JAKARTA – In a bold move to bolster its economy, Indonesia has rolled out the ‘golden visa’, a strategic initiative designed to draw in global investors by offering them long-term residency. This policy, which came into effect on August 30, 2023, under the Minister of Law and Human Rights Regulation No. 22 of 2023, promises to be a game-changer in the nation’s economic landscape.

The golden visa is more than just a residency permit; it’s an invitation to high-net-worth individuals, business magnates, and exceptional talents from around the world, including the Indonesian diaspora, to contribute to Indonesia’s economic prosperity. The program is tailored to facilitate these individuals in making significant investments within the archipelago, thereby fostering growth and development.

Since its pilot phase in August 2023, the program has seen a remarkable uptake, with nearly 300 visas issued and an impressive US$123 million in investments recorded. This early success has set the stage for Indonesia’s ambitious target of granting 1,000 golden visas by the end of the year, a milestone that seems well within reach given the current trajectory.

The golden visa stands out for its streamlined processes, which simplify the complexities of establishing and running businesses in Indonesia. By cutting through bureaucratic red tape, the program accelerates the operational setup for investors, allowing them to focus on innovation and expansion without undue administrative burdens.

This initiative is a testament to Indonesia’s commitment to opening its doors to global talent and investment. It underscores the nation’s recognition of the vital role that foreign direct investment plays in economic growth and its readiness to adopt progressive policies to enhance its appeal as a prime investment destination.

As Indonesia positions itself on the global stage, the golden visa program is poised to attract a diverse array of investors, each bringing their unique expertise and resources to the table. This influx of investment and talent is expected to catalyze a new era of economic dynamism, with far-reaching benefits for the country’s development and its standing in the international community.

The golden visa is not just a policy; it’s a statement of intent, signaling Indonesia’s openness to innovation, its embrace of global collaboration, and its unwavering pursuit of economic advancement. For investors looking for fertile ground to grow their ventures and for a country eager to accelerate its development, the golden visa represents a golden opportunity for both parties to thrive. (zai)