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"Dream - President Joko Widodo (Jokowi) granted a golden visa to the head coach of the Indonesian national team, Shin Tae-yong, on Thursday, July 25, 2024. Jokowi provided STY with a golden visa aimed at facilitating foreign nationals (WNA) to invest and work in Indonesia."
"Ingat hanya untuk good quality traveller sehingga harus benar-benar selektif, bener-benar diseleksi, benar-benar dilihat kontribusinya jangan sampai meloloskan orang-orang yang membahayakan keamanan negara," said Jokowi at the Ritz Carlton. Jokowi does not want Golden Visa holders to be unbeneficial for Indonesia. For that reason, he wants a strict selection process.
"I just emphasized that we should not let people who are not beneficial to our country in, no, they must be selected as strictly as possible," said Jokowi.
"Regardless of that, what are the benefits of a golden visa? According to the official immigration website, a golden visa is a residence permit granted to foreign nationals who meet the requirements for a period of five to ten years."
"Golden visa targets foreign nationals who can support the Indonesian economy, one of which is investors, both corporate and individual. Golden visa holders can enjoy a number of exclusive benefits. These advantages include a longer stay duration, ease of entering and exiting Indonesia, and efficiency as there is no longer a need to process ITAS at the immigration office."
"Golden Visa is expected to attract more foreign investments, investment funds, government bonds, company shares, as well as properties. Golden Visa holders are also allowed to own assets in Indonesia and have a faster opportunity for applying for Indonesian citizenship."
"Although the Golden Visa is associated with investor visas, some countries also open opportunities for non-investor individuals with special skills to obtain that visa."
"However, in several countries, golden visas pose fiscal and macroeconomic risks such as rapid economic fluctuations and property bubbles. The inflow of investments from the mechanism of granting golden visas, which tends to be vulnerable and easily influenced by external factors, is also under scrutiny."
"Investors may withdraw investments from one country and transfer them to another country that has a more attractive investment scheme. The policy of granting residency and citizenship based on investment has also received criticism because this policy is associated with selling citizenship."
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