                             Introduction In an increasingly globalized world, entrepreneurs, students and researchers are looking for new opportunities, while count

 In an increasingly globalized world, entrepreneurs, students and researchers are looking for new opportunities, while countries seeking to progress economically and make strides in the sphere of technology are perpetually looking to draw talent as well as capital. For long, western countries like US were the first choice for immigrants, especially from the developing world, due to their liberal immigration policies. With the US becoming more insular in recent years, 

 has begun to attract students as well as professionals and entrepreneurs. Countries like UK and Australia are also beginning to adopt more strict immigration policies but are making changes to the existing 

Countries like Portugal, Ireland and UAE have also introduced golden visas -- where an individual invests are certain amount, after which he is eligible for a residency visa . Golden Visas are especially attractive for High Networth Individuals (HNIs) from developing countries. It would be pertinent to point out that UAE’s golden and green visas seek not just to attract entrepreneurs, but also researchers, scientists, medical professionals. The UAE long term visa has become even more sought after

 have ended their golden visa programs (due to domestic 

 and political compulsions). The Gulf nation is also likely to offer a 

 to select individuals (such individuals will need to be nominated however by UAE 

While we often talk about migration from the developing world to the developed world, due to better quality of life and economic opportunities, it would be pertinent to point out, that in the past few decades, there has also been a trend of western expats shifting to countries like Singapore, UAE. Apart from the fact, that both these countries are important economic hubs, the reason cited for western expats moving to 

 and Singapore is that they have world class infrastructure and western facilities while also having a more ‘friendly’ and ‘warm’ climate the whole year round, with Singapore also becoming more inward looking in the aftermath of covid, UAE has become even more open towards embracing

 so as to meet its long term economic vision.

Indonesia has recently announced, that it would be introducing a residency through investment visa or ‘

 is Indonesia. The benefits of the golden visa entail simpler and more quick processing of visa applications, multiple entries to Indonesia, longer stay periods, the right to own assets in Indonesia. The visa will have 

 has been performing reasonably, even in the aftermath of covid19, and has been the preferred choice for certain companies seeking to move out of 

. Indonesia has been focusing on the technology sector, it’s digital economy has also grown significantly – from 

$41 billion in 2019 to $77 billion in 2022

 and has been focusing on emerging as an important 

For very long, Indonesia is also a favoured destination from tourists from different parts of the world.

The Golden Visa thus seeks not just to attract entrepreneurs, but also retired expats seeking a comfortable, slow-paced life. Indonesia’s Tourism and Creative Economy Minister Sandiaga Uno said that the Golden Visa could be an important 

 for the ASEAN nation’s economy. While seeking to attract talent in health, research and tech sectors, the 

 also seeks to give a boost to the tourism sector and create more jobs.

The success of Indonesia’s Golden visa program will depend upon the cost of the visa and several other factors. Since several other countries like UAE already have such programs and more countries are likely to commence the same, the program will have to be extremely competitive. While Indonesia’s Golden Visa program could be especially attractive for expats from the west in search of a more comfortable life and warmer climate, it could also attract entrepreneurs from India. Both countries have strong historical linkages and are seeking to strengthen economic linkages. If the visa can help in enhancing mobility within the ASEAN region, it would be especially attractive for Indian entrepreneurs. Indian start-up investors looking to expand overseas operations could also benefit from this visa.

The Indonesian Golden Visa is a strong reiteration of how in spite of increasing scepticism vis-à-vis globalization, it is very much intact. While for very long, migration only meant nationals from developing countries moving to the west, today citizens of western nations and Australia are moving to ASEAN countries, UAE etc. This reiterates the changes which are taking place in the global economic landscape.

Indonesia seeks to attract investment and global talent via Golden Visa Program

0 Comments