“Golden Visas are given to foreign citizens for certain purposes. The Golden Visa’s purpose is to facilitate foreign citizens with certain facilities for contribute to the development of Indonesia’s national economy.”
Minister of Law and Human Rights Regulation Number 22 of 2023 (“Permenkumham 22/2023”) on Visas and Stay Permits has been in effect since 24 September 2023 and, when promulgated, revokes and replaces Permenkumham 29/2021. Permenkumham 22/2023 becomes the legal basis for implementing the Golden Visa policy which proposes to facilitate foreign citizens who contribute to the development of Indonesia’s national economy, especially individual investors and corporations.
A. Overview and Purposes of Golden Visa
Golden Visa is a group of Limited Stay Visas, Limited Stay Permits, Permanent Stay Permits, and Re-Entry Permits with a certain period of time, which are given to foreign citizens to carry out investment activities, family reunification, repatriation, and activities to own a second home in Indonesia. Golden Visa are granted for a maximum period of five years or ten years. The Golden Visa purposes to be given for foreign citizens as follows:
- Investment Activities:
- Foreigners as individual investors who intend to establish a company in Indonesia;
- Foreigners as individual investors who do not intend to establish a company in Indonesia;
- Foreigners who will serve as members of the board of directors or members of the board of commissioners in companies to be established in Indonesia which are branches or subsidiaries of companies outside the territory of Indonesia, with a maximum of 10 (ten) people per company.
- Family Unification Activities:
- Foreigners who combine themselves with a husband or wife who holds a Limited Stay Permit or Permanent Stay Permit;
- children who are not yet 18 (eighteen) years old and unmarried who join their father and/or mother who hold a Limited Stay Permit or Permanent Stay Permit; and
- Foreigners who combine themselves with children who hold a Limited Stay Permit or Permanent Stay Permit
- Repatriation Activities:
- former Indonesian citizens who will live without a Guarantor; and
- Descendants of former Indonesian citizens at most second degree without Guarantor
- Activities of having a Second Home:
- second house;
- special skills;
- world figures; And
- elderly foreigners aged 60 (sixty) years or more.
Golden Visa holders will be given facilities minimum in the form of priority inspection lanes at Immigration Checkpoints determined by the Minister of Law and Human Rights, priority services at the Immigration Office; and Priority services from government agencies and/or related ministries, in accordance with the cooperation agreement.
B. Requirements of Golden Visa
General requirements for applying for a Golden Visa via application include the following documents:
- A valid National Passport that is still valid for at least 6 (six) months;
- proof of Immigration Guarantee;
- proof of having living expenses for himself and/or his family while in Indonesian Territory;
- recent color photograph; And
- other documents to explain the purpose/purpose of the foreigner’s arrival.
Special requirements are also required when applying for a golden visa in the form of immigration guarantees. Immigration guarantees are funds or other forms as a substitute for Guarantor. In Permenkumham 22/2023 it is explained that the immigration guarantees required for each category in order to obtain a Golden Visa, as follows:
- Individual investors with the intention of establishing a new company for a stay period of 5 years, with requirements in the form of a commitment to establish a company in Indonesia with issued capital or investment of at least US$ 2,500,000. Meanwhile, with the same conditions for a 10 year period with an investment of at least US$ 5,000,000.
- Individual investors who do not intend to establish a new company for a stay period of 5 years, with requirements in the form of:
- Commitment to purchase Indonesian Government Bonds (“Government Bond Commitment”); or
- Commitment to purchase shares in a public company in Indonesia (“TBK Share Commitment”).
With details of at least US$ 350,000.
Meanwhile, the stay period is 10 years, with requirements in the form of:
- Government Bond Commitment;
- TBK Share Commitment;
- Commitment to purchase mutual funds from listed companies in Indonesia (“TBK Mutual Fund Commitment”);
With details of at least US$ 700,000 or
- Commitment to purchase an apartment for at least US$ 1,000,000 (“Property Commitment”).
- Candidates for Directors or Board of Commissioners for an Office in Indonesia for a stay period of 5 years, with requirements in the form of a Commitment to establish an Office in Indonesia with an investment value of at least US$ 25,000,000. Meanwhile, for a 10 year stay period, a commitment requirement with an investment of at least US$ 50,000,000 is required.
- Former Indonesian citizens for a period of 1 year, with requirements in the form of:
- Government Bond Commitment;
- TBK Share Commitment; or
- TBK Mutual Fund Commitment.
With a price of at least US$ 15,000. Meanwhile, a 10 year stay period has the same requirements with a price of at least US$ 35,000.
- Descendants of former Indonesian citizens for a period of 5 years, with requirements in the form of:
- Government Bond Commitment;
- TBK Share Commitment; or
- TBK Mutual Fund Commitment.
With a price of at least US$ 50,000. Meanwhile, a 10 year stay period has the same requirements with a price of at least US$ 100,000.
- Foreigners carrying out second home activities for a period of 5 or 10 years with requirements in the form of a commitment to open a personal savings account at a state-owned bank with a minimum deposit amount of US$ 130,000; or Commitment to buy property in Indonesia of at least US$ 1,000,000.
- Foreigners who are world figures for a period of 5 years with requirements in the form of a commitment to establish a company in Indonesia with an investment of at least US$ 25,000,000. Meanwhile, for a 10 year period with the same requirements but at least US$ 50,000.000.
- Elderly foreigners for a period of 5 years with requirements in the form of a commitment to open a personal savings account at a state-owned bank with a minimum deposit of US$ 50,000.
Permenkumham 22/2023 requires related parties to fulfill the Immigration Guarantee requirements within 90 days of the issuance of the Golden Visa. Golden Visa holders will undergo an evaluation carried out by the Ministry of Law and Human Rights to ensure that the foreign national in question still meets the criteria for being a Golden Visa holder. This evaluation will be carried out every year on Residence Permits which require proof of fulfillment of commitments.
Author: Adam Kausar
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