Indonesia's Immigration Policy Transformation to Attract Foreign Investment and Entrepreneurial Talent
Bali, Indonesia's renowned destination, has long been a hub for digital nomads and innovators seeking a vibrant environment. In a move to further boost foreign investment and attract international entrepreneurs and business talent, Indonesia is set to introduce a new “golden visa” by the end of the year. The country's Minister for Tourism and Creative Economies, Sandiaga Uno, confirmed this development after a recent press conference. While the initial plan was to roll out the “golden visa” by June 2023, policy adjustments and administrative changes have caused delays. The Indonesian government's aim is to make the “golden visa” offer enticing for foreign tourists, allowing them to invest and stay longer in the country. This article delves into the details of this new visa category, its benefits, pricing considerations, and its implications for Bali's tourism landscape.
Golden Visa Overview
– Indonesia revamping immigration policy to attract foreign investment.
– Bali, a popular hub for digital nomads, set to introduce “golden visa.”
– Visa aimed at international entrepreneurs and business talents.
– Anticipated launch by the end of the year after delays.
– Minister Uno emphasizes making the “golden visa” offer attractive.
– Policy adjustments and administrative changes leading to delays.
Speaking in May 2023, Minister Uno revealed that the “golden visa” targets individuals from various sectors, including digital, health, research, and technology. It will be available with both five-year and ten-year validity options, offering exclusive benefits not available in other visa categories. These benefits include faster and simplified visa application processes, multiple entries to Indonesia, extended stay periods, and the right to own assets within the country. Additionally, the “golden visa” might pave the way for expedited citizenship applications for long-term holders.
Key Features of the Golden Visa
– Targets talent from the digital, health, research, and technology sectors.
– Five-year and ten-year validity options.
– Exclusive benefits: streamlined application, extended stays, asset ownership.
– Potential fast-tracking of citizenship applications.
While the exact pricing details of the “golden visa” remain undisclosed, it is expected to come with a significant price tag. This introduction follows the launch of a second-home visa category in the previous year, which drew criticism due to its high financial requirements. Applicants for the second-home visa were required to demonstrate savings of at least IDR 2 billion (approximately USD 130,000). This “golden visa” primarily aims to attract high-net-worth individuals willing to make substantial investments in Indonesia.
Price Considerations and Implications for Tourism
– Pricing details for the “golden visa” are yet to be revealed.
– Second-home visa criticized for high financial requirements.
– “Golden visa” targets high-net-worth individuals for significant investment.
The timing of the “golden visa” announcement coincides with concerns about the future of tourism in Bali due to unruly behaviour by certain tourists. Indonesian officials are exploring ways to encourage higher-quality and higher-spending tourism. Both the “golden visa” and the second-home visa aim to attract individuals with substantial financial resources. However, for tourists seeking shorter stays, existing options like Visa on Arrival and e-Visa on Arrival remain the most suitable choices.
Tourist Visa Options
– Visa on Arrival and e-Visa on Arrival are viable options for tourists.
– Entitle travellers from 92 nations to 30 days in Indonesia.
– Costs IDR 500,000 and can be extended once for an additional fee.
– Socio-cultural visas are available for longer stays.
– Application details for both visas.
Indonesia's efforts to introduce the “golden visa” reflect a strategic move to boost investment and attract global entrepreneurial talent. While policy adjustments have caused delays, the government is committed to offering an appealing package. This trend aligns with other nations' initiatives to attract high-net-worth individuals through similar programs. Nevertheless, for tourists with shorter travel plans, the Visa on Arrival and e-Visa on Arrival options remain practical choices to explore Bali.