Indonesia’s golden visa gamble: will it hit the investment jackpot or miss the mark?

The programme is aimed at enticing “world‬‭ figures, ‬‭ international‬‭ investors, ‬‭ global‬‭ talents, ‬‭ and‬‭ the‬‭ Indonesian‬‭ diaspora” ‬so that they can contribute their wealth, skills, or expertise to the country, according to a statement put out by the Ministry of Law and Human Rights.

Widodo also advised the country’s immigration agency to be “selective” and only allow “individuals with high potential contributions” access to the visa.

Director general of Immigration Silmy Karim said that 300 golden visas have already been issued during its trial period, from which the state pocketed two trillion rupiah (US$122.9 million) in investments.

“The important thing is to socialise [the policy] as much as possible first. We are communicating with several Chamber of Commerce organisations, including [those from] USA, China, Japan, Korea, and Indonesia. We also socialise it to the Indonesian Young Entrepreneurs Association, whose partners may also need a Golden Visa,” Silmy told reporters.

Under the scheme, individual foreign investors wanting to establish a company in Indonesia are eligible for a five-year golden visa if they invest at least US$2.5 million, and double that amount for a 10-year visa. Individual investors who do not wish to establish a company must place funds of at least US$350,000 in either Indonesian government bonds, public company stocks, or savings, to get the five-year visa.

The directors, ‬ commissioners or representatives‬‭ of‬‭ corporations‬‭ aiming to establish companies in‬‭ Indonesia‬‭ must bring in at least US$‬‭25 million in investment‬ value‬‭ to apply for‬‭ a‬‭ five-‬‭year‬‭ stay‬‭.

In total, the golden visa programme offers 10 types of visas, including one aimed at former citizens and one