Indonesia is to launch a ‘golden visa’ scheme to attract foreign individual and corporate investors in efforts to boost its economy, according to the Indonesian Ministry of Law and Human Rights.
According to Silmi Karim, Indonesia's director general of immigration, "The Golden Visa is granting residence permits for an extended period of five to 10 years."
- According to Director General Silmi Karim, under this, once arriving in Indonesia, Golden Visa holders will not need to apply for a permit.
Even before, many countries have introduced Golden Visa:
- Other countries of the world including America, Ireland, New Zealand, Spain, UAE have introduced similar golden visas for investors in their countries to attract capital and entrepreneurial residents.
Prescribed amount for investors:
- The five-year visa requires individual investors to set up a company worth $2.5 million, while the 10-year visa requires an investment of $5 million.
- Meanwhile, corporate investors are required to invest $25 million to obtain a five-year visa for directors and commissioners. To get a 10-year visa, they would have to invest double that or $50 million.
- Also different provisions apply to individual foreign investors who do not want to set up a company in the Southeast Asian country. The funds needed range from $350,000 to $700,000 which can be used to purchase Indonesian government bonds.
- The Golden Visa system mainly grants permits to investors, researchers, students and meritorious students to reside in a country for a fixed period of time (usually 5 to 10 years).
- Earlier, the UAE government had introduced the Golden Visa with the aim of retaining talented people in the country.
Benefits of Golden Visa:
- The biggest benefit to holders of this visa is security. For example, under the Golden Visa issued by the UAE government, its holders get many types of benefits:
- People doing business here or involved in research can stay in that country for 5 to 10 years.
- Through this, a person gets 100 percent ownership on the land of that country.
- In this visa the person does not need to find a national sponsor.
What will be the impact of the Golden Visa on India?
- This type of visa issued by different countries can prove to be very important for the youth of India, especially the youth working in the technical sector and it will also help the youth in finding new employment opportunities.
- India has the highest number of engineering degree holders. According to an estimate, every year more than 15 lakh engineering students in India obtain bachelor's degrees from various branches like IT, Mechanical, Electronics, Electrical, Civil etc.
- It will be called India's 'engineering crisis' that despite such a large number of engineering graduates, only 2.5 lakh graduates get employment in the technical field.
‘Golden Visa’ Programme:
- The ‘Golden Visa’ program was launched in the year 2019 by Sheikh Mohammed bin Rashid, Prime Minister of UAE, which is a long-term residence program.
- It aims to create an attractive investment environment in the UAE, which will encourage business growth in the country and attract new talent.
- The UAE does not normally offer permanent residence visas to expatriates, but the Golden Visa is a renewable 10-year visa that gives expatriates the opportunity to stay there long-term.
To whom is the Golden Visa issued?
- Till now the visa was issued only to investors, entrepreneurs, CEOs and scientists etc., but now with the recent announcement, talented youth from technical, medical and art fields will also be able to avail its benefit.
- Prime Minister: