Indonesian government has launched Golden Visa to lure foreign investor in the country as its current account fell into deficit for the first time in 2 years. To attract foreign investor President Joko Widodo and his government introduced a program that allows wealthy foreigner to remain in the country for the extended period time.
Under the new scheme, those wishing to stay in Indonesia for five years must invest a minimum $2.5 Million in local venture. The other way is to be a passive investor by committing to buy shares in local public companies by investing a minimum amount of $350,000 in Indonesian government bonds or depositing into savings accounts.
The golden visa offers a wide range of privileges, including priority security screening at airports, extended stay periods and streamlined entry and exit processes.
In order to popularise this scheme, the Indonesian government has given the golden visa to CEO of Open AI, Sam Altman, who visited Jakarta in June to deliver a lecture on the booming Artificial Intelligence space. Immigration authority has issued Sam Altman a 10-year visa. However, it’s unclear whether Sam Altman has applied for this newly introduced scheme or not, but Indonesia government wants a strategic economic development under the new golden visa program.
