According to a recent report made by Indonesia Expat, Indonesia is poised to introduce the eagerly awaited Golden Visa program, targeting affluent individuals seeking to make significant financial investments within the country. With ambitions of attracting foreign investment and international business expertise, Indonesia is actively reforming its immigration policies.

The nation's flagship tourist destination, Bali, has already established itself as a magnet for entrepreneurs and digital nomads. Government ministers have confirmed that the "golden visa" initiative will roll out to a select number of individuals before the year concludes.

Sandiaga Uno, the Minister for Tourism and Creative Economies, recently announced during a press conference that the much-discussed "golden visa" will take effect by the end of this year.

Coordinating Minister for Maritime and Investment Affairs, Luhut Binsar Pandjaitan, expects the finalization of the Golden Visa policy within one to two weeks. The policy is designed to exempt foreign companies or individuals making substantial investments from visa requirements.

For companies seeking the Golden Visa, the investment threshold may stand at a minimum of US$50 million (Rp767 billion) in the real economy. Meanwhile, individuals could qualify by investing at least US$350,000 (Rp5.3 billion) in government bonds.

Initially projected for launch in June 2023 when the new visa category was introduced, the timeline was adjusted due to administrative considerations.

Uno's aspiration is to ensure that the Golden Visa not only lures foreign tourists but also encourages extended stays and investments in Indonesia. The objective is to establish clarity about the launch before the conclusion of the third quarter.

The Department of Immigration is diligently working to formulate robust regulations for the Golden Visa.

Introduced in May 2023, the new visa policy aims to attract global talent to pivotal sectors like technology, digital innovation, healthcare, and research, according to Minister Uno.

The Golden Visa will be accessible with validity periods of five and ten years. It comes bundled with exclusive advantages not available under other visa categories, such as expedited application processes and enhanced global mobility.

Offering extended stays, property ownership opportunities, and the potential for a streamlined citizenship application process, the Golden Visa presents a compelling proposition, although its official cost remains undisclosed.

This development comes against the backdrop of concerns expressed by Indonesian authorities about the future of Bali's tourism industry.

Catering to high-net-worth individuals keen on substantial financial investments in the country, both the Golden Visa and the Second Home Visa hold promise as they set the stage for Indonesia's next phase of international engagement.