Indonesia has entered a new era in investment migration governance through the launch of the Golden Visa Indonesia program in August 2023. This policy is not merely an administrative change to residency permit procedures. It represents a strategic repositioning of the nation in the global competition to attract financial capital and high-caliber talent.
By offering long-term residency rights of five to ten years for individuals and corporations that meet specific investment criteria, the government aims to build a foundation for sustainable economic growth. The program also serves as a critical instrument in supporting industrial diversification and accelerating national infrastructure development, including the ambitious Nusantara Capital City (Ibu Kota Nusantara or IKN) project in East Kalimantan.
This article provides an in-depth analysis of the legal framework, visa categories, investment requirements, application procedures, and economic impact of the Golden Visa Indonesia program for international business professionals and investors.
Legal Framework and Regulatory Foundation
The Golden Visa Indonesia program is built upon a comprehensive legal foundation. Its primary pillar is the Minister of Law and Human Rights Regulation (Peraturan Menteri Hukum dan HAM or Permenkumham) Number 22 of 2023 on Visas and Residency Permits, subsequently strengthened through an amendment in Permenkumham Number 11 of 2024.
This regulation grants the Directorate General of Immigration (Direktorat Jenderal Imigrasi) the authority to issue immigration facilities that are significantly more progressive than those under previous visa regimes.
From a fiscal standpoint, the policy is supported by the Minister of Finance Regulation (Peraturan Menteri Keuangan or PMK) Number 82 of 2023, which governs the Non-Tax State Revenue (Penerimaan Negara Bukan Pajak or PNBP) tariffs for Golden Visa services. The technical basis for extended residency permit durations is further reinforced by Government Regulation (Peraturan Pemerintah or PP) Number 40 of 2023.
Taken together, this regulatory integration marks a paradigm shift in Indonesia’s immigration approach, moving from a strict enforcement model toward a development facilitation model. The objective is clear to improve national investment efficiency through bureaucratic simplification and legal certainty for foreign investors.
Categories and Classification of the Golden Visa Indonesia
The Golden Visa Indonesia program is designed with specific categories to accommodate a wide range of economic contributor profiles. Each category carries a distinct visa code that enables the government to map the investment sectors most favored by foreign nationals.
Individual Investors
Individual investors are divided into two primary pathways. The first pathway (code E28B) is intended for individuals who plan to establish a company in Indonesia through the foreign direct investment (Penanaman Modal Asing or PMA) scheme.
The second pathway (code E28C) is designated for investors who make portfolio investments without establishing a new business entity, for example through placement of funds in government bonds, publicly listed shares, or deposits at state-owned banks (Badan Usaha Milik Negara or BUMN).
Corporate Investors
For foreign corporations, the Golden Visa Indonesia provides a dedicated category for senior executives such as directors and commissioners representing a parent company to establish a branch or subsidiary in Indonesia (code E28D).
There is also a special category for corporate investors deploying capital in the Nusantara Capital City zone (code E28F) as well as for representatives of foreign companies (code E28G).
Global Talent and World Figures
Beyond financial capital, Indonesia also recognizes the importance of intellectual capital. The Global Talent category (codes E33A and E33B) is intended for individuals with strategic expertise who are invited by the government or who collaborate with state institutions.
The Silver Hair category (code E33E) specifically targets wealthy retirees from overseas to contribute to long-term domestic consumption.
Samuel Altman, CEO of OpenAI, is recorded as one of the first recipients of the Golden Visa Indonesia under the World Figures category, receiving residency rights for ten years.
Investment Requirements and Financial Thresholds
The high investment thresholds are the defining feature that distinguishes the Golden Visa Indonesia from other immigration programs. The government explicitly targets High Net Worth Individuals and large-scale corporations.
Investment Through Business Establishment (E28B)
For individuals seeking to establish a company in Indonesia, the required investment commitment is substantial. A five-year residency permit requires an investment of USD 2.5 million (approximately IDR 38 billion).
For a ten-year permit, the commitment doubles to USD 5 million (approximately IDR 76 billion). These funds must be evidenced through international financial audit documentation and proof of legal company establishment.
Portfolio Investment (E28C)
For investors who do not intend to manage day-to-day business operations, a passive investment pathway is available. Funds may be placed in government bonds, publicly listed shares on the stock exchange, or deposits at state-owned banks. The threshold for a five-year residency permit is USD 350,000, while the ten-year permit requires USD 700,000.
Corporate Investment (E28D and E28F)
The requirements for corporations are significantly higher, reflecting the economic scale of the enterprise. A five-year residency permit requires a minimum corporate investment of USD 25 million. For a ten-year permit, the required investment reaches USD 50 million.
However, there is a highly significant incentive for investments in the Nusantara Capital City (IKN). In this zone, the corporate investment threshold is drastically reduced to USD 5 million for a five-year permit and USD 10 million for a ten-year permit. This 80% threshold reduction represents the government’s strategy to ensure the success of the capital city relocation through international private sector capital support.
Global Citizen of Indonesia (GCI): A Complement to the Golden Visa
In early 2026, the government launched the Global Citizen of Indonesia (GCI) initiative as a complement to the Golden Visa Indonesia program. GCI is specifically designed to bridge the aspirations of the Indonesian diaspora who have changed nationality but continue to maintain strong ties with their homeland.
The fundamental difference between the two programs lies in their philosophy and requirements. The Golden Visa targets global investors and skilled professionals with substantial investment commitments ranging from USD 350,000 to USD 50 million.
In contrast, GCI is intended for former Indonesian citizens and their descendants with a lighter income requirement of a minimum of USD 1,500 per month or USD 15,000 per year.
In terms of duration, the Golden Visa is valid for five or ten years with an option for renewal, whereas GCI grants a lifetime residency permit with a mandatory self-reporting obligation every five years.
The GCI program covers former Indonesian citizens (E32E), former Indonesian citizens with specialized expertise (E32F), and descendants of former Indonesian citizens up to the second degree (E32G and E32H).
Application Procedures and Service Digitalization
The entire Golden Visa Indonesia application process is conducted through the integrated electronic portal at evisa.imigrasi.go.id. This digitalization minimizes physical interactions and accelerates processing times to an average of four business days after all documents have been verified.
The application workflow begins with account registration, during which the applicant or sponsor is required to upload the passport identity page and a recent formal photograph. The next step involves selecting the appropriate visa category and uploading the required supporting documents.
For corporate investors, the required documentation includes the Company Deed of Establishment (Akta Pendirian Perusahaan), legal entity endorsement letter, and corporate Taxpayer Identification Number (Nomor Pokok Wajib Pajak or NPWP). A Business Identification Number (Nomor Induk Berusaha or NIB) with the relevant Indonesian Standard Industrial Classification (Klasifikasi Baku Lapangan Usaha Indonesia or KBLI) is also required. Payment of Non-Tax State Revenue (PNBP) is made online, and the electronic visa is delivered directly to the applicant’s email in PDF format.
One critical aspect that requires close attention is the 90-day commitment reporting mechanism. Golden Visa holders are required to report the fulfillment of their declared investment commitments no later than 90 days after the Limited Stay Permit (Izin Tinggal Terbatas or ITAS) is issued. If the commitment is not fulfilled, the ITAS and Re-entry Permit (REP) may be unilaterally revoked by the Head of the Immigration Office.
Economic Impact and Program Achievements
As of September 2025, the Golden Visa Indonesia program has delivered results that exceed initial expectations. The Directorate General of Immigration recorded the issuance of 1,012 residency permits to investors from 61 countries, with total investment contributions surpassing IDR 48 trillion.
The corporate sector dominates the investment structure, accounting for nearly IDR 46.5 trillion or approximately 96% of the total investment value. The remainder comes from individual investors (IDR 249.3 billion) and other categories such as diaspora members and skilled professionals (IDR 1.45 trillion).
The macroeconomic impact includes increased capital inflows for the financing of strategic infrastructure projects and knowledge transfer through the presence of global directors and specialists.
The program also drives investment diversification into productive sectors, reducing dependence on commodities, and creates employment through the expansion of foreign corporations. Investment realization through this scheme plays a vital role in maintaining national economic growth at a stable rate of approximately 5%.
Fiscal Incentives for Golden Visa Investors
To strengthen the program’s appeal, the government has integrated a range of competitive fiscal facilities. Golden Visa Indonesia investors who deploy capital in pioneer industries are entitled to a reduction in Corporate Income Tax (Pajak Penghasilan or PPh Badan) of up to 100% through the Tax Holiday scheme.
For investments valued between IDR 100 billion and less than IDR 500 billion, a 100% Corporate Income Tax reduction is granted for 5 to 10 years, followed by a 50% reduction for the subsequent 2 years.
For investments exceeding IDR 500 billion, the 100% reduction may extend up to 20 years for nationally strategic projects. Pioneer industries in focus include the automotive, aerospace, pharmaceutical, medical equipment, and machine components sectors.
In addition to the Tax Holiday, Tax Allowance facilities and import duty exemptions on capital goods are also available. It should be noted that the effectiveness of these tax incentives is currently facing challenges from the implementation of the Global Minimum Tax of 15% (OECD Pillar 2). In response, the government has begun introducing alternative incentives in the form of infrastructure subsidies, facilitated land access, and workforce vocational assistance.
How XPND Helps You Obtain the Golden Visa Indonesia
The process of obtaining a Golden Visa Indonesia involves multiple interconnected aspects. From establishing a foreign investment company and meeting investment thresholds to complying with the 90-day commitment reporting mechanism, each stage requires a thorough understanding of the applicable regulations.
This is where XPND serves as your strategic partner. As an experienced business consultancy with a direct presence in Jakarta, Batam, Surabaya, Semarang, and Bali, XPND provides comprehensive services designed to support investors from the planning stage through to investment realization.
Through its Incorporation services, XPND assists investors in establishing a PMA company that meets Golden Visa requirements, including the processing of the Company Deed of Establishment, NIB, KBLI, and all necessary permits.
The Investor KITAS service ensures that the residency permit application process runs smoothly with the correct classification aligned to your investment category.
XPND also offers Regulatory Compliance and Risk Assessment services that help investors fulfill their investment commitment reporting obligations within the 90-day deadline, while ensuring that all documentation remains in compliance with applicable legal provisions.
For those who see the Golden Visa Indonesia as a gateway to Southeast Asia’s largest market, contact XPND for a complimentary consultation and begin your investment journey on a strong compliance foundation.
