Indonesia announces “Golden Visa” policy for foreign companies, citizens, Illustration of an Indonesian visa (Source: asianews.network)

Jakarta – The Immigration Agency of Indonesia has announced that the “golden visa” policy will be implemented as early as this July for foreign companies and citizens investing a certain amount of money in the Southeast Asian country.

The head of the agency, Silmy Karim, claimed that the policy will benefit the country as visas will be granted selectively.

Additionally, companies applying for this visa must invest at least 50 million USD in Indonesia, while inpiduals are required to invest a minimum of 350,000 USD in government bonds.

According to Silmy, it is also one of the government’s measures to screen qualified foreign tourists. The “golden visa” is valid for 5-10 years and allows its holder to conduct business and other activities in Indonesia.

Indonesian Tourism and Creative Economy Minister Sandiaga Uno expressed his hope that the “golden visa” will help attract more foreign investment in many fields and make Indonesia a centre of sustainable economic growth.

Based on the definition of the Organisation for Economic Co-operation and Development (OECD), the Golden Visa refers to a residence permit scheme through investment, or residency by investment. This policy is implemented by a country through the mechanism of granting residence permits or citizenship to foreign citizens through investment or paying a certain fee.

Foreigners with Golden Visa will enjoy exclusive benefits that are not received by visa holders in general, such as easier and faster procedures and requirements for visa applications and immigration matters, mobility with multiple entries, longer stay periods, the right to own assets within the country, and included in the fast-track to apply for citizenship.