According to reports, Indonesia is set to launch a new policy called the golden visa, which aims to attract skilled individuals in the fields of digitalization, health, research, and technology. The country’s Vice President, Uno, believes that this initiative will be a game changer, encouraging more foreigners, including digital nomads and entrepreneurs, to invest in Indonesia.
Furthermore, Uno announced that the golden visa will not only be available to investors but also to individuals with special expertise and retirees with high incomes. Both companies and private citizens will have the opportunity to apply for this visa. Companies will need to have a minimum investment of $350,000.
As for whether this is Indonesia’s first golden visa, the answer is no. While there is currently no golden visa open for investors, the country introduced a Second Home visa last year, designed for wealthy retirees or digital nomads seeking to reside in popular tourist destinations within Indonesia. The Second Home visa grants wealthy foreigners 10-year visas if they can provide proof of funds amounting to approximately $130,000, to be deposited in a local bank. This visa became available for applicants in December.
While Indonesia is just starting to tap into the benefits of golden visas, neighboring countries such as Malaysia, Singapore, and Thailand have already implemented investor visa regulations over the past year, as they compete for talent and investment funds. Singapore, for instance, offers a long-term visa route to foreigners in exchange for a substantial investment threshold of nearly $8 million. This visa program is particularly appealing to wealthy Chinese citizens looking for a nearby economic haven.
Singapore also offers the ONE Pass program, which grants long-term visas to foreign workers who earn a minimum monthly salary of $22,000.