Indonesia has announced plans to introduce the ‘Golden Visa,’ a new visa category aimed at attracting international talent to boost the country’s economy.
The announcement was made by Sandiaga Uno, Indonesia’s Minister for Tourism and Creative Economies, from the Vice Presidential Palace on May 29th.
The Golden Visa is designed to attract global talent in sectors such as digital, health, research, and technology. Minister Uno emphasized that the goal is not only to increase investment but also to create employment opportunities. He has set a target of generating 4.4 million new jobs in the tourism and creative economies by 2024.
The details of the Golden Visa were outlined by Minister Uno, who mentioned that it would be available with five and ten-year validity periods. The visa holders would enjoy exclusive benefits, including streamlined visa application and immigration processes, increased global mobility with multiple entries to Indonesia, longer stay periods, the right to own assets within the country, and a fast track lane for citizenship applications.
The introduction of the Golden Visa is expected to encourage international citizens to explore Indonesia, particularly Bali. Minister Uno expressed that the visa would be especially beneficial for long-term foreign tourists, digital entrepreneurs, and high-quality foreign tourists who stay longer and invest in the country, leading to job creation.
However, specific application requirements and costs for the Golden Visa are yet to be announced. Similar residency-by-investment programs exist in several countries, such as Antigua and Barbuda, where a minimum donation of $100,000 to the National Development Fund grants eligibility for citizenship.
It remains to be seen how the Golden Visa will differ from Indonesia’s Second Home Visa category, which was introduced last year but has reportedly not attracted as many applicants as anticipated. The Second Home Visa targets high earners seeking to establish a long-term base in Indonesia and requires a deposit of $130,000 into a state-owned bank account before further investment in properties or businesses.
Minister Uno did not provide a specific timeline for the launch of the Golden Visa but indicated that preparations are underway, and further announcements will follow.
Overall, the Golden Visa is expected to be a significant development for Indonesia, attracting more tourists, digital nomads, and digital entrepreneurs. However, for digital nomads working remotely in Bali, the B211a socio-cultural visa is still considered the most appropriate option. For most holidaymakers visiting Bali, the visa on arrival, which costs IDR 500,000 and allows a 30-day stay (extendable for an additional 30 days), remains the suitable choice.
