JAKARTA – In a bid to attract foreign investors, the Indonesian authorities have announced a significant relaxation of the golden visa requirements for the newly designated capital, Nusantara.
The announcement was made by Head of Directorate General of Immigration, Silmy Karim on Friday aimed at fostering international collaboration and boosting the region’s economic development.
The government’s recent announcement allows foreign companies to apply for a five-year resident permit with a minimum investment of just 5 million U.S. dollars, a drastic reduction from the previous threshold of 25 million dollars.
For those committed to an extended ten-year stay, requirements to invest in Nusantara have also been significantly reduced to 10 million dollars from the former 50 million dollars.
Since the progressive measures came into effect in January 2024, the global investor response has been enthusiastic, with a notable 62 golden visas already issued.
The Indonesian government is optimistic that this initiative will usher in a wave of foreign capital, providing a much-needed economic boost to Nusantara and its surrounding areas.
By making it more financially feasible for international investors to establish a long-term presence in the new capital, Indonesia aims to create a vibrant and thriving economic hub that will not only benefit the local population but also contribute to the country’s overall economic prosperity.
It is to be noted that the passport of Indonesia is not that strong but is ranked 66th as per the Henley Passport Index 2024. The visa-free destinations available to its citizens are 78 but the country is preferred by international tourists due to its pristine beaches and relatively economical rates.
Indonesia is a diverse archipelago in Southeast Asia and boasts a population exceeding 270 million. Its economy, driven by agriculture, manufacturing, and services, is the largest in the region. Rich in natural resources, Indonesia’s strategic location fuels its economic growth, making it a vital player in the global market.