Tourism and Creative Economy Minister Sandiaga Uno said that the policy aims to attract more talent in the digital, medical, research, and tech sectors.
"We expect that (the policy) would be able to improve not only investment, but also job opportunities," Uno said after the meeting.
According to the Cabinet Secretariat's website at setkab.go.id, the Organization for Economic Co-operation and Development (OECD) defines Golden Visa as a residency by investment scheme and citizenship by investment scheme, which is often referred to as a Golden Passport.
A country that adopts the policy allows residence or citizenship to foreign nationals after they invest or provide a certain sum of money.
Golden Visa holders are eligible for certain exclusive benefits that ordinary visa holders do not enjoy, such as better procedures and requirements for visa issuance, more efficient immigration paperwork, multiple entries, longer stay permits, and the right to own assets in Indonesia. It also serves as a fast track to citizenship applications.
It is expected that the Golden Visa policy would draw more foreign investment across many sectors.
Minister Uno said that the Golden Visa policy will take effect soon as there is a great need for talent in the digital economy.
The policy is expected to help establish Indonesia's position as an epicenter of sustainable economic growth, he added.
According to Uno, the Golden Visa will be valid for five to ten years. It is expected that the Golden Visa would be a game changer and bring fresh air to the state by enticing more visitors, whether digital nomads or digital entrepreneurs, who will invest in Indonesia.
"Hence, everyone will prepare for it, and it will be announced by the government soon," he remarked.
He added that the government will ensure a legal basis for the policy. The relevant law and its derivatives will be announced by the Law and Human Rights Ministry.
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Translator: Rangga Pandu A J, Mecca Yumna
Editor: Anton Santoso
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