By Moustafa Daly
Indonesia just launched its long-anticipated golden visa program to attract foreign investors, with visa duration ranging from five to 10 years.
The corporate five-year visa is now available with a minimum investment threshold of $25 million for corporate investors to establish a business venture in the country.
To qualify for the 10-year visas corporate investors would have to invest at least $50 million.
The golden visa also comes with a passive investment option for individuals, granting them five to 10-year visas in exchange for investments ranging between $300,000 to $700,000 in government-issued bonds.
“Because we are targeting quality investors, the requirements are more thorough. The longer you stay in Indonesia, the higher the deposit amount required, especially for foreign investment,” explained Silmy Karim, Indonesia’s director general of immigration, in a statement to the press this week.
Open-AI’s co-founder issued the first Indonesia golden visa
Indonesia’s authorities announced that the first golden visa was issued to OpenAI’s (parent company of ChatGPT) CEO Sam Altman, who received a 10-year visa. It’s not yet clear if Altman had applied for the golden visa, or was issued a complimentary one by authorities due to his visit to the country last June to speak at an AI conference.
“There are several categories of golden visas apart from those based on investment/capital investment, one of which is the golden visa which is given to figures who have an international reputation and can provide benefits for Indonesia,” said Karim.
Karim further asserted the anticipated economic benefits of launching a golden visa: “Countries that have implemented the golden visa policy are getting a positive impact. Denmark, for example, has succeeded in becoming one of the countries at the forefront of innovation. Then, the United Arab Emirates became a favorite destination for foreign investors.”
Indonesia's corporate golden visa is arguably the world's most expensive
With this launch, Indonesia is catching up to its Southeast Asia neighbors who have established golden and investor visa programs – however, its corporate golden visa is pricier.
Nearby Singapore has long offered foreigners a route to permanent residency in the island-nation in exchange for investments starting at $8 million.
Also in the works is Thailand’s Elite Visa, which the government recently announced will be revamped and reintroduced in October 2023. However, the investment threshold for the Elite Visa is expected to be considerably lower than both Singapore and Indonesia, reportedly between $26,000 and $143,000.
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