Jakarta. Indonesia recently announced that they would relax the golden visa requirements for investors who are investing in the new capital project Nusantara.

According to immigration director general Silmy Karim, foreign companies who invest at least $5 million are now already eligible for a five-year stay permit -- much lower than the previous minimum requirement of $25 million. The government has also lowered the requirement for the 10-year stay permit from $50 million to $10 million.

Foreign companies who set up their branch offices or subsidiaries in the new capital Nusantara Are exempt from turnover (sales value) requirements at their parent companies.

Investors can apply for a visa with the E28F index online via evisa.imigrasi.go.id. They also need to attach several documents, among others, a passport with a minimum validity of six months, a passport photo, and a statement of commitment to establish a company in Nusantara with an investment value of at least $5 million (for a five-year residency) or at least $10 million (for a 10-year residency).

Indonesia has issued 62 golden visas in January 2024.

"We hope that the influx of foreign investors will spur an economic stimulus for the new capital Nusantara and the surrounding region," Silmy said on Thursday.