2024-07-28 08:33:08
New Delhi: There is good news for those who spend a long time outside the country. Indonesia has started a long term visa scheme to attract foreign tourists and investors. Under this, investors are being given visas for up to 10 years. The name of this scheme is Golden Visa Scheme. Under this scheme, foreigners will be able to stay in Indonesia for 10 years or do business for that long. However, this facility is not free. A huge amount will have to be spent for this.
According to the news published in our associate Economic Times, under this scheme of the Indonesian government, visas are being given for 5 and 10 years. To get a 5-year visa, individual investors will have to set up a company worth at least $2.5 million (about Rs 21 crore). At the same time, for a 10-year visa, one will have to invest $5 million (about Rs 42 crore). Those who are not interested in setting up a company can get a 5-year permit by investing $3,50,000 (about Rs 2.93 crore). For a 10-year permit, double the amount i.e. about Rs 6 crore will have to be invested. This amount can be invested in government bonds, public company shares or kept as a deposit.
Different criteria for corporate investors
Different criteria have been kept for corporate investors. If companies want 5-year visas for their directors and commissioners, they will have to invest $25 million. For a 10-year visa, an investment of $50 million will be necessary. If someone invests in the city being built in the forests of Borneo, this amount will be reduced to $5 million for a 5-year visa and $10 million for a 10-year visa. This new city is being built at a cost of $32 billion.
So far 300 people have received Golden Visa
Silmy Karim, head of Indonesia’s immigration agency, told Reuters that the trial phase of the scheme was started last year. Since then, about 300 applicants have been given golden visas. This has brought investment of $ 123 million to Indonesia. Karim said that Indonesian authorities are considering giving special status to foreign citizens of Indonesian origin. This initiative will be in line with India’s Overseas Citizenship of India (OCI) program, which allows persons of Indian origin to live, work and travel in India indefinitely.
Many countries have stopped such schemes
Indonesia is not the first country to come up with such a scheme. Many countries have come up with such schemes before. Countries like Canada, Britain and Singapore have recently stopped such schemes. The governments of these countries concluded that such visas do not effectively create employment. They can be used for betting purposes.