- Sep 30, 2016
Or how white Bali is
Or his favourite Indonesian Kopi candy
Or his favourite Indonesian Kopi candy
Singapore has had some experience with golden visa. Dr Dennis Hew, a senior research fellow at the Lee Kuan Yew School of Public Policy, told CNA that countries have to realise that foreign talents are pulled by a “total package” and not just a long-term visa.Not a while ago (e.g October 2022) they introduced
(A). The Second home visa
The Requirements (p5)
(1) Account owned by the foreigner concerned at a State-Owned Bank with a value of at least IDR 2,000,000,000.00 (two billion rupiahs), or
(2) Proof of property ownership in Indonesia with the luxury category on behalf of a foreigner in accordance with laws and regulations in the land/agrarian sector,
And now they will introduce another similar scheme the so called
B. Golden Visa
https://en.tempo.co/read/1754850/indonesia%20-to%20release-golden-visa-policy-in-a-week-or-two-minister-luhut-saysCompanies wishing to obtain a Golden Visa must make a real investment of at least US$50 million dollars. Meanwhile for individuals, the investment value in government bonds is at least US$350,000. With the current exchange rate it is equvalent to Rp 5,310,804,263.26. I also wonder why it is in USD not IDR or it is just automatically converted as the article is in English ?
I understand with (A) you are not allowed to work, with (B) using investment route (e.g not talent) it is not clear
Also People could easily notice Rp5,310,804,263.26 is higher than Rp2,000,000,000.00.
There must be significant differences between the two otherwise the Indonesian government will become a laughing stock. Why there is a new program launched if the (A) which is just less than a year has not even been evaluated ?
Are there any other significant differences between the two that could be highlighted or possibly discussed?
Also compared to other countries Golden Visa Programs, it seems to me the US$350,000 Indonesian Golden Visa program is expensive. It is not just with the competing countries in neighbouring SE Asia but even in Europe. With residency in the Europe you get access to free health care, other benefits, social security, etc. In some countries in Europe you even get access to free higher education or pay free little. You get nothing of these benefits in Indonesia.
I have not spent reasonable time to dig it further, but this was my first impression and would like to learn more or possibly discuss it.
Luhut stated that Singapore and other SE Asian nations have been successful so Indonesia will be too. Just another example of implementing something you are not in a position to do let alone compete with other nations. Indonesia really isn't offering any real benefits.Singapore has had some experience with golden visa. Dr Dennis Hew, a senior research fellow at the Lee Kuan Yew School of Public Policy, told CNA that countries have to realise that foreign talents are pulled by a “total package” and not just a long-term visa.
“This includes good international schools (for their children), good infrastructure (especially digital infrastructure) and access to highly skilled workers (close proximity to world-class universities),” said Dr Hew.
“Having a good legal and financial infrastructure will be important as well to attract foreign companies to invest.”
He added that having a large English-speaking population would help as it is still the international language of business.
“Indonesia should draw lessons - and failures - from other countries that have similar visa policies,” he said.
JAKARTA: Indonesia's Golden Visa policy - which will waive visas for foreign companies or foreigners who make a large investment in the country - will likely be issued in one or two weeks, said Coordinating Minister for Maritime and Investment Affairs Luhut Binsar Pandjaitan on Tuesday (Aug 1)...www.channelnewsasia.com
Top 100 universities (according to whichever ranking they end up picking), 3.5 GPA ... and still need endorsements from whichever ministries they deem relevant... yeah right. Good luck.Global Talent Visa ??
The number of Indonesian citizens who have opted to change their nationality and become citizens of Singapore has reached 3,912. This significant figure, recorded between 2019 and 2022 by the Immigration Office, has prompted the implementation of the Global Talent Visa policy as a response to the increasing number of Indonesian nationals who have chosen to change their citizenship.
Indonesia Introduces Global Talent Visa as Citizens Opt for Singaporean Citizenship | Expat Life in IndonesiaThis significant figure has prompted the implementation of the Global Talent Visa policy as a response to the increasing number of Indonesianexpatlifeindonesia.com
To attract investors or rich people, the government should come up with special income tax schemes for new residents, like 10 % tax on their world income or even better zero tax. Like in Portugal ... the NHR tax regime.The Minister of Law and Human Rights, Yasonna Laoly, has revealed that President Joko Widodo (Jokowi) has instructed him to expedite the finalisation of the rulindonesiaexpat.id
We are nearer and nearer to the "golden visa". The price of the visa will be equal to the applicant's weight in gold?
What would be the conditions? Deposit 50 million USD in an Indonesian bank? Will it give the right to have a driving license?
Nobody will leave nether 10% neither 1% of the worldwide income to the Indoneisan government in a "golden visa scheme". These kind of golden residencies and programs around the world are completely without worldwide taxations.To attract investors or rich people, the government should come up with special income tax schemes for new residents, like 10 % tax on their world income or even better zero tax. Like in Portugal ... the NHR tax regime.
Much better idea than "golden visa" or "investor visa".
with "liberalization" of real estate foreign ownership rules, Indonesia saw 52% increase in foreign owned property purchases. In the period 2020-2019, there were 52 foreign owned units, and in 2020-2023 additional 79 units were purchased, driving the total number to 131 units.
Yeah - the people who seem to be making these rich people visa rules seem to be rich indonesians who have no idea how the world actually works. Indonesia is a lovely place for a rich person to visit but how many of them realistically actually want to live here or do business here.Benar!
Well if counted in percentage that will be huge. The same goes for how they make the headlinesYeah - the people who seem to be making these rich people visa rules seem to be rich indonesians who have no idea how the world actually works. Indonesia is a lovely place for a rich person to visit but how many of them realistically actually want to live here or do business here.
It might not be for real rich foreigners, but wealthy Indonesian billionaires appreciate it as they might struggle to compete globally in a more competitive environment without the advantage of a monopoly, bribery, utilizing facilities, and exploiting natural resources as if they inherited from their 'engkong' (ancestors).Real rich foreigners with some class or style would never choose to live in a country where you would say goodbye to quality sleep , culture ,risky healthcare ,etc etc