Indonesia intends to launch a golden visa program targeted at attracting foreign individuals and business investors in order to stimulate the country’s economy.
According to the Ministry of Law and Human Rights, this program will offer a five-year visa option for individual investors from any country, including Nigeria, who establish a firm worth $2.5 million, and a 10-year visa option for investments of $5 million.
The United States, Ireland, New Zealand, and Spain are a few other countries that have implemented golden visa programs to encourage investment and support entrepreneurial residency.
Indonesia is a country made up of more than 17,000 islands, including Sumatra, Java, Sulawesi, and parts of Borneo and New Guinea. It is located in Southeast Asia and Oceania between the Indian and Pacific seas.
In comparison to the United States, the cost of living in Indonesia is 59.4% lower on average.
The director general of immigration, Silmy Karim, went into more detail about this new plan. He stated:
The “golden visa” provides a residency permit good for five to ten years. To obtain five-year visas for directors and commissioners, business investors must contribute $25 million.
“They must invest twice as much, or $50 million, to be granted a 10-year visa.”
According to the statement, special arrangements are made for individual foreign investors who choose not to start a business there.
With investment alternatives ranging from $350,000 to $700,000, depending on the criteria, Indonesian government bonds can be purchased.
Golden visa holders no longer need to apply for a permit once they are in Indonesia, according to Silmy Karim.
