Indonesia Second Home Programme - All Retirement Stay Permits Abolished and Existing Holders Scheduled for Expulsion in Case of Non-Compliance

snpark

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Yep even BCA doesn't count.
Irony even I have a few B rp in govt Bonds I hold through HSBC indonesia. ORI11 and such.

Even that is excluded. So I already have several bill directly invested in this government's own bonds and that still wouldn't suffice
I have to withdraw and encash / sell them this directly negatively influencing the balance sheet of the country's budget etc to then put in a crappy local bank "deposit" account paying 0.25% a year if I'm lucky.

No thanks
Anyway I'm too young officially to use that scheme even if I wanted
 

centurion

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JP today

Expats cautiously welcome ‘second home’ visa


Married couples of mixed Indonesian and non-Indonesian citizenship have welcomed the government’s “second home” stay permit program – which will allow foreigners to live in the country for up to 10 years under specific circumstances – but they worry the new policy could bring prohibitive costs for existing visa holders.

The program, announced on Tuesday and to take effect by the end of the year, will allow foreigners to apply for a second home stay permit if they have an existing visa and provide proof of funds of either Rp 2 billion (US$128,559) in a personal Indonesian bank account or proof of ownership of a luxury property in the country.
The permit will allow them to stay in the country for either five or 10 years.



This article was published in thejakartapost.com with the title "Expats cautiously welcome ‘second home’ visa". Click to read: https://www.thejakartapost.com/paper/2022/10/27/expats-cautiously-welcome-second-home-visa.html.

Mod note: we removed the full content of this article because 1) we don't allow the copy/pasting of whole articles as per our posting guidelines. 2) This article is behind a paywall, so we should not copy/paste the full article here.
 
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Bob

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So what are the odds that the deadline is extended or the forced conversion to the new scheme is scrapped?
 

MamangDudul

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Jakarta Post back to being the idiots they oractice hard to be.
Mixed couples married to Indonesians are excited about the new Second Home Visa. Yeah, like it has anything to do with spouse sponsored visas.
This.

All that mixed couples are is probably being afraid that this stuff expands to spouse visas. 😅
 

fastpitch17

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This.

All that mixed couples are is probably being afraid that this stuff expands to spouse visas. 😅
If they are afraid of that they wouldn't be optamistic. You would then see the courts full because basically they would be forcing citizens to leave the country because of the rules.
 

fastpitch17

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Nobody mentions optimism in the article, but "cautiously welcome". Indonesia has no free speech so you have to take care of what you write or say (cautiously welcome=WTF).
Yes, but, the article leads off with expats with spouse sponsored visas. That has nothing to do with Second Home ones. JP just writes to fill up space and hardly ever gets the facts straight. I wonder just how many expats the author talked to. My guess would be 0.
 

centurion

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Yes, but, the article leads off with expats with spouse sponsored visas. That has nothing to do with Second Home ones. JP just writes to fill up space and hardly ever gets the facts straight. I wonder just how many expats the author talked to. My guess would be 0.
I doubt any expat would give a statement on record to an Indonesian outlet, and I am sure they would quote if they could find somebody willing to speak. You can see that for now, media are repeating government talking points only. Interviewed are persons from NGO, legal expert, while tax expert that was not available, all of them familiar with the matter. Basically, the bottom line of the article is:
-forced conversion for retirees will cause problems, as retirees have no money, and the policy is not just for ones already with retirement permits,
-the second home program is introduced with the regulation of low legal strength (circular letter), not by Ministerial Regulation as is usually the case.
-the second program does not provide tax benefits for applicants, nor other benefits except for the right to get an Indonesian driving license or buy a vehicle.
 

centurion

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So what are the odds that the deadline is extended or the forced conversion to the new scheme is scrapped?
It depends if there is any backlash, maybe. But then, it would be an embarrassment for the policymakers.
 

dafluff

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I'm thinking the group of people who are willing to take the risk and opportunity cost of this second home visa and are not already qualified for any other visa is pretty small. Most retirees are probably much better off going to Ijin Kunjungan (SosBud), especially if applying for it onshore will continue to be allowed.
 

fastpitch17

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I'm thinking the group of people who are willing to take the risk and opportunity cost of this second home visa and are not already qualified for any other visa is pretty small. Most retirees are probably much better off going to Ijin Kunjungan (SosBud), especially if applying for it onshore will continue to be allowed.
I forget who are on the list for this. I know retirees and influencers. Maybe there are some retirees but other SE Asian nations offer much more attractive programs to move there. As for influencers, who has that kind of cash to just set aside and what influencers want a 10 year second home visa? They are normally short term each place. Sure, there were a few who ended up deported that were stay long but really, none of them were paying any taxes and Indonesia wants these people on record so they can collect.

In the end, Indonesia is looking at a financial loss and a lot of social media scorn. Not going to put a risy light on Indonesia.
 

pantaiema

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https://coconuts.co/bali/news/indon...owing-holders-10-year-stay-including-in-bali/

Link to an article in Coconuts Bali this morning saying the 2 billion can be in a foreign bank account
Incorrect.
From your link
"Applicants can go online to apply for the second-home visa. Among the requirements are a passport that is valid for a minimum of 36 months, and proof of funds in the foreigner’s Indonesian bank account or their guarantor’s valued at a minimum of IDR2 billion (US$128,246)"

p11of circular letter.
"Hereby declare that:
1. I undertake to have a Proof of Fund in the form of an Account owned and on my behalf at a State-Owned Bank (in Indonesia) with a value of at least Rp2,000,000,000 or proof of property ownership in Indonesia owned and on behalf of me with the luxury category"
 
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jukung11

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Does anyone have statistics on how many retirement visas are issued each year in Indonesia?
They are clearly trying to copy the MM2H program. It would be easier to track the success if they publish statistics.

at a State-Owned Bank (in Indonesia) with a value of at least Rp2,000,000,000

Does this have to be in IDR? Can it be in USD? With the rising fed interest rates, it is possible for the IDR to get bashed in the exchange rate.
 

pantaiema

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Does anyone have statistics on how many retirement visas are issued each year in Indonesia?
They are clearly trying to copy the MM2H program. It would be easier to track the success if they publish statistics.

Does this have to be in IDR? Can it be in USD? With the rising fed interest rates, it is possible for the IDR to get bashed in the exchange rate.
To be applied In Indonesia. So like in any other countries it is definitely in the local currency in this case 2b in IDR. Currently it is US$ 128,543.85.
 

pantaiema

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Compare it with similar south east Asia Region. In Thailand for instance.
Qualifications
  • Applicant must be 50 years of age or over
  • Must meet any of the financial requirements:
  • Security deposit of THB 800,000 (USD 21,180) in a Thai bank account for 2 months prior to the visa application
  • Monthly Income of 65,000 THB
  • Combination of security deposit and annual income with a total of 800,000 THB
The Philippines
For active/healthy retirees, who opt to use their SRR Visa deposit into active investment such as the purchase of condominium unit* or long term lease of house & lot. The SRR Visa deposit is as follows:

•50 years old & above: US$ 10,000.00 (with a pension)**

US$ 20,000.00 (without pension)

*The value of the property must at least be US$50,000.00

**Required pension of at least US$ 800 for single / US$1,000 for couple

All programs have similar features :
  • There is no benefit system, no social security.
  • There is no free state healthcare
  • There is no free accommodation for those who could not effort it.
  • If you could not provide your own shelter, you can not support yourself or someone else like your family, close relatives, closed friends could support you will perish and disappear on the street.
Sensible people which one you choose ??
What motivate the issuance of this circulation letter ?? Who on earth would want to lock IDR2b in Indonesian Banks for 5-10 years ??. In the past many of the largest graft cases were involving the Indonesian Bankers. Just hoping when you want to take it out the money is still there.
 
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