According to Luhut Binsar Panjaitan, Coordinating Minister for Maritime Affairs and Investments, a Golden visa for large foreign investors will be launched before the end of the third quarter of 2023. Companies planning to apply for a golden visa have to invest at least $50 million in the country's economy. For individuals, the investment value of government has to be $350,000 or more.
The minister said that the terms of launching a Golden visa had already been agreed with President Joko Widodo and a number of ministers. He noted that the program in the future would also be focused on highly qualified foreign specialists, including researchers from leading universities in the world. He added that a visa could also be issued to artificial intelligence (AI) developers.
The visa program would benefit the government through an influx of funds invested in the economy said Indonesian Immigration Director General Silmi Karim. Eligible applicants can obtain a multiple-entry visa valid for 5 to 10 years.
One of the significant benefits of the program is the fact that visa holders will be offered a simplified procedure of applying for citizenship. The whole process will take less time.