The first golden visa for Indonesia has been issued to OpenAI CEO Sam Altman. Wealthy foreigners who invest in Indonesia or have the potential to do so are being offered a visa, which is a 10-year residency permit. Altman is a well-known name in the technology sector. He was previously the CEO of Reddit and the former president of startup accelerator Y Combinator. A non-profit research organization called OpenAI is working to create safe and useful artificial intelligence. The golden visa is intended to increase foreign investment and stimulate the Indonesian economy. A few advantages of the visa include the opportunity to live and work in Indonesia, expedited immigration processing, and access to healthcare and education. Sam Altman has the option to move to Indonesia permanently, though it is unclear if he has such plans. He has expressed his excitement about how AI could benefit Indonesia and other developing nations. Since the golden visa program is new, it is unclear how many people will apply. However, it represents a significant step for Indonesia in its initiatives to draw in talent and investment from abroad.
What is the Indonesia Golden Visa and what are its requirements?
Rich foreigners with investments in Indonesia or the potential to boost the economy are eligible for the Indonesia Golden Visa, which is a residency permit. The visa is valid for 5 or 10 years, depending on the amount of investment.
These are the Indonesia Golden Visa requirements
Investment: You can qualify for the visa by investing a minimum of USD 350,000 in government bonds, a bank deposit, or shares in a public company. If you invest USD 700,000, you will be eligible for a 10-year visa instead of a 5-year visa.
Direct employment: If a company registered with the Ministry of Manpower offers you a job in Indonesia, you may also be eligible for the visa. The employer must be prepared to give you a monthly salary of at least USD 10,000.
- In addition to the investment or employment requirements, you must also meet the following criteria to qualify for the Indonesia Golden Visa:
- You must be a citizen of a nation with which Indonesia has a reciprocal visa agreement.
- You must not have any criminal history.
- You must have the financial means to support yourself.
- You will be given a residency permit that entitles you to live and work in Indonesia if you are approved for the Indonesia Golden Visa.
Additionally, you will be qualified for a range of advantages, including expedited immigration processing, access to healthcare and education, and freedom to bring your family with you to Indonesia.
Indonesia Golden Visa Benefits and Costs
The Indonesia Golden Visa is a worthwhile choice to take into account if you are a foreign investor or businessperson who is interested in residing and working in Indonesia. Here are some of the specific benefits of the Indonesia Golden Visa in more detail:
Long-term residence: Depending on the amount of investment, the Indonesia Golden Visa is valid for 5 or 10 years. You now have the chance to reside and work in Indonesia for an extended period of time without worrying about your visa situation.
Priorty Immigration: Golden visa holders are given priority immigration processing, allowing them to pass through immigration checkpoints more quickly. This can help you enter and exit Indonesia more quickly and with less hassle.
Access to education and healthcare: Golden visa holders are eligible for the same education and healthcare benefits as Indonesian citizens. This entails that you and your kids can both go to Indonesian schools and receive medical care there.
Family reunification: People with golden visas are allowed to travel to Indonesia with their spouses and dependent children. You can do this and continue to live and work in Indonesia with your family.
Possibility of obtaining citizenship or permanent residency: After relocating to Indonesia for a predetermined period of time, holders of golden visas may be qualified to apply for citizenship or permanent residency. This gives you the chance to live permanently in Indonesia and take advantage of all the privileges that come with being an Indonesian citizen. The cost of the Indonesia Golden Visa depends on the type of visa you apply for and the amount of investment you make.
Investment Golden Visa: The investment golden visa requires an investment of USD 350,000 for a 5-year visa or USD 700,000 for a 10-year visa. The investment can be made in government bonds, a bank deposit, or shares in a public company.
Direct Employment Golden Visa: The direct employment golden visa requires a job offer from a company that is registered with the Ministry of Manpower. The company must be willing to pay you a salary of at least USD 10,000 per month.
You will additionally be obligated to pay the following fees in addition to the investment or employment requirements:
Application fee: USD 500
Processing fee: USD 1,000
Medical examination fee: USD 100
Security deposit: USD 5,000
Depending on the particular requirements of your case, the total Indonesia Golden Visa cost may change. However, getting residency in Indonesia is typically a fairly inexpensive process. You can get more information about applying for the Indonesia Golden Visa by contacting the Indonesian Immigration Office.
How will OpenAI CEO impact Indonesia’s Growth?
According to Altman, he is enthusiastic about how AI could benefit Indonesia and other developing nations. Additionally, he has expressed interest in collaborating with the Indonesian government to create AI solutions for some of the nation's most urgent issues, such as inequality and poverty. Giving Altman a golden visa is a significant move on Indonesia's part in its campaign to draw in talent and investment from abroad. It demonstrates the government's commitment to building its AI ecosystem and willingness to entice foreign investors with appealing incentives.