Indonesia Introduces ‘Golden Visa’ Program to Boost Investment
President Joko Widodo of Indonesia has recently announced the introduction of a “golden visa” program aimed at attracting foreign investments and high-quality visitors to the country. This initiative is expected to boost the economy and drive growth in various sectors.
Under the golden visa program, individuals can obtain a residence permit by making specific investments in Indonesia. For instance, those who invest $2.5 million will be granted a 5-year residence permit, while a $5 million investment will result in a 10-year permit. Tourists can also obtain a residence permit by depositing money into state banks, with options for 5-year and 10-year permits depending on the amount deposited.
Notably, the first golden visa was awarded to Samuel Harris Altman, CEO of OpenAI, who received a 10-year “global talent” permit. This marks the beginning of a new chapter for foreign investors and high-profile individuals seeking to contribute to Indonesia’s economic development.
The Director General of Indonesian Immigration Administration, Silmy Karim, shared that the golden visa program has already benefitted the country by attracting investments and stimulating growth. Plans are in place to issue 1,000 golden visas by the end of 2024, with a projected increase in local and foreign direct investment to further fuel economic progress.
Indonesia’s strategic move to implement the golden visa program aligns with its goal of achieving a 5.2 percent economic growth target in 2024. By welcoming global talent and encouraging investments, the country aims to position itself as a prime destination for business opportunities and sustainable development.
