A worker carries rice seedlings at a paddy field in Deli Serdang, North Sumatra, Indonesia, 03 December 2020. According to media reports, Indonesia'Äôs economy is expected to grow in 2021 after it fell into recession this year. The country'Äôs economy contracted at a 3.49 per cent in the third quarter of 2020. EFE/EPA/DEDI SINUHAJI

Indonesia introduces ‘golden visa’ scheme to attract foreign investors

Jakarta, Sep 3 (EFE).- Indonesia said on Sunday that the government has introduced a “golden visa” scheme to attract foreign investors and boost the national economy.

A press statement from the Ministry of Law and Human Rights said the new visa scheme would grant five years of residence to a businessperson who sets up a company valued at $2.5 million in the country.

The residency permit can go up to 10 years if the investment is worth $5 million.

“Golden visas are granted to foreigners with stay permits of five to 10 years to support the national economy,” Indonesian Immigration Director General Silmy Karim said.

Similarly, applicants can get five years of residency if they invest $350,000 in government bonds and company shares or deposit the money in a bank. A $700,000 invested similarly will guarantee a 10-year residency permit.

For companies seeking long-term permits for their managers, the investment amounts to $25 million for five years and $50 million for 10-year visas.

“Once they arrive in Indonesia, golden visa holders no longer need to apply for permit,” Karim said.

Other countries with golden visas are Germany, the United States, Canada, the United Arab Emirates, Ireland, New Zealand, Italy, and Spain.

“Countries that have implemented golden visas have a positive impact. Denmark, for example, has become one of the leading countries in innovation. The United Arab Emirates has also become a preferred destination for foreign investors,” Silmy said. EFE