Indonesia will issue so-called golden visas allowing foreigners who make substantial investments to remain for between five and 10 years, in an effort to boost the country’s economic development.
An individual who invests funds worth $350,000 into shares of public companies, savings or deposit accounts or government bonds is eligible for a five-year stay, or $700,000 for 10 years, according to a press release Saturday citing Indonesia Director General of Immigration Silmy Karim.
A five-year visa would also be permitted for an individual setting up a company with at least $2.5 million invested, or for a 10 year stay, $5 million. Directors and commissioners of firms being established in the country are eligible for five year visas if their companies invest $25 million, or $50 million for 10 years, the release shows.
“Because we are targeting quality investors, the requirements are more thorough,” Karim said in the release. Golden visa holders are expected to enjoy exclusive benefits from the visa, including not needing to apply for a temporary stay permit at the immigration office, according to the release.
Last year, the Southeast Asian nation rolled out a second home visa for wealthy tourists with at least 2 billion rupiah ($130,000) in their bank account.