“The golden visa is granting a residence permit for an extended period of five to 10 years," director general of immigration, Silmy Karim said in the statement.
The five-year visa requires individual investors to set up a company worth $2.5 million, while for the 10 years visa, a $5 million investment is required.
Other countries around the world including the U.S., Ireland, New Zealand and Spain have introduced similar golden visas for investors, seeking to attract capital and entrepreneurial residents.
Different provisions apply to individual foreign investors who do not want to establish a company in the Southeast Asian country.
“Once they arrive in Indonesia, golden visa holders no longer need to apply for permit,” Silmy Karim said.
Persons:
Silmy Karim, ” Silmy Karim, Dewi Kurniawati, Lincoln
Organizations:
REUTERS, Rights, Thomson
Locations:
Jakarta, Rights JAKARTA, Indonesia, U.S, Ireland, New Zealand, Spain