Jakarta - Indonesia has announced the launch of a golden visa program aimed at attracting foreign individuals and corporate investors to bolster its national economy, according to a statement released by the Ministry of Law and Human Rights on Sunday.

"The golden visa grants a residence permit for an extended period of five to 10 years," explained Silmy Karim, Director General of Immigration.
For the five-year visa, individual investors are required to establish a company with a minimum worth of $2.5 million, while a $5 million investment is necessary for the 10-year visa. Numerous other countries, including the U.S., Ireland, New Zealand, and Spain, have implemented similar golden visa programs to attract capital and entrepreneurial residents.

On the corporate front, investors must commit $25 million to qualify for five-year visas for their directors and commissioners. To secure a 10-year visa, they must double their investment to $50 million.

Different criteria apply to individual foreign investors who do not intend to establish a company within Indonesia. They must meet financial requirements ranging from $350,000 to $700,000, which can be used to purchase Indonesian government bonds. Karim noted, "Once they arrive in Indonesia, golden visa holders will no longer need to apply for permits."