Indonesia Aims for 1,000 Golden Visa Recipients by 2024 to Boost Investment

Indonesia’s Director General of Immigration, Silmy Karim, has expressed optimism that the country will meet its target of granting 1,000 Golden Visas by the end of 2024. Speaking at a Joint Immigration Sympathetic Passport Service event held in Central Java’s De Tjolomadoe, Karanganyar, Karim shared his confidence in the scheme’s success, emphasizing its strategic purpose.

Rather than merely handing out Golden Visas in bulk, Karim clarified that the program’s true focus lies in attracting quality over quantity. “It’s not about reaching a large number,” Karim said, “as the Golden Visa is highly exclusive, specific, and must provide tangible benefits for Indonesia.”

A Target with Purpose: Boosting Indonesia’s Economy

Launched in July 2023, Golden Visa Program is part of a larger effort by President Joko Widodo’s administration to boost economic growth by drawing foreign wealth and investment into the country. The scheme is designed to attract international investors, entrepreneurs, and professionals who can make significant contributions to the Indonesian economy.

Under the Golden Visa program, international investors can secure residency in Indonesia in exchange for financial investments that meet specific criteria. A five-year Golden Visa requires investors to establish a company with a minimum value of $2.5 million, while the ten-year visa demands an investment of at least $5 million.

For those not interested in setting up a company, the program offers an alternative route: individuals can obtain a five-year visa by depositing $350,000 or a ten-year visa by depositing $700,000.

Golden Visa Program

Indonesia’s ambitious goal for 2024 is to attract $101.5 billion in domestic and foreign direct investment to achieve a projected GDP growth of 5.2 percent. With the Golden Visa program playing a key role in this strategy, Silmy Karim remains confident that the 1,000-recipient target is not only achievable but will have a meaningful impact on the country’s economic landscape.

As of late 2023, the Golden Visa Program has already attracted around 300 recipients, contributing a total of $123 million in investments. This initial success is a promising indication of the program’s potential to meet its end-of-year target while fostering significant economic development in Indonesia.

A Golden Opportunity for Indonesia’s Diaspora

In addition to attracting wealthy foreign investors, Indonesia is exploring ways to engage with its diaspora through the Golden Visa scheme. According to Karim, the government is looking into models similar to India’s Overseas Citizenship of India (OCI) program, which allows individuals of Indian descent to live and work in India without the need for frequent visa renewals.

Karim envisions a similar initiative for Indonesians abroad, offering them a streamlined pathway to return to their homeland, invest, and contribute to its growth. This move could open up new avenues for Indonesia’s global citizens to reconnect with their heritage while playing a key role in the nation’s economic progress.

Indonesia’s Golden Visa: A Strategy for Sustainable Growth

The Golden Visa Program isn’t just about numbers. It’s a carefully crafted initiative aimed at bringing in quality investments that will drive country’s future. As Silmy Karim explained, the program is “highly exclusive” and is intended to attract individuals who will bring real value to the country.

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