Local newswires, including Tempo are reporting that Luhut Binsar Pandjaitan, Indonesia’s Coordinating Minister for Maritime and Investment Affairs has announced that the Golden Visa policy would likely be issued in one or two weeks. The policy will waive visas for foreign companies or foreigners who invest in Indonesia with a certain value.
Luhut said that his ministry had just discussed the Golden Visa policy with President Joko Widodo and a number of ministers. “I think maybe this can be finished in 1 to 2 weeks. I’d say one week,” Luhut said at the State Palace in Central Jakarta, Tuesday, August 1, report Tempo.
In addition to investments, Luhut said this policy would later target foreigners who have high intellectual value, including researchers from the leading universities, adding that the Golden Visa could also be given to artificial intelligence or AI developers.
The Director General of Immigration, Silmy Karim, said that this policy would later benefit the Indonesian government. Because apart from granting visas which are very selective, companies wishing to obtain a Golden Visa must make a real investment of at least USD 50-million dollars. Meanwhile for individuals, the investment value in government bonds is at least USD 350,000, say Tempo.
“They have to make a real investment, not just on paper, not just a notary’s deed. We will monitor the amount and also the activities,” Silmy said, adding that the Golden Visa policy is also one of the government’s ways to screen qualified individuals from overseas entering Indonesia.
Tempo report that eligible applicants can get a multi-entry visa that is valid for five to ten years. Later, they can conduct business and other activities in Indonesia.
“Many countries have had success with issuing Golden Visas, such as the UAE, Singapore, and several European countries, as well as the United States. Indonesia needs to implement this policy,” Silmy said.