Bali-loving tourists can now get an Indonesian ‘Golden Visa’ to live and earn money in the holiday paradise
Indonesian officials have released more details about a new visa for Bali-loving foreigners — but it comes at a price. Have your say.
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Indonesia has released new details about the much-anticipated Golden Visa to attract “talented foreigners” and help boost their economy. But it comes at a very big price.
The new visa, aimed at outsiders who want to live and invest in Bali, will allow those who are eligible prolonged stays of five to 10 years.
Corporate investors who want to form a company in Indonesia via the Golden Visa category must invest nearly $A39m to receive a five-year stay for directors and commissioners. That amount doubles for a 10-year visa in the corporate investor category.
Would you invest and live in Bali? Have you say in comments field below.
There is also the option to apply for a one-year Golden Visa, with applicants applying as foreign individual investors needing to invest just over $A3.8m.
However, foreign investors who aren’t looking to set up a company in Indonesia via the Golden Visa policy will still be able to make an application.
On an individual basis, the visa requires the applicant to place $A541,636 into Indonesian government bonds and public company shares or place them in an Indonesian savings account for a five-year visa. For a 10-year visa, a deposit of funds worth $1.1m is required.
Indonesia’s director general of immigration Silmy Karim said that the Golden Visa program has been mandated by President Joko Widodo to be completed within six months.
“The Golden Visa is a visa that is given as a basis for granting a residence permit for a period of five to 10 years in order to support the national economy,” Mr Karim said in a press conference according to Bali Sun.
“Because we are targeting quality passers-by, the conditions are more weighty. The longer you stay in Indonesia, the higher the guarantee value, especially for investment activities.
“Once they arrive in Indonesia, they (golden visa holders) no longer need to apply for a limited stay permit (ITAS) at the immigration office.”
Golden Visa holders will be entitled to a series of exclusive benefits, including easier and faster processes for visa applications and the right to own assets within the country.
The new visa policy has been compared to similar residency-by-investment style policies elsewhere in the world, including in the USA, Canada, Ireland, Germany, New Zealand, Italy and Spain.
“Countries that have implemented the golden visa policy have felt the positive impact. Denmark, for example, has succeeded in becoming one of the leading countries in innovation,” Mr Karim said.
“Then the United Arab Emirates became a favourite destination for foreign investors.”
The Golden Visa is technically a business visa category and the most appropriate visa for most tourists heading to Bali is the visa on arrival.
Indonesia’s visa on arrival is valid for 30 days and can be extended while in the country for an additional 30 days.
The visa costs around $A51 which can be paid for on arrival at any international airport in Indonesia or can be applied for online up to 48 hours before arrival.
The visa on arrival is available for passport holders from 96 countries, including Australia, New Zealand, the USA, and most European countries too.
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