A ‘Golden Visa’ to Indonesia: Obtain a 10-Year Residence Permit
A new opportunity emerged in the investment immigration market on July 25, 2024. Indonesia has launched a ‘golden visa’ program and you can qualify for a 5-year residence permit by investing US$ 350,000 into the local economy and you can qualify for a 10-year residence permit if you invest US$ 700,000.
There is another immigration program for investors in Indonesia called ‘Second Home’ and it is still in operation alongside the ‘golden visa’ program. Let’s find out about the details about the new residence-by-investment program that has become available in Indonesia.
5 advantages of relocating in Indonesia
1. Nice weather all around the year. The average temperature on the coast is +26 °C and it is +20 °C in the mountains. You can wear shorts and a T-shirt and swim in the ocean even in December. The rainy season lasts from January until March and it is hot and humid in Indonesia at that time of the year.
2. A variety of entertainment opportunities. The choice of waterfront activities is superb: boating, kayaking, diving, snorkeling, windsurfing, and so on. You can also go on safaris and hiking tours to the mountains. Tours to Gunung Rinjani (an active volcano) are especially popular.
3. A well-developed economy. Indonesia ranks 7th in the world for its GDP. The inflation rate keeps within 3% and the Indonesian Rupiah is one of the most stable currencies in the world.
The country is building a new capital city – Nusantara. The authorities are interested in attracting investments to this particular project and they offer special conditions to foreign investors putting money into Nusantara.
4. Multiple travel opportunities. It’s easy to travel to other Asian countries from Indonesia. For example, a flight to Vietnam, the Philippines, or Malaysia takes about 3 hours. There is also a direct flight to Canberra in Australia but it takes a longer time.
Wealthy tourists go on sea cruises to Singapore, New Zealand, and Australia from the island of Bali. The ships call at many ports and offer a wide leisure infrastructure including swimming pools, bars, and movie theaters.
5. A wide community of expats. Bali is popular not only with tourists but with immigrants from many countries. In 2023, 11 million tourists visited Indonesia. Expats use Internet forums so you can easily find people from your home country if you relocate to Indonesia.
How to acquire residence in Indonesia by investment
The minimum required amount of investment is US$ 350,000. If you look at other ‘golden visa’ programs, you will see that it is an average price. Please contact us to find out about other ‘golden visa’ opportunities and their prices. As far as Indonesia is concerned, the following investment options are available:
- Purchase shares of Indonesian companies;
- Purchase Government bonds;
- Deposit the money in an Indonesian bank.
The residence permit validity term is going to be 5 years if you invest US$ 350,000. Double the investment amount and the permit validity term will also double.
You can also qualify for a ‘golden visa’ if you open a business company in Indonesia. An investment of US$ 2.5 million will make you qualified for a 5-year residence permit and an investment of US$ 5 million – for a 10-year residence permit.
A foreign company is also eligible to apply for ‘golden visas’ for its founders. The required investment amount is US$ 25 million for 5-year residence permits and US$ 50 million for 10-year residence permits. However, if a foreign company is investing in Nusantara, the required investment amounts are US$ 5 million and US$ 10 million, correspondingly.
You can apply for an Indonesian ‘golden visa’ online at the official Government website. You have to attach a passport-size photograph and a copy of your passport that is valid for at least 6 more months.
The Indonesian ‘golden visa’ program was officially launched on July 25, 2024. However, it had been working in a pilot mode since the summer of 2023. More than 300 investors had been able to acquire ‘golden visas’ before the official launch of the program including Sam Altman, head of the Open AI Company.
Other methods of acquiring legal residence in Bali
The Indonesian residence permit is called KITAS and there are several legal grounds for acquiring one. You can invest 1 billion rupiahs (US$ 62,000) into the shares of an Indonesian company to qualify for a KITAS. An important condition is that the company’s capitalization should exceed 10 billion rupiahs. The residence permit is valid for two years and it can be extended. After 5 years, the holder can apply for permanent residence.
A Second Home visa is issued to the foreigner who rents real property in Indonesia or has at least 2 billion rupiahs (around US$ 130,000) in an Indonesian bank. The residence permit is valid for 5 years and it can be extended for 5 more years.
In accordance with the Indonesian laws, foreigners cannot own property in the country. They can only sign long-term (25 or 30-year) lease agreements that are also extendable.
A Freelance KITAS is a work visa available to people in 53 professions including sportspeople, coaches, musicians, models, and so on. The list of professions often changes.
You have to find a job in Indonesia before you can apply for a work KITAS and your employer has to act as your sponsor. The visa is valid for 1 year and if you keep extending it for 5 years, you can qualify for a permanent residence permit.
Family KITAS’s are issued to members of families of Indonesian citizens or legal residents. Documents certifying relations of kin have to be supplied (such as birth or marriage certificates, for example).
The residence permits are valid for the same period as the sponsor’s residence permits. Spouses of Indonesian citizens acquire permanent residence permits after living in marriage for 2 years.
A student visa is issued to a foreigner enrolled in an Indonesian university. The university administration has to apply for a visa on the student’s behalf. The visa is valid for 6 or 12 months and it can be extended multiple times until the study period is over.
Retiree KITAS’s are issued to foreigners above 60 years of age if they can demonstrate having a sufficient passive income. The residence permit is valid for 1 year and it is extendable. After 5 years, the holder can apply for a permanent residence permit.
To qualify for a retiree KITAS, a foreign pensioner has to sign a lease agreement for at least 1 year and demonstrate having at least (the equivalent of) US$ 3,000 per month as a passive income. In addition, foreign pensioners are not allowed to find employment in Indonesia. Quite the opposite, as a matter of fact: they have to hire a person to help them around the house.
Besides Indonesia, Hungary, Greece, Portugal, Spain, Italy, and the United Arab Emirates administer ‘golden visa’ programs.
