Indonesia recently promised to introduce a new type of visa, called the golden visa (or golden visa)to attract foreign investors and skilled workers. The measure is designed to support the country's economic growth and encourage investment in key areas such as tourism, infrastructure and energy. It should be in place by the start of the 2023 school year.
The golden visa is intended for foreign nationals wishing to settle in Indonesia and develop their professional or entrepreneurial activities. It offers a valid for 5 to 10 yearsdepending on the amount of the investment, and can be renewed indefinitely as long as the eligibility conditions are met.
The program will enable foreigners to obtain a residence visa in exchange for an investment in the Indonesian economy.
There will be 3 categories of golden visas:
- Real estate investment 5-year residency visas: investors who purchase real estate worth at least 350,000 USD can obtain a 5-year residency visa.
- Business investment 5-year residency visas: investors who create or invest in an Indonesian company worth at least 1 million USD can obtain a 5-year residency visa.
- Investment of talents 5-year residency visas: investors with skills or qualifications that are valuable to the Indonesian economy can obtain a 5-year residency visa.
The advantages of the golden visa: greater flexibility and simplified formalities
The main advantage of the golden visa is its flexibility. Unlike other types of long-stay visa in Indonesia, holders of this visa are not required to leave the country every six months to obtain a new entry permit. This means they can live and work in Indonesia without interruption, making it much easier for them to settle and integrate into the country.
What's more, the formalities for applying for and renewing a gold visa have been simplified, with a single online process which saves time and unnecessary travel. Foreign investors no longer have to provide as many documents as for other types of visa, which greatly facilitates access to the Indonesian market.
A tool to attract digital nomads and boost the tourism sector
In recent years, Indonesia, and in particular the island of Bali, has become a popular destination for digital nomadsThese are self-employed people who work remotely, thanks to new communications technologies. These professionals represent a fast-growing market and a potential source of investment for the Indonesian economy.
By offering a solution tailored to the specific needs of these workers, the golden visa could help to boosting the tourism sector of the country, hard hit by the Covid-19 pandemic. Digital nomads tend to prefer longer stays and become more involved in local life, which can generate significant economic benefits for host communities.
Eligibility criteria still unclear
However, the conditions of access to the golden visa for digital nomads are still unclear, and could act as a brake on the attraction of this category of worker. Indeed, the Indonesian government has yet to specify the eligibility criteria in terms of income or professional skills, which could sow doubt among some potential candidates.
A major challenge for the Indonesian economy
The success of the golden visa represents a major challenge for Indonesia, which is seeking to diversifying sources of growth and reduce its dependence on traditional sectors such as mining and agriculture. The country's attractiveness to foreign investors and skilled workers is therefore crucial to its long-term economic development.
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