New Golden Visa for Bali, Indonesia to be launched soon
Indonesia is striving hard to make significant reforms to its immigration policies in order to attract foreign investment and international entrepreneurial and commercial expertise.
The most popular tourist destination in the nation, Bali, is already a haven for thousands of entrepreneurs and digital nomads. The ‘golden visa’ will be available to a small number of persons before the end of the year, according to official announcements from ministers.
Sandiaga Uno, Indonesia’s Minister for Tourism and Creative Economies, announced to reporters following a recent press conference that the much-derided “golden visa” will be implemented before the end of the year.
According to Coordinating Minister for Maritime and Investment Affairs Luhut Binsar Pandjaitan, the Golden Visa policy, which will waive visas for foreign enterprises or foreigners who make a significant investment in the country, will likely be given in one to two weeks.
Companies who want the Golden Visa may have to invest at least US$50 million in the real economy. Meanwhile, for individuals, the investment value in government bonds is at least US$350,000.
Officials predicted that the residency-by-investment type visa will be available by June 2023 when the new visa category was first announced.
The debut has been postponed, nonetheless, due to additional administrative changes and regulatory modifications.
According to reports, Minister Uno told reporters, “We want to make sure that the Golden Visa offer is attractive for foreign tourists to invest and stay longer in Indonesia. We hope for certainty (launch) before the end of the third quarter.”
He noted that efforts are being made by the Department of Immigration to make sure that the regulations governing the Golden Visa are foolproof.
Minister Uno added, “There are definitely negative impacts in every policy, including economic fluctuations and the principle of justice.”
When the first information on the Golden Visa was made public in May 2023, Minister Uno stated that the goal of the new visa policy was to draw talent from all over the world to the fields of technology, digital, health, and research.
According to Minister Uno, the visa will be offered with both a five-year and ten-year validity, and those who are granted one will be entitled to a number of unique advantages not yet accessible under other visa categories.
He indicated that these advantages might include expedited and streamlined visa application procedures as well as increased global mobility due to the availability of numerous entry to Indonesia.
Given the validity of between five and ten years and, probably most importantly, the ability to own property there, longer stay periods will undoubtedly be a great plus.
A fast-track citizenship application process might be available to persons with Golden Visas down the road, according to Minister Uno.
Naturally, the cost of this new Golden Visa will be high. Although no official number has yet been offered. The Department of Immigration introduced a brand-new second-home visa category last year.
The requirement that applicants provide bank statements with at least IDR 2 billion (about USD 130,000) in savings drew some criticism from Bali enthusiasts.
The announcement that the Golden Visa will soon be implemented comes as government officials across Indonesia have been expressing their fears about Bali’s tourism industry’s future.
High net worth individuals who want to make significant financial investments in the nation are the target audience for both the Golden Visa and the Second Home Visa.