Jakarta. Indonesia is planning to issue golden visas for foreign individuals to bring high-quality talent and investment into the country.

The golden visa refers to residency or citizenship by investment schemes. This means that foreign individuals can obtain citizenship or residence rights through investment. 

“We will issue this golden visa policy shortly to attract quality talent in digitalization, health, research, and technology sectors. We hope this will spur investment and job creation,” Tourism Minister Sandiaga Uno told a press conference on Monday.

“Hopefully, the golden visa, which has a five or ten-year term, can become a game changer, and bring in more tourists, be it digital nomads or digital entrepreneurs, to invest in Indonesia. We will work on this policy and announce it soon,” Sandiaga said.

The legal umbrella for the golden visa is also currently in the works at the Human Rights Ministry. Sandiaga added the golden visa would make Indonesia an epicentrum of economic growth amidst increasing demand for digital economy talent worldwide.

According to the Cabinet Secretariat, the golden visa gives its holders exclusive benefits such as faster immigration and visa procedures, mobility with multiple entries, longer residency, and rights to own assets in the country. The golden visa also becomes a fast track for foreign individuals who wish to apply for citizenship.

The golden visa scheme is expected to attract more foreign direct investment, be it investment funds, government bonds, company shares, or property. Transparency International estimated the European Union (EU) generated 25 billion euros in foreign direct investment during 2008-2018 thanks to the golden visa scheme in its member states.

Indonesia offers second-home visas for foreigners and their families to live in Indonesia for 5-10 years. To apply, the foreign individual must show proof of funds that show they own at least Rp 2 billion in a state-owned bank.