The Indonesian government has reported a commitment of Rp2 trillion (US$122.7 million) in investment from the issuance of 300 Golden Visas to individual and corporate foreign investors., seeking to issue 1,000 more Golden Visas to attract significant investments and high-caliber global talents to Indonesia.
“This is to facilitate our services to investors and global talents who are given the opportunity to come to Indonesia with the Golden Visa facilities,” Jokowi said.
The Golden Visa program targets two categories, namely individuals, who must invest at least US$350,000, and corporations, which are required to inject a minimum of US$25 million into the Indonesian economy.
Director General of Immigration at the Ministry of Law and Human Rights, Silmy Karim, said that the government is targeting investors from 10 priority countries: Singapore, Japan, China, South Korea, the Netherlands, the United States, the United Kingdom, France, Germany, and the United Arab Emirates.
The Golden Visa policy is outlined in Government Regulation No. 40/2023 on Immigration, effective from August 4, 2023 last year.
“The economic impact of the 300 Golden Visas is an investment inflow of Rp2 trillion,” Silmy said during the launch of the Golden Visa service at The Ritz-Carlton Jakarta on Thursday, July 25, 2024.
The Golden Visa is an investor visa granting residence permits for five to 10 years to support the national economy.
It is offered to foreign nationals who invest a certain amount in Indonesia and to the Indonesian diaspora.
“The Golden Visa aims to boost post-COVID-19 economic growth, attracting high-caliber talents and creating a conducive investment climate,” Silmy added.
The visa simplifies the extension process by eliminating the need for approval letters, offering longer-term residence permits to investors.
The first recipient of this visa was Sam Altman, co-founder and CEO of OpenAI, in August 2023.
Additionally, Indonesia’s national football team coach, Shin Tae-Yong (STY), also received a Golden Visa, presented by President Joko Widodo during a ceremony at The Ritz-Carlton on July 25, 2024.
“The President Director of Boeing Indonesia, an American national, has also been granted a Golden Visa, as well as an economics Nobel laureate,”Silmy said, explaining that Altman and Tae-Yong were selected under the global talent category, based on recommendations from government ministries and agencies.
The Golden Visa granted to Altman was recommended by Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan, while the visa for Tae-Yong was suggested by Minister of Youth and Sports Dito Ariotedjo.
Silmy emphasized that recipients of the global talent visa are not required to make financial contributions.
Quarterly evaluation of Golden Visa program
President Joko “Jokowi” Widodo announced that the Indonesian government will conduct quarterly evaluations of the Golden Visa program to ensure it does not pose risks such as security issues, money laundering, or tax evasion.
This statement was made during the Grand Launching of the Golden Visa at The Ritz Carlton Jakarta on Thursday, July 25, 2024.
“We will evaluate every three months,” Jokowi stated, emphasizing the need for government ministries and agencies to be selective in granting Golden Visas to ensure that only beneficial individuals enter the country.
Silmy said that the quarterly evaluations of Golden Visa holders is to ensure they continue to provide optimal benefits to Indonesia, rather than simply fulfilling administrative procedures.
“This evaluation is not about revoking the Golden Visa but rather refining our strategy to attract high-quality travelers who can bring real benefits to Indonesia,” Silmy said.
Jokowi stressed the importance of a strict screening process for Golden Visa applicants to prevent the entry of those who may not provide value to Indonesia.
The president underscored that the government aims to increase capital inflow into Indonesia and attract global talent to contribute positively to the country.
“However, everything must be carefully selected to ensure it brings maximum national benefit,” Jokowi concluded.
