Indonesia has announced that the Department of Immigration will soon launch the ‘Golden Visa.’ This new visa category is set to be a residency-by-investment style policy that officials hope will help attract international talent to boost the Indonesian economy.
Speaking from the Vice Presidential Palace on Monday, 29th May, Indonesia’s Minister for Tourism and Creative Economies, Sandiaga Uno, announced the imminent launch of the Golden Visa.
He said that the new policy would help attract global talent in the digital, health, research, and technology sectors.
He shared that “we hope to increase not only investment but employment.” Minister Uno is on a mission to create 4.4 million new jobs in tourism and creative economies by 2024.
Minster Uno’s announcement of the Golden Visa outlined what the new visa category will look like and shared that preparations are underway, with more announcements to come soon.
He explained that the Golden Visa would be available with a five and ten-year validity and that the visa holder would enjoy exclusive benefits.
These exclusive benefits could include easier and faster processes for visa applications and immigration matters, greater global mobility with multiple entries to Indonesia, longer stay periods, the right to own assets within the country, and being fast track lane for citizenship applications.
Minister Uno shared his hopes that the new Golden Visa will encourage more international citizens to explore the country, especially Bali.
He added the visa would be “especially [beneficial] for long-term foreign tourists. It is hoped that this will encourage digital entrepreneurs. And also, foreign tourists are of higher quality because they stay longer. They will invest not only in property, it will also create jobs.”
What is yet to be announced is the application requirements for the Golden Visa and, most significantly, the cost. There are already dozens of residency-by-investment style policies in place in counties around the world.
Many such visa programs can be found in counties across the Caribbean. Take Antigua and Barbuda, for example. For a minimum donation of $100,000 to the National Development Fund, international citizens can apply for their citizenship.
Other investment options are available in Antigua and Barbuda, similar to those on offer in Grenada, where foreigners can purchase property worth over $220,000 and not sell it for four years. It is not yet clear what kind of investment or donation will be required of applicants.
What remains to be seen is how the Golden Visa in Indonesia will differ from the still relatively new Second Home Visa category. Announced last year, the Second Home Visa is targeted at high earners who wish to establish a home base in Indonesia for 5-10 years.
Though data suggested that the Second Home Visa has not attracted as many applicants as Immigration would have hoped.
The visa application process requires applicants to deposit $130,000 into a state-owned bank account before investing in any other properties or businesses.
Some have spoken up to say that the visa is inaccessible for many people who wish to live in Indonesia either as investors, retirees, digital nomads, or entrepreneurs.
Minister Uno did not give a prospective timeline for the launch of the new Golden Visa, though he alluded that the preparations are well underway and further announcements will be made soon.
Minster Uno was incredibly enthusiastic about the new Golden Visa and shared that the policy is expected to be a ‘game changer’ that will help bring in more tourists, digital nomads, and digital entrepreneurs.
It remains the case that, according to Minster Uno, the most appropriate visa for digital nomads who conduct remote work in Bali (e.g., make their income from activities conducted online, generating income from outside the country) should use the B211a socio-cultural visa.
Indonesia’s visa on arrival is still the most appropriate visa for most holidaymakers to Bali. The visa on arrival costs IDR 500,000 and is valid for 30 days; this visa can be extended one time for a further 30 days.
Source: https://thebalisun.com/indonesian-government-will-create-a-golden-visa-for-foreigners-wanting-to-live-in-bali/
