Indonesia has announced a new policy that will offer a longer stay permit for foreigners who invest or contribute to the country’s economy. The policy called the Golden Visa, is expected to be a game changer in attracting global talents, especially in the fields of digitalization, health, research, and technology.
The Golden Visa is a version of the Second Home Visa, which was previously introduced by the Tourism and Creative Economy Ministry to welcome foreigners who want to live in Indonesia for up to five years. The Golden Visa, however, will have more benefits and incentives for foreigners who can bring value-added to national development.
According to Tourism and Creative Economy Minister Sandiaga Uno, the Golden Visa policy is a “red carpet” for foreigners who want to invest in Indonesia’s economic development. He said the policy will also target digital nomads and entrepreneurs who can create more job opportunities for Indonesians.
Investment Minister Bahlil Lahadalia said the Golden Visa is not only for investors but also for people with special expertise, retirees who have high incomes, and other potential contributors. He said the government will coordinate with relevant ministries and agencies to finalize the details and requirements of the policy.
The Golden Visa is similar to the residence through investment schemes that are offered by some countries in the European Union, such as Portugal, Spain, Greece, and Malta. These schemes allow individuals to obtain a residence permit in a country by buying property, making investments, or making large donations.
The Golden Visa is part of Indonesia’s efforts to boost its economy and to compete with other countries in the region that have similar policies, such as Malaysia, Thailand, and Singapore. The government hopes that the policy will attract more foreign direct investment and human capital to support its vision of becoming a digital powerhouse in Southeast Asia.