Indonesia’s Golden Visa Attracts $2.9 Billion in Investment in Just Over a Year

Program Momentum Surpasses Early Expectations: Since its launch in July 2024, Indonesia’s Golden Visa program has rapidly surpassed its initial benchmarks. By September 2025, the Directorate General of Immigration reported 1,012 permits issued, unlocking Rp 48 trillion (US$2.9 billion) in foreign investment.

The program’s trajectory has been sharp. By year-end 2024, it had already secured Rp 9 trillion (US$540 million). In 2025, inflows accelerated, adding US$750 million in less than nine months. The program has now exceeded its early target of 1,000 permits, signaling strong market uptake.

Corporate Capital Accounts for 96% of Inflows

A closer look at the numbers reveals a striking imbalance between corporate and individual participation.

• Corporate investors: Rp 46.5 trillion (US$2.8 billion), or roughly 96% of all inflows. Most of this capital came from foreign companies establishing subsidiaries or branches.
• Individual investors: Rp 249 billion (US$15 million), a marginal share.
• Other recipients: Rp 1.45 trillion (US$87 million), though the official release provided no detail on this category.

For executives and wealth managers, the clear signal is that Indonesia’s Golden Visa is functioning less as a private wealth mobility tool and more as a corporate-oriented investment gateway.

Investment Thresholds and Permit Structure

The Golden Visa offers five- and ten-year residency options, with privileges including priority airport lanes, streamlined immigration processes, and legal certainty for investors.

For individuals:

• Five years: US$350,000 investment
• Ten years: US$700,000 investment

For corporations:

• Five years: US$25 million investment (directors and commissioners receive permits)
• Ten years: US$50 million investment

These thresholds place Indonesia at the upper tier of global Golden Visa schemes, underscoring the government’s focus on high-quality, large-scale capital commitments rather than mass individual applications.

Policy Intent: Quality over Quantity

At the July 2024 launch, then-President Joko Widodo emphasized the program’s selectivity, calling it a vehicle for attracting “high-quality travellers”—foreign investors, global figures, specialized talent, and descendants of former Indonesian citizens. The underlying goal: to maximize multiplier effects such as job creation, technology transfer, and long-term capital integration into the domestic economy.

This positioning distinguishes Indonesia from European Golden Visa regimes that historically relied on real estate purchases, often criticized for inflating property markets without delivering broader economic gains.

Strategic Implications for Indonesia

The nearly Rp 50 trillion collected so far represents both an immediate inflow of foreign capital and a strategic positioning of Indonesia as a regional hub for corporate expansion.

• Diversification of capital inflows: By focusing on corporate structures rather than passive real estate, Indonesia is aligning Golden Visa capital with growth industries.
• Regional competitiveness: Compared with Southeast Asian peers, Indonesia now stands out as one of the few markets combining scale, demographics, and a residency pathway.
• Policy credibility: Early success reinforces the country’s ability to execute large-scale investor migration initiatives while maintaining selectivity.

Risks and Challenges Ahead

Despite its strong start, the program faces challenges common to investment migration regimes:

• Execution risk: Ensuring pledged corporate investments translate into real job creation and technology transfer.
• Transparency: Limited disclosure around the Rp 1.45 trillion “other recipients” category leaves open questions on program governance.
• Sustainability: Maintaining standards while scaling may prove difficult if demand accelerates.

Internationally, Golden Visa programs are under scrutiny from the EU, OECD, and IMF, particularly around anti-money-laundering compliance. Indonesia must ensure rigorous due diligence frameworks to protect reputational capital.

Outlook: A Platform for Regional Leadership

In just over a year, Indonesia’s Golden Visa has mobilized nearly US$3 billion in foreign capital. For corporations, it offers a pragmatic entry point into Southeast Asia’s largest economy. For policymakers, it represents an innovative tool to integrate foreign capital with domestic development priorities.

The program’s future will depend on execution—whether Indonesia can translate inflows into tangible economic benefits while preserving the program’s selectivity. If successful, the Golden Visa could position Indonesia as a benchmark for emerging-market investment migration, blending corporate commitment with national development strategy.