Jakarta. The Indonesian government has set a goal of attracting a minimum of 1,000 individual investors through the introduction of the 'golden visa' program, granting an extended stay permit in the country.

Immigration Director-General Silmy Karim said on Sunday that his office is in the process of formulating supporting regulations to implement the golden visa policy, with the aim of reaching the target by the end of the year.

"Many existing investors have expressed interest in applying for the golden visa, so we need new regulations to transition their stay permits. Once these regulations are issued, achieving the target will be much more feasible," Silmy said in Jakarta.

The golden visa program allows investors to stay in Indonesia for a period ranging from five to ten years, depending on the amount of their investments in the country.

Individual investors planning to establish a company in Indonesia with an investment of at least $2.5 million are eligible for a five-year stay. This stay period is extended to ten years if the investment exceeds $5 million.

For corporate investments of $25 million, directors and commissioners are entitled to a five-year stay permit, while doubling the investment amount will secure a ten-year stay permit.

The golden visa privilege also applies to individual investors who invest between $350,000 and $700,000, earning them a stay permit ranging from five to ten years.