Jakarta. The Indonesian Chamber of Commerce and Industry, better known as Kadin, has warmly welcomed the freshly launched investor magnet “golden visa” program.

President Joko “Jokowi” Widodo launched Thursday the golden visa program that would let foreigners stay in the country for 5-10 years as long as they invest a certain amount of money.

The golden visa became a gift from Jokowi -- who had been actively seeking investors as president -- before his retirement in October.

“We from the businesses see the government’s golden visa policy as something that needs to be appreciated. It is one of the government’s efforts to increase capital inflows, while also possibly attracting quality tourists and high-quality, talented expatriates to invest in Indonesia,” Intan Abdams Katoppo, Kadin’s head of the investment promotion committee, told the Jakarta Globe on Thursday evening.

Intan said that similar golden visa schemes had been implemented in other countries, including some European Union (EU) economies. Intan added: “Likewise, these EU countries are implementing this scheme to attract investment and high-net-worth individuals so they can become a ‘second home’ for these investors.”

The government reported that as many as 300 foreigners had applied for golden visas. The Indonesian national football team coach Shin Tae-Yong -- a South Korean national -- was among the first foreigners to receive Indonesia’s golden visa. Jokowi told reporters that the government was seeking to give “as many [golden visas] as possible”, while also remaining to be picky as to be extremely selective in issuing the document.

“Don’t let anyone who does not contribute to the country [get the golden visa],” Jokowi said.

Indonesia’s golden visa scheme allows individual investors to stay for 5 years as long as they invest at least $2.5 million and set up a company. Their length of stay will double if their investment reaches $5 million. Individuals who do not wish to establish a company in the country can also have a golden visa. Such individuals will only have to put at least $350,000 into the country for a 5-year stay with their residency permit possibly extended to 10 years if they invest $700,000 or more. Corporate investors must set up a company in Indonesia and invest at least $25 million to get a 5-year residency, while those whose investment tops $50 million can stay for 10 years. 

Golden visas are already in effect in some EU countries, although there have been some changes. Portugal has amended its golden visa scheme, ruling out real estate investment as a means to qualify. Spain announced earlier this year that it planned to make similar changes. In Southeast Asia, close neighbors Malaysia and Singapore already have golden visa schemes in place.