net worth individuals considering investing and residing in Indonesia and improve the ease of doing business here for foreign companies. Note, however, that the immigration office will carry out annual evaluations to ensure that Golden Visa holders continue to satisfy the specified criteria, meaning that visa holders must remain compliant.