Indonesia is rolling out long-term visas for high-rolling foreign investors. President Joko Widodo has touted his country’s rich natural resources and “demographic bonus” as charm points.
Joko launched the “Golden Visa” scheme last week in front of foreign ambassadors and businesspeople.
Joko said the new visa will make it easier for foreign nationals to invest and work in Indonesia, stressing that the aim is to attract “good-quality travelers.”
The new stay permit will be granted for five or 10 years to both individual and corporate investors.
Depending on the type of application, minimum outlays of between 350,000 and 50 million dollars are required.
The government says Golden Visa holders will enjoy easier and faster procedures for immigration matters, including a fast-track route to citizenship.
The country hopes to sign up 1,000 foreign nationals to the program this year, especially targeting investors from Singapore, Japan, China and the United Arab Emirates.