Golden visas are in the news again after recent European Court remarks on Malta’s right to continue issuing the controversial citizenship routes. This time it is Indonesia making the headlines, following an announcement that the South East Asian republic is hoping to award 1000 golden visas by the end of 2024.
Having launched a 10-year visa targeting wealthy digital nomads in 2022, Indonesia began another trial golden visa programme in 2023, launching it officially in July 2024, with the aim of making it “easier for foreign nationals to invest and contribute in Indonesia,” the country’s President, Joko Widodo said.
Current progress towards the scheme’s goals was revealed by the country’s Director General of Immigration, Silmy Karim, at a Central Javan passport service event. “This year’s target is 1,000 recipients and, hopefully, it can be achieved by the end of 2024,” he said.
Increase in applications expected?
With only 300 confirmed applicants since the introduction of the 2023 pilot scheme, that means Karim is anticipating a huge increase in the application rate, over just the last quarter of 2024, which may be a tall order.
However, the immigration chief emphasised that the overarching goal is to boost Indonesia’s economy rather than simply attracting as many immigrants as possible. “It’s not about reaching a large number, as the Golden Visa is highly exclusive, specific, and must provide benefits for Indonesia,” he said.
Attracting investment, talent, world figures and the diaspora
The Indonesian golden visa scheme runs on financial investment, whether corporate or individual. For a five-year visa, foreign nationals must either set up a company valued at a minimum of $2.5 million or deposit $350,000 in an Indonesian account. To be eligible for a 10-year visa, applicants must establish a business worth $5 million or invest $700,000. Other golden visas are available to Global Talents, such as South Korean native and Indonesia’s national football coach, Shin Tae-Yong, as well as World Figures, second homeowners, and former Indonesian citizens, plus their descendants.
As well as permission to reside in Indonesia for the desired period, the golden visa gives priority access to immigration services at international airports, and removes bureaucracy such as the need to apply for limited stay permits (ITAS) from the immigration office.
So far the scheme has raised $123 million. The national ambition for 2024 is to bring in $101.5 billion of domestic and foreign investment and achieve GDP growth of 5.2%.
