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Indonesia has launched an initiative to draw foreign individuals and corporate investors with the introduction of a golden visa scheme, aimed at bolstering the nation’s economy, according to an announcement made by the Ministry of Law and Human Rights.The director-general of Indonesia’s immigration Silmy Karim explained the new long-term, high-value visa plan.“The golden visa is granting a residence permit for an extended period of five to 10 years.”To secure a five-year visa, individual investors are required to establish a company worth US$2.5 million (about 18.2 million yuan). For a 10-year visa, the requirement doubles to an investment of US$5 million.This strategy of offering golden visas to investors is not new, with countries including the US, Ireland, New Zealand, and Spain already having similar schemes in place to entice capital and entrepreneurial residents.For corporate investors, the stakes are higher. A five-year visa for directors and commissioners requires an investment of US$25 million (about 182 million yuan). To obtain a 10-year visa, the investment must be twice as much, standing at US$50 million.However, there are alternative provisions for individual foreign investors who do not wish to establish a company in the Southeast Asian nation. These investors can opt to invest between US$350,000 (about 2.5 million yuan) to US$700,000 in funds to purchase Indonesian government bonds, Silmy explains.“Once they arrive in Indonesia, golden visa holders no longer need to apply for a permit.”In March, the Government of Thailand was once again making unsubstantiated claims regarding its 10-year, multiple entry Long Term Residence (LTR) visa programme.The government still reckons the LTR programme will attract one million foreigners over five years and act as a catalyst to boost the nation’s tourism and promote economic growth in Thailand.According to the VN Express, the secretary general of Thailand’s Board of Investment, Narit Therdsteerasukdi, announced that 2,800 foreigners have already applied for the new visas since its launch on September 1 last year, with retirees accounting for 35%.
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