THE INDONESIAN government implemented a golden visa for foreign travelers starting August 30 2023. Chief Executive Officer (CEO) of OpenAI, the holding company of ChatGPT, Samuel Altman was the first person to get the golden visa. With this visa, he has a residence permit of five to 10-years in Indonesia.

Altman received the golden visa because he was included in the category of figures with an international reputation and was considered to be able to provide benefits to Indonesia. Apart from a longer stay period, he also gets priority inspection lanes and services at the airport, ease of leaving and entering Indonesia, as well as efficiency because he does not need to apply for a limited stay permit (ITAS).

Unfortunately, not everyone can get this visa. Reporting from the official website of the Directorate General of Immigration, Ministry of Law and Human Rights, this visa is intended for qualified foreigners who will benefit the country’s economic development, one of which is investors, both corporate and individual. They are investors who will establish companies or invest in the Indonesian capital market.

The following are the conditions that must be met if you want to get a golden visa like Samuel Altman:

1. Individuals who set up companies
To obtain a residence permit in Indonesia for five years, individual foreign investors who wish to establish a company in Indonesia are required to invest US$2.5 million or around IDR38 billion. If you want to get a 10 year stay permit, the required investment value is US$5 million or around IDR76 billion.

2. Corporations that establish companies
For corporations that want to set up a company in Indonesia, their directors and commissioners can get an Indonesian golden visa. The requirement is a minimum investment of US$25 million or around IDR380 billion for a five-year stay. Meanwhile, for an investment value of US$50 million or around IDR765 billion, a stay of 10 years will be given.

3. Invest in the capital market
You do not have to set up a company, you can also get an Indonesian golden visa by investing in the capital market. If you want to get a five-year golden visa, applicants are required to place funds worth US$350 thousand or around IDR5.3 billion which can be used to buy Indonesian government bonds, public company shares, or place savings/deposits.

To get a 10-year golden visa, the funds that must be placed are US$700 thousand or around IDR10.6 billion. [sources/photo special]