President Joko Widodo (Jokowi) launched the Golden Visa service at The Ritz-Carlton Hotel Jakarta on Thursday (25/7). On this occasion, Jokowi symbolically handed over the Golden Visa to the Coach of the Indonesian National Football Team, Shin Tae-Yong. 

The Golden Visa policy offers various incentives for foreign nationals. The issuance of the Golden Visa is regulated under Government Regulation Number 40 of 2023 concerning Immigration, which was issued on August 4 of last year. 

Foreign nationals can enjoy several exclusive benefits, such as extended stay periods, ease of entry and exit from Indonesia, and no longer needing to apply for a Limited Stay Permit (ITAS) at the immigration office. 

Jokowi hopes that the issuance of the Golden Visa will progressively attract foreign investment. He mentioned that granting Golden Visas to foreign investors could have a multiplier effect, such as creating job opportunities and facilitating technology transfer. 

"Not many countries have good economic growth, a demographic bonus, and abundant natural resources. Indonesia can be a promising investment destination," said Jokowi. 

He stated that, so far, there have been 300 individual and corporate investors registered as Golden Visa recipients from the Indonesian government. Jokowi is optimistic that the issuance of the Golden Visa will facilitate services for global investors. 

The government has set a quarterly evaluation for Golden Visa recipients. "I emphasize that there should be strict selection. We must ensure that only beneficial individuals for the country are allowed entry," Jokowi asserted. 

Upon receiving the plaque and Golden Visa from Jokowi, Shin Tae-Yong expressed surprise when contacted by the government as one of the Golden Visa recipients. He stated that receiving the Golden Visa presents a unique challenge to work even harder to advance Indonesian football. 

"Being handed over directly by the President, I am very happy to receive this good treatment," said Shin Tae-Yong. 

The Golden Visa is an investor visa granted as a basis for granting residence permits for a period of 5 to 10 years to support the national economy. The Golden Visa is only given to foreign nationals who invest a certain amount in Indonesia. 

Additionally, the Golden Visa is also offered to foreign nationals of Indonesian descent, global talents, and digital nomads. 

The government issues Golden Visas to investors in three categories: individual foreign investors not establishing a company in Indonesia, investors intending to establish a company in Indonesia, and corporate foreign investors planning to set up a company in Indonesia.

For the first category, individual foreign investors who invest at least US$ 350,000 (approximately Rp 5.6 billion at an exchange rate of Rp 16,266 per US dollar) to purchase government bonds, public company shares, or deposits will receive a 5-year Golden Visa. 

Investors who invest at least US$ 700,000 (approximately Rp 11.3 billion) in government bonds, public company shares, or deposits will receive a 10-year Golden Visa. 

Individual foreign investors planning to establish a company in Indonesia with a minimum investment of US$ 2.5 million (approximately Rp 40.6 billion) will be offered a 5-year Golden Visa. 

Investors willing to invest at least US$ 5 million (approximately Rp 81.3 billion) will be granted a 10-year Golden Visa. 

Furthermore, foreign corporations establishing a company in Indonesia with a minimum investment of US$ 25 million (approximately Rp 406.6 billion) will receive Golden Visa facilities for directors and commissioners for 5 years. 

Foreign corporations establishing a company domestically with a minimum investment of US$ 50 million (approximately Rp 813.3 billion) will receive Golden Visa facilities for directors and commissioners for 10 years. 

The first foreign national to receive the Golden Visa was OpenAI co-founder and CEO Sam Altman in August 2023. OpenAI is the company behind the artificial intelligence (AI) chatbot technology, ChatGPT. 

The implementation of the Golden Visa aims to support economic growth post-COVID-19 pandemic. Its presence is expected to attract investment flows and create an investment climate that can draw high-skilled talent. 

In addition to extending the visa and residence permit terms for investors, the visa and residence permit extension process is also simplified by removing the requirement for approval letters. 

Original article here.

This content is published in cooperation with Katadata