Indonesia’s Golden Visa policy – which will waive visas for foreign companies or foreigners who make a large investment in the country – will likely be issued in one or two weeks, said Coordinating Minister for Maritime and Investment Affairs Luhut Binsar Pandjaitan on Tuesday (Aug 1).
According to Tempo, companies wishing to obtain the Golden Visa must make a real investment of at least US$50 million. Meanwhile, for individuals, the investment value in government bonds is at least US$350,000.
Mr Luhut reportedly said that his ministry had just discussed the policy with President Joko Widodo and a number of ministers.
He said that the Golden Visa policy would later target highly knowledgeable foreigners including researchers from some of the world’s leading universities. The visa could also be given to artificial intelligence (AI) developers, he reportedly said.
Mr Luhut announced that Mr Widodo, or Jokowi as he is more commonly known, has prepared a Golden Visa for OpenAI chief executive officer Sam Altman, according to CNN Indonesia. OpenAI is the company that developed the popular AI-powered chatbot ChatGPT.
Indonesia is not the first country in the region to offer special visas attracting high-skilled talent and investments.
Over the past two years, Thailand opened applications for its new Long-Term Resident visa while Singapore unveiled its Overseas Network & Expertise Pass (ONE Pass). A two-year visa programme known as the Top Talent Pass Scheme was also opened in Hong Kong.
Indonesian Immigration director-general Silmy Karim on Tuesday noted that the Golden Visa policy would benefit the government because apart from the visa being highly selective, those looking to acquire the visa must invest a large amount into the country.
“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,” Mr Silmy was quoted as saying by Tempo.
According to Tempo, eligible applicants can get a multi-entry visa that is valid for five to 10 years. They can later conduct business and other activities in Indonesia.
Mr Silmy added that the Golden Visa policy is one of the government’s ways to screen qualified individuals from overseas entering Indonesia.
“Many countries have had success with issuing Golden Visas, such as the UAE (United Arab Emirates), Singapore, then several European countries and the United States.
Indonesia needs to implement this policy,” he reportedly said.
In a statement on Apr 2, the Political, Legal and Security Affairs deputy of Indonesia’s Cabinet Secretariat, Lusia Novita Sari, said that the Golden Visa policy is part of Widodo’s efforts to increase the inflow of foreign investment into Indonesia.
