Indonesia Passes Golden Visa Regulation

Local and regional newswires, including Tempo are reporting that Silmy Karim, Director General of Immigration at the Law and Human Rights Ministry has released details on the golden visa regulation as stipulated by the Indonesian government. This regulation is contained in Minister of Law and Human Rights Regulation Number 22/2023 concerning Visas and Stay Permits, as well as Regulation of the Minister of Finance Number 82/2023 which was passed on August 30, 2023, report Tempo.

According to reporting, Silmy Karim explained the golden visa will allow someone to stay in Indonesia for 5 to 10-years in order to support the national economy. The visa classification is aimed at qualified people who will bring benefit to the development of the state economy, among others, an investment by corporations or individuals.

In order to be able to stay in Indonesia for 5-years, foreign individual investors who want to set up a company in Indonesia are required to invest USD 2.5-million (approx. IDR 38-billion) and for a 10-year stay period, the required investment value is USD 5-million (approx. IDR 76-billion.)

Meanwhile, corporate investors who want to set up a company in Indonesia and invest USD 25-million (approx. IDR 380-billion,) can get a golden visa with a 5-year stay for the directors and commissioners. For an investment value of USD 50-million, they would get a residence permit of up to 10-years.

However, the rules would be different for individual investors who do not aim to set up a company in Indonesia. To get a golden visa with a 5-year-stay, the applicants must invest USD 350,000 (approx. IDR 5.3-billion) in Indonesian government bonds, shares of public companies, or savings or deposits.

As for a 10-year-stay visa, the investment must be USD 700,000 (approx. IDR 10.6-billion.)

Golden visa holders are expected to get a number of exclusive benefits. These include longer stay periods, ease of leaving and entering Indonesia, and efficiency because there is no longer the need to apply for a limited stay permit (ITAS) at the immigration office, say Tempo.

The golden visa regulations have been implemented in a number of developed countries, such as the United States, Canada, United Arab Emirates, Ireland, Germany, New Zealand, Italy, and Spain. Silmy revealed that these countries have felt positive impacts from implementing the golden visa rules.

“Hopefully, with this policy, Indonesia will also receive a similar impact in the future. Moreover, our country has a huge potential to be managed and developed,” Silmy Karim said.

Source: Tempo

Photo by JESHOOTS.COM on Unsplash

Latest Article
Govt Allocates More Subsidies for Electric Motorcycles
According to reporting from Antara News, Dadan Kusdian, Indonesia’s Secretary General of the Ministry...
Netherlands Consider Easier Visas for Indonesians
Citing Antara News, Tempo is reporting that Indonesia and the Netherlands discussed strengthening consular...
Ministry to Implement KRIS at 3,060 Hospitals by 2025
Indonesia’s Health Ministry is targeting to get more than 3,000 national hospitals to implement...
Hospital-based Specialist Doctor Program Launched
Speaking at the launch of a hospital-based specialist doctor program on Monday (6/5/24,) Indonesia’s...
Indonesia Anticipates Prabowo’s Cabinet
Prabowo Subianto and Gibran Rakabuming Raka will be sworn in as the country’s new president and vice...

Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

His experience covers Marketing, Branding, Advertising, Publishing, Real Estate and Training for 5-Star Hotels and Resorts in Bali and Jakarta, which has given him a passion for the customer experience. He’s a published author and a regular contributor to local and regional publications. His interests include conservation, eco-conscious initiatives, spirituality and motorcycles. Andrzej speaks English and Indonesian.

Terje H. Nilsen

Director of Seven Stones Indonesia

Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

Terje’s leadership, drive and knowledge are recognised across many industries and his unrivalled network of high level contacts in government and business spans the globe. He believes you do good and do well but always in that order. Terje speaks English, Indonesian and Norwegian.

Contact Our Consultants

[wpforms id=”43785″]

Ridwan Jasin Zachrie

CFO of Seven Stones Indonesia, Jakarta

Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

He’s a member of the Board of Trustees of the Alumni Association of the Faculty of Law, Trisakti University, Co-Founder of the Paramadina Public Policy Institute and actively writes books, publications and articles in the mass media. He co-authored “Korupsi Mengorupsi Indonesia” in 2009, which helps those with an interest in understanding governance in Indonesia and the critical issue of corruption. Ridwan speaks Indonesian and English.

Per Fredrik Ecker

Managing Director of Seven Stones Indonesia, Jakarta

Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.