On August 22, 2023, Indonesia officially launched its 'Golden Visa' program, marking a significant development in the country's immigration policy. This initiative, governed by Minister of Law and Human Rights (MOLHR) Regulation No. 22 of 2023 on Visas and Stay Permits (Reg 22/2023), offers foreign investors the opportunity to secure visas with durations ranging from five to ten years, determined by the extent of their planned investments within Indonesia. 

Since its introduction, the Golden Visa program has piqued the interest of 270 parties, as disclosed by Director General of Immigration at the Ministry of Law and Human Rights (Kemenkumham), Silmy Karim, during the 74th Immigration Service Day on Friday, January 26, 2024, quoted by Antara News.  

The Director General of Immigration stated, "Approximately 270 Golden Visa enthusiasts have already registered. Our objective for 2024 is to reach 1,000." 

According to Mr. Karim, many foreign individuals who have resided in Indonesia for a certain duration are interested in the Golden Visa. Consequently, to meet the year-end target, the Directorate General (DG) of Immigration is currently formulating transitional residence permit regulations. Moreover, enthusiasts for the Golden Visa program also hail from various countries, including Korea, Japan, China, and the United States (US). 

Unlike a limited stay visa, the Golden Visa program does not necessitate a guarantor, such as an employer, to endorse the application. However, applicants must provide proof of their commitment to investment, referred to as an 'Immigration Guarantee.' 

To qualify for the Golden Visa service, foreign individuals are required to invest a minimum of $350,000 USD in Indonesia, which grants them a five-year residence permit. For a ten-year residence permit, the investment threshold is $700,000 USD. Larger investment amounts are applicable to corporate applicants, who must invest $25 million and $50 million USD. 

"Directors, board members, and representatives of parent companies can secure a five to ten-year residence permit with the accompanying visa,” Mr. Karim said. 

Several other nations worldwide, including the United States, Ireland, New Zealand, and Spain, have implemented similar golden visa programs to attract capital and entrepreneurial residents. 

As reported by Kompas, Mr. Karim disclosed that the legal framework for the Golden Visa's implementation is now in place. The Directorate General of Immigration is actively conducting public awareness campaigns and gearing up for the official launch of the program.