Indonesia Believes It Will Achieve Its Goal of Granting 1,000 Golden Visas by the End of 2024

Indonesia’s Director General of Immigration, Silmy Karim, has expressed his belief that the target of granting 1,000 Golden Visas by the end of this year will be reached.

His comments came during a Joint Immigration Sympathetic Passport Service event for Central Java at De Tjolomadoe, Karanganyar, VisaGuide.World reports.

Indonesia Aim to Attract Foreign Wealthy Investors

In July of this year, Indonesia introduced the Golden Visa Program to attract international investors, as confirmed by the country’s President, Joko Widodo.

The Golden Visa Program of Indonesia has been launched as part of efforts to boost economic growth. Internationals are eligible to acquire residency in this country through this scheme in exchange for financial investments. In addition, they are also required to meet some specific conditions at first.

While a five-year golden visa requires foreign investors to set up a company worth at least $2.5 million, the ten-year golden visa requires a $5 million investment.

At the same time, those who are not interested in setting up a company are required to deposit $350,000 and $700,000 in order to obtain a five-year and 10-year permit.

Indonesia’s goal for 2024 is to attract $101.5 billion of domestic and foreign direct investment in order to achieve its GDP growth target of 5.2 percent.

According to the Chief of the Immigration Agency, Silmy Karim, Indonesia granted golden visas to about 300 applicants since it started testing golden visa permits last year, attracting a total of $123 million.

Back then, Silmy said the authorities were also attempting to find new ways in order to grant special status to internationals of Indonesian descent, similar to the Overseas Citizenship of India (OCI), which allows foreigners of Indian ancestry to visit, as well as live and work in India for an undefined period.