Indonesia Launches New Golden Visa Program: But Is it Attractive?

What is the New Indonesia Golden Visa Program?

The newest Indonesia Golden Visa program was announced on July 25th 2024 in a press conference in Jakarta, held by the President of the Republic, Mr. Joko Widodo. On the matter at hand, the President stated the following:

"Currently, not many countries have good economic growth, maintained political stability, demographic bonus, and abundant natural resources. This means Indonesia should be a promising investment destination and a global talent destination for work. This will significantly affect the country, including capital gains, job opportunities, technology transfer, improvement in human resource quality, and more. Therefore, today, we are launching the Golden Visa service to help foreign nationals invest and work in our country: Indonesia. (...)”

The new program is intended to further boost the country’s economy and cement Indonesia’s position in the global market, while providing the benefits of living in the country to its applicants.

What are the Indonesia Golden Visa Investment Options?

When speaking about the new Golden Visa program, Mr. Widodo did not shy away from highlighting how exclusive this new Residency by Investment opportunity is and how selective Indonesia will be when processing applications.

This sentiment was echoed by the Minister of Law and Human Rights, Mr. Yasonna H. Laoly, who stated the following: “Indonesia opens wide opportunities for world figures, international investors, global talents, and the Indonesian Diaspora to come, contribute, and participate in building Indonesia. The implementation of this policy brings new optimism for business actors and investors, providing them with comfort and certainty in investing in Indonesia.”

Thus, it comes as no surprise that the Golden Visa Options are heavily geared toward investments in companies, funds, shares, and state assets. The main are as follows:

5-Year Golden Visa

• Individual foreign investors must create a new company and invest USD $2,5 Million;
• Alternatively, an individual foreign investor can invest USD $350,000 and purchase Indonesian government bonds, public company stocks, and savings/deposits;
• Directors, commissioners, or representatives of international corporations establishing a company in Indonesia must invest USD $25 Million;
• Another option is to open a Bank Account in a government-owned Bank – Investment of USD $130,000;
• Investment of USD $5 Million in Indonesia’s New Capital City, Nusantara, on Borneo Island.

10-Year Golden Visa

• Individual foreign investors must create a new company and invest USD $5 Million;
• Alternatively, an individual foreign investor can invest USD $700,000 and purchase Indonesian government bonds, public company stocks, and savings/deposits;
• Directors, commissioners, or representatives of international corporations establishing a company in Indonesia must invest $50 Million;
• Investment of USD $10 Million in Indonesia’s New Capital City, Nusantara, on Borneo Island. 

5 to 10 Year Golden Visa

• Real Estate Acquisition: USD $1 Million.

However, the new Indonesia Golden Visa program is not limited to investors, even though they are the program’s main target. Since Indonesia is a country that does not allow Dual Citizenship, former Indonesian citizens, who have had to give up their Citizenship, are also welcome to apply for the Golden Visa, with a category entirely dedicated to them and their descendants. People seeking a second home, with specialized skills, and important world figures, are also welcome to apply for the Golden Visa. 

Is the New Indonesia Golden Visa Worth It?

In the same press conference, Indonesia’s Director General of Immigration, Mr. Silmy Karim, revealed that Golden Visa investors will be able to enjoy some benefits. Besides the exclusive opportunity of being able to live between 5 to 10 years in Indonesia, the following were highlighted: being able to use priority lanes at international airports and not needing to apply for limited stay permits.

While the Golden Visa enables certain applicants to invest in Real Estate and acquire property, letting investors pair up being able to acquire Residency and a house at the same time, the country is asking for USD $1 Million - a hefty sum. Other countries with Real Estate Investment Visas, whether Residency or Citizenship, tend to ask for a much smaller amount, in comparison.

One glaring omission from the program’s new announcement is the lack of a path to Citizenship. The used wording is very precise, especially when it comes to the referring a potential impossibility of getting the Indonesian passport through this path.

While unlikely that Indonesia would actively block Citizenship applications from a Golden Visa investor, the country’s law on the matter is crystal clear. To naturalize and become a Citizen, the applicant must refuse their original Citizenship, and solely become an Indonesian national.

According to the Global Passport Index, Indonesia ranks, at the time of the writing, in the 53rd position. Indonesian nationals are only able to travel visa-free to 49 countries, have to get a visa-on-arrival in 42 countries, and must apply to get a visa to enter 107 countries – a deterrent to global mobility.

Overall, the prospect of investing in Indonesia and potentially becoming a national does not seem at all enticing. But are there Golden Visa alternatives?

Indonesia Golden Visa Alternatives: Residency & Citizenship by Investment Programs

While the Indonesia Golden Visa will undoubtedly lure some people in and be an immense opportunity for some, the prospect of having to give up your original citizenship will prevent most interested people from applying to this program. Luckily, there are several Golden Visa opportunities in other countries.

For instance, Türkiye and 5 Eastern Caribbean countries – Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, and Saint Lucia – and all offer Citizenship by Investment programs, enabling applicants to become passport holders within months.

Furthermore, certain European countries, like Portugal, Greece, Cyprus and Hungary also provide a path to EU Citizenship, albeit a slightly longer one since Residency must be acquired first. The greatest asset is that neither of these countries are against their Citizens holding a second passport, which means there is no giving up your original citizenship.

Get Your Golden Visa with Investment Visa

It does not take an expert to know the Indonesia Golden Visa will not be the program for everyone. But finding the right country to invest in, move to, settle down and live a new life? That is where expertise and experience can play a key, differentiating role.

At Investment Visa, we pride ourselves on being a trusted partner to all our clientele. Our Investment Advisory team collectively has multiple decades of experience, and we can safely state that we have never had a single Golden Visa application rejected.

We only have one goal: to help you unlock your brighter future, no matter where in the world you find your ultimate destination. Whether it is Real Estate or investment visas, we are here for you, and to provide unparalleled support every step of the way. Contact Investment Visa today! It only takes a simple form submission, and our team of experts will get in touch with you as soon as possible.