FX.co ★ Indonesia launches golden visa to draw foreign investors

Indonesia will be issuing golden visas in a bid to lure foreign investors and boost its national economy. According to Indonesia’s director general of immigration Silmy Karim, the golden visa will grant a residence permit for a period of 5 to 10 years to individuals who make substantial investments in the country’s economy. For instance, an individual who invests $350,000 into shares of public companies, savings or deposit accounts, or government bonds will be eligible for a five-year stay in the country. Those who invest $700,000 will enjoy a 10-year residence permit. A five-year visa will also be given to investors who launch a company with at least $2.5 million invested. For a 10-year stay, one should set up a business with $5 million in investment. Directors of newly established firms are eligible for five-year visas given that their companies invest $25 million, or $50 million for a 10-year stay. Such measures are aimed at stimulating Indonesia’s economic growth. Silmy Karim explained that the country was targeting quality investors, so the requirements would be very thorough. Golden visa holders are expected to enjoy some benefits the visa implies. In particular, they will not need to apply to the immigration office to get a temporary stay permit.