Indonesia launched a long-term visa scheme on Thursday (Jul 25) intended to attract foreign investors, President Joko Widodo said, with amounts of up to US$10 million giving them a 10-year visa and access to Southeast Asia’s largest economy.
The five-year “Golden Visa” requires individual investors to set up a company worth US$2.5 million, while a 10-year visa requires a US$5 million investment.
Individuals not looking to set up a company must place US$350,000 and US$700,000 to gain a 5-year and 10-year permit respectively. The money can be used to buy Indonesian government bonds, public company stocks, or place deposits.
Corporate investors are required to invest US$25 million to get five-year visas for directors and commissioners. They need to invest US$50 million to gain a 10-year visa.
If the investment is made in the new US$32 billion capital city currently being built in the jungles of Borneo island, US$5 million will gain investors a 5-year visa and US$10 million a 10-year visa, the immigration agency said.
Source from CNA
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