New 5 Year Visa Option Starting To Take Shape

ChrisD

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Will be very interesting seeing how this one actually turns out. Legislation passed 02/02/2021.

Just need the finer details now (oh, ..... and a launch date of course 😊).

 

R Cameron

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The headline says "Tourist Visas" but the comments by Luhut and Sandiaga in the article are clearly regarding the investor KITAS, which did get an option of 5 year KITAS in the new law.
 

waarmstrong

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I think its a bit premature to suggest that the new 5-year visa comes with a requirement that you park 2 billion in a non-interest bearing Indonesian bank account. Its more likely the visa will require investments of some amount in specified things Indonesian. It would be ludicrous to expect a serge of people to let $140,000 languish for 5 years simply to avoid an annual visa renewal headache. I am willing to wait and see what gets approved, before passing judgement.
 

Helpful Herbert

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If you have 2M in a bank earning no interest (rather than earning 4.25% gross - 3.4% net, which is the current best protected LPS rate), then this visa is costing you 5.67jt per month. Over the course of 5 years it is 340jt (around $23,600). Possibly the most expensive visa ever! :ROFLMAO:
 

centurion

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Balifrog

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If you have 2M in a bank earning no interest (rather than earning 4.25% gross - 3.4% net, which is the current best protected LPS rate), then this visa is costing you 5.67jt per month. Over the course of 5 years it is 340jt (around $23,600). Possibly the most expensive visa ever! :ROFLMAO:
Thats counting without inflation ?
 

R Cameron

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Indonesian Government officials do not consider 2bln a big amount. This is not irony.

And yes, it would be deposited in a bank account.
Sandiaga has been throwing all sorts of mud against the wall for months about borders opening, tourism, and possible visas. Take anything he says about these issues with a mountain of salt.
 

Helpful Herbert

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Yes his hitrate of policy implementation is currently around 0%, but it keeps his name in the papers
 

dafluff

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Indonesian Government officials do not consider 2bln a big amount. This is not irony.

And yes, it would be deposited in a bank account.

They vastly overestimate people's desire to live here. Most "digital nomads" are here because it is cheap to have an agent sort out 6-month SosBuds. It is going to be even easier now that they are valid for the whole 6 months. No one is going to shell out Rp 2 bln to stay on a 5-year tourist visa.

For that kind of money, I'd want full rights of permanent residency, including buying property.
 

R Cameron

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No one is going to shell out Rp 2 bln to stay on a 5-year tourist visa.
Buy 1.25M shares in a PT PMA and you can get investor KITAS and later KITAP. With the right company, you could even get return on that investment.
 

centurion

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@dafluff
"vastly overestimate" is an understatement. They live in their own bubble. Even "Malaysia My Second Home" is cheaper and you can use part of the deposit money for house purchase.

And don't forget, after 5 years you have to take your deposit money back-another thrilling moment.
 

Banana72

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Why don't they just have something simple like..put your 2.5 Billion in some Indonesian investment vehicle (CDs, Bonds)...if they want to 'lock the money'...say, can't take the initial investment, but you can collect the 5-6%/annum interest...call it an investor visa. Oh that's right...I said simpler. Forgive me.

Just an idea...Indonesian (immigration) policy maker.....is it too much effort to ask us, long term (foreign) residents here...on what works instead of you figuring it yourselves? Don't answer that!
 

R Cameron

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Why don't they just have something simple like..put your 2.5 Billion in some Indonesian investment vehicle (CDs, Bonds)...if they want to 'lock the money'...say, can't take the initial investment, but you can collect the 5-6%/annum interest...call it an investor visa. Oh that's right...I said simpler. Forgive me.

Yeah, the investor visa already exists for half that 2.5M price, and if it's with a PT PMA you can trust (watch out for Ponzi schemes) they could simply deposit your investment and pay you the interest annually as dividends. But Indonesia already offers a retirement visa with far less expense, so the above is primarily useful for those few people who have retired before age 55.

The greater need (if the desire is to attract high-spending, long-term, "tourists") is an attractive accommodation for both residency and taxation while doing online/remote work.
 

HappyMan

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When a proposed solution makes this little sense for any of the supposed beneficiaries, you have to wonder whether or not the intent was to solve the problem in the first place. Anyone got any insight into actual benefits of just proposing this crapper of a visa?
 

snpark

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It would be far easier if they just made a 12month Multi entry Visa and charged a reasonable fee like $2500

Oh. They already do

To be honest if any digital nomad did their homework they would find that being here legally on a kitas with imta npwp bjps etc is not that expensive and probably about the same as 12 trips to SG on a visa run
I reckon $3-4000 a year. That's including declaring and paying the minimum tax of 10% of $2500 monthly salary 12x$250

There's ways to get the kitas without a tax number which costs you obviously $3000 a year less

Anyway that's for them to research
 

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