Possible 'Golden Visa' coming

[snpark]

Or how white Bali is
Or his favourite Indonesian Kopi candy

 

[fastpitch17]

I can't find the line that is waiting to sign up. There are a few Chinese guys with suits and briefcases standing around but they only talk to gov people.

 

[pantaiema]

Not a while ago (e.g October 2022) they introduced
(A). The Second home visa
https://kanimbatam.kemenkumham.go.i.../surat-edaran-nomor-imi-0740gr0101-tahun-2022
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-says

Companies 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 significantly 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 very 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.

 

[snpark]

Not happening

 

[Samoerai]

Not a while ago (e.g October 2022) they introduced
(A). The Second home visa
https://kanimbatam.kemenkumham.go.i.../surat-edaran-nomor-imi-0740gr0101-tahun-2022
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-says

Companies 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.

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.

Indonesia to issue Golden Visa policy in one to two weeks: Minister

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

 

[harryopal1]

With elections coming up I suspect this is a way of being seen as a great ideas man.

 

[fastpitch17]

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.

Indonesia to issue Golden Visa policy in one to two weeks: Minister

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

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.

 

[snpark]

Can't even hold a Taylor Swift concert properly
Or a kids football tournament for that matter

 

[Samoerai]

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 Indonesia

This significant figure has prompted the implementation of the Global Talent Visa policy as a response to the increasing number of Indonesian

expatlifeindonesia.com

 

[flavus]

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 Indonesia

This significant figure has prompted the implementation of the Global Talent Visa policy as a response to the increasing number of Indonesian

expatlifeindonesia.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.

 

[Samoerai]

Jokowi Asks for Finalisation of Golden Visa Rules in June

Lahadalia also confirmed that the regulations for the Golden Visa process were nearing completion. The government is currently

indonesiaexpat.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?

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".

Post | Portugal Simple Life

www.portugal-the-simple-life.com

 

[centurion]

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".

Post | Portugal Simple Life

www.portugal-the-simple-life.com

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.

The Government of Indonesia has a wrong impression that foreigners would flock to Indonesia to live and to buy real estate if the rules are slightly relaxed.

I.e, 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.

Kepemilikan Properti Warga Asing di RI Naik 52 Persen pada Periode 2020-2023

INBISNIS.ID, JAKARTA - Properti di Indonesia semakin ramai dibidik warga negara asing (WNA). Hal ini dipicu sejumlah relaksasi yang diberikan pemerintah melalui

inbisnis.id

 

[Samoerai]

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.

 

[Samoerai]

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.

Benar!

 

[snpark]

Rich people don't pay tax. So that's hardly an incentive for them to move here

 

[gemima]

Benar!

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.

 

[pantaiema]

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.

Well if counted in percentage that will be huge. The same goes for how they make the headlines

Kepemilikan Properti Warga Asing di RI Naik 52 Persen pada Periode 2020-2023

INBISNIS.ID, JAKARTA - Properti di Indonesia semakin ramai dibidik warga negara asing (WNA). Hal ini dipicu sejumlah relaksasi yang diberikan pemerintah melalui

inbisnis.id

"there were 52 foreign owned units, and in 2020-2023 additional 79 units were purchased, driving the total number to 131 units" it is not even 52% but 151.92% increase.

Say. the baseline were 5 multi millionaires, and if increased by 5 people to reach 10, that would be 100% increase.

It seems to me any regulation with regard to Immigration, property ownership especially landed property in Indonesia just like sockpuppeting enough to entertain the kids, like this. It is very naive for a government not to recognise that self made multi millionaires have the intelligence above average. They become multi millionaires for a reason.

But sockpuppeting is recognized as one of the most effective ways to teach phonics to toddlers the crucial stage of their childhoods where they start learning how to read and to speak English words, like this.

 

[scouser59]

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

 

[pantaiema]

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

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).

Indonesia is the place that could make them billionaires.

 

[Samoerai]

Btw ... I am looking for a phrase in Bahasa Indonesia (or a good translation).
In Dutch there is a phrase "Throwing in your own windows" ... meaning something like "You ruin your own case" or "you ruin it for yourself". Maybe in English there is a phrase like this too.

But: what's a good translation of this phrase in bahasa Indonesia?