It’s business as usual for Indonesia despite the threat of COVID-19 and the rising tension between China and the ASEAN members. The increasing inflation rate and the wrath of Mother Nature seem to make it difficult to have a stable and robust economy.
To overcome these ordeals, Indonesia rolled out a ‘golden visa’ system to captivate foreign investors globally. If this scheme becomes successful, it will boost the country’s economy from the investments of foreign individuals and corporate stakeholders.
Understanding Golden Visa
A golden visa pertains to the immigration program, authorising rich individuals to acquire a residence permit or citizenship in another country. They just have to buy a house there or make an adequately huge investment or donation.
Investment differs depending on what country an investor wants to venture. The amount of outlay ranges from $250,000 to millions.
Once the venture capitalists make the necessary requirements and seek a Golden Visa, they and their family members will become legitimate residents of that country. They can live there, get an education, and have access to healthcare.
Excellent Strategy to Draw Offshore Investors
To improve its national economy, Indonesia featured the Golden Visa, a great way to engage foreign capitalists from every corner of the world.
“The golden visa is granting a residence permit for an extended period of five to 10 years. Once they arrive in Indonesia, golden visa holders no longer need to apply for permit,” said Silmy Karim, director general of immigration.
The five-year visa compels individual businessmen to establish a firm worth $2.5 million. The 10-year visa, on the other hand, requires a $5 million investment.
Corporate investors, such as directors and commissioners must invest $25 million to get a five-year visa. Doubling their advance to $50 million allows them to take advantage of the 10-year visa.
Distinct provisions deal with individual foreign investors who don’t want to set up a company in the country. The guidelines vary from $350,000 to $700,000 in funds to procure the Indonesian government bonds.
Golden Visa holders have exclusive benefits, including hassle-free entrance and exit from Indonesia and longer periods of stay. Moreover, they no longer have to request a limited stay permit (ITAS) at the immigration office.
