Adding a fresh new player in the region to compete with Malaysia’s beleaguered MM2H programme for high-value foreigners, Indonesia’s delayed ‘Golden Visa’ plans have been renewed, with ministers saying that the new visa category will be in place by the end of the year.

As Indonesia seeks innovative strategies to enhance its economy, officials have unveiled plans to introduce a unique residency program, colloquially referred to as a “Golden Visa.” This novel concept is specifically aimed at fostering extended stays and investments in the breathtaking island paradise of Bali. Of course, the visa won’t likely be limited to only Bali, but it’s a foregone conclusion that the famed island will be Indonesia’s top draw card by far.

Targeting a diverse range of potential beneficiaries, the visa seeks to combine financial contributions with enticing incentives for those interested in making Indonesia their second home.

Initially scheduled to debut last month, the introduction of the Golden Visa has been postponed due to policy adjustments and administrative changes, as reported by The Bali Sun. However, Indonesia’s Minister for Tourism and Creative Economies, Sandiaga Uno, confirmed that the visa is now set to be rolled out by the end of 2023.

Separate to Visa on Arrival (VOA and e-VOA) schemes, reports suggest that international visitors would soon be able to apply for a “residency-by-investment-style visa.”

The essence of this new visa lies in its ambition to attract “talented foreigners,” especially those engaged in digital technology, healthcare, and property investment. The program envisions offering a prolonged stay of five to ten years, granting participants both the privilege of residing in Bali and the opportunity to contribute to its vibrant economy.

Beyond its economic implications, the Golden Visa comes with an array of exclusive benefits. In addition to simplified visa processes, beneficiaries may enjoy expedited citizenship applications and the right to possess assets within the country. Furthermore, the visa is expected to offer an avenue for international visitors to transition into Indonesia’s social fabric.

While the precise financial commitment associated with the Golden Visa remains undisclosed, it is anticipated to have a substantial price tag. The establishment of the Second Home Visa, catering to high-net-worth individuals seeking to invest significantly in Indonesia, echoes the nation’s emphasis on attracting discerning investors.

The residency-class permit, aimed at retirees and investors, is expected to require proof of income and a bank statement with at least 2 billion rupiah (over US$200,000) in savings. The visa is expected to carry an initial validity of 5-10 years.

Unveiled during the 2022 G20 Bali summit, the Golden Visa positions itself as an entry route for extended stays, aiming to accommodate the burgeoning community of “digital nomads” and expatriate business owners in Bali. Minister Sandiaga Uno underlined the government’s determination to ensure the appeal of the Golden Visa to foreign tourists, aiming for a concrete launch date before the end of the third quarter.

Indonesia’s proactive approach to its Golden Visa program underscores its broader commitment to fostering economic growth. As the visa’s details continue to take shape, prospective investors and those seeking an enchanting second home eagerly await its launch.