Indonesia has announced its plans to introduce the ‘Golden Visa,’ a new visa category that aims to attract international talent and stimulate the Indonesian economy through residency-by-investment. The Minister for Tourism and Creative Economies, Sandiaga Uno, made this announcement from the Vice Presidential Palace on May 29th. He emphasized that the Golden Visa would target professionals in the digital, health, research, and technology sectors, aiming to not only increase investment but also create employment opportunities. Minister Uno’s objective is to generate 4.4 million new jobs in the tourism and creative economies by 2024.
The specifics of the Golden Visa were outlined by Minister Uno during the announcement. It will be available for durations of five and ten years, offering exclusive benefits to visa holders. These benefits may include streamlined visa application and immigration processes, increased global mobility with multiple entries to Indonesia, extended stay periods, the right to own assets in the country, and expedited citizenship applications.
Minister Uno expressed his hope that the Golden Visa would attract more international visitors, particularly to destinations like Bali. He believes that the visa will be particularly advantageous for long-term foreign tourists, encouraging digital entrepreneurs to invest and create employment opportunities.
While the details of the Golden Visa are yet to be fully disclosed, it remains to be seen how it will differ from the relatively new Second Home Visa category. Introduced last year, the Second Home Visa targets high-earning individuals seeking to establish a long-term residence in Indonesia for a period of 5-10 years. However, the Second Home Visa has not attracted as many applicants as anticipated by immigration authorities.
The application process for the Second Home Visa requires applicants to deposit $130,000 into a state-owned bank account before making further investments in properties or businesses. Some critics argue that this visa is inaccessible to many potential residents, including investors, retirees, digital nomads, and entrepreneurs.
Minister Uno did not provide a specific timeline for the launch of the Golden Visa but indicated that preparations are well underway, with further announcements expected in the near future.
Minister Uno expressed great enthusiasm for the Golden Visa, believing it will be a game-changer in attracting more tourists, digital nomads, and digital entrepreneurs to Indonesia. However, he highlighted that the B211a eVisa remains the most appropriate option for digital nomads engaged in remote work in Bali or earning income online from outside the country. For most holidaymakers visiting Bali, the Visa On Arrival (VOA / eVOA) remains the most suitable choice.
