Jakarta. Indonesia has officially launched the golden visa program that would make the country a “second home” for foreign investors.

The golden visa grants investors residency for up to 10 years. 

Individual investors who invest at least $2.5 million and plan on establishing a company can stay for five years. The government will grant them a 10-year residency if their investment reaches $5 million. 

Individuals who do not wish to set up a company are also eligible for the golden visa. Indonesia only requires them to put at least $350,000 into the country for a 5-year residency. They can stay for a decade if they wish to double it. 

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 in the country for 10 years. In other words, the more they invest, the longer their stay permits. 

According to President Joko “Jokowi” Widodo, Indonesia should have been a “promising destination” for investors, considering its natural resource abundance, demographic dividend, robust economic growth, and political stability. These qualities should also make the country an attractive destination for what Jokowi calls “global talents”, namely individuals who possess exceptional skills in certain fields.

“[Investments and global talents] can bring a multiplier effect to our country, starting from capital gain, job opportunities, technology transfer, and improvement of human capital, to name a few. We are launching this golden visa to make it easier for foreigners to invest and contribute to Indonesia,” Jokowi said.

Jokowi also wants his government to be selective when it comes to choosing who is eligible for the golden visa. He added: “But please remember, this is only for good-quality travelers. We need to be extremely selective. … Don’t let anyone who threatens the country’s national security and contribute nothing [earn this golden visa].”

The golden visa comes as Jokowi’s “gift” for investors before his tenure as president ends this October. The two-term president has been trying to make Indonesia investor-friendly to boost economic growth. Indonesia is on a quest to garner a total of Rp 1,650 trillion (about $101 billion) in investments from both foreign and domestic investors this year. The country has reached 24.3 percent of the said target in the first quarter of 2024. Indonesia attracted Rp 204.4 trillion in foreign direct investments over the said three-month period.