Indonesia ready to roll out golden visa program to attract foreigners

Monitoring Desk

JAKARTA: The Indonesian government has announced to introduce a ‘golden visa’ program that allows foreigners to stay in the country for up to 10 years in an effort to boost economic growth.

According to the international media, Indonesian officials said the golden visa would help attract more foreign workers and investments, which in turn would create more job opportunities.

Under the program, foreigners could be granted a permit to stay up to 10 years.

Detailed requirements for the visa program have not yet been released.

The program will be the second initiative the government has launched in recent months, after previously introducing the “second home” visa program in October last year.

The second home program allows foreigners to apply for a stay permit of up to 10 years, if they have an existing visa and provide proof of funds of either Rp 2 billion (US$128,559) in a personal Indonesian bank account or proof of ownership of a luxury property in the country.

Several Southeast Asian countries have been vying for wealthy foreigners by launching visas with stays of many years.

Thailand’s Long-Term Residence visa is valid for 10 years and offers multiple entries, but applicants must hold at least $1 million in assets, a validated annual personal income of a minimum of $80,000 for the past two years, and an investment of at least $500,000 in Thai government bonds, foreign direct investment or Thai property.

Cambodia also introduced its 10-year visa program that allows foreigners to apply for Cambodian citizenship after five years and gain access to insurance coverage and VIP medical treatment.

Malaysia last year launched its premium visa program that allows foreigners to stay for up to 20 years.