Indonesia offers 10-year visa for US $ 128,000 in bank

In a move to increase the economic activity in the country, Indonesia launched this week a fresh visa policy that will allow foreigners to make Bali their second home.

Under the new “second home” visa scheme, foreigners can stay for up to 10 years and carry out various activities, provided they meet the requirements.

A news report by Channel NewsAsia stated that to qualify for the scheme, those interested must have at least US $ 128,400 in their bank accounts and a passport that is valid for at least 36 months. “The aim is to attract foreign tourists to come to Bali and other destinations,” said acting Director General Immigration Widodo Ekatjahjana during the launch of the scheme on Tuesday (25). 

According to the news report, the launch takes place just a few weeks before Indonesia is set to host the Group of 20 (G20) Leaders’ Summit in mid-November, which will see thousands of delegates arrive in Bali. 
The new regulation will take effect on December 25, 2022. 

“This immigration policy is one of the non-fiscal incentives that can be a stimulus for certain foreigners to stay and contribute positively to the Indonesian economy amidst increasingly dynamic global economic conditions,” added Ekatjahjana, as reported by Channel NewsAsia.

The new visa scheme is however received with reservations by the Balinese travel sector.  Putu Winastra, head of Bali’s chapter of the Indonesian Tours and Travel Agencies expressed uncertainty as to how the new policy would help to boost tourism on the island. “The second home visa will be given to people who stay in Bali in the long term,” Winastra told CNA.

The second home visa or the golden visa has become popular in recent years. The visa scheme allows individuals to acquire a second passport or residency in another country. The scheme comes with a host of benefits, which varies from country to country.