When the Directorate General of Immigration introduced the Golden Visa policy in 2024, it sparked excitement among digital nomads and global investors alike. There was a shared hope that this new residency program would simplify the immigration process to Bali. However, as we look at the latest figures, it seems that the reality is different—only a handful of applications have surfaced.
The Numbers Behind the Golden Visa Applications
According to Ridha Sah Putra, the Head of Denpasar Immigration Office, a mere four foreigners have submitted applications for the Golden Visa in Bali, all of whom are involved in the property and hospitality sectors. These individuals hailing from Russia and Hong Kong have their applications currently under review by the Directorate General of Immigration in Jakarta.
Understanding the Application Process
Putra shared insights into the application process, explaining, “The Golden Visa application is conducted online via the Molina application. Once verified and approved, a residence permit is granted.” This innovative approach aims to make the process smoother for applicants, yet the low application numbers raise eyebrows.
A National Perspective
Since the program’s inception in 2024, only 471 Golden Visas have been granted across Indonesia. This raises questions why Bali, often seen as a prime destination for foreign investment, is lagging behind. Immigration and tourism leaders had high hopes that this initiative would spark a surge in growth within these sectors in Bali.
Despite these challenges, the Golden Visa policy has managed to generate about IDR 9 trillion, or USD 550,000. Putra remains optimistic, stating, “We believe Bali can emerge as a top destination for foreign investors eager to take advantage of the Golden Visa.”
Details of the Golden Visa
President Joko Widodo officially launched the Golden Visa on July 25, 2024. This residency-by-investment visa allows foreign investors, entrepreneurs, and even global talent figures to obtain a residence permit ranging from 5 to 10 years by investing at least USD 350,000.
Eligibility and Grounds for Application
The Golden Visa can be applied for through various avenues, including setting up a company in Indonesia, purchasing government bonds, or as a representative of an overseas company. Those with global talent may be processed through an invitation or collaboration with the Indonesian government.
Remarkably, the very first Golden Visa was granted to South Korean-born Shin Tae-Yong, the coach of the Indonesian national football team. At the launch ceremony, President Widodo expressed hopes for the visa to maximize national benefits.
Calls for Balance and Sustainability
However, as Bali seeks increased investment within its tourism and property sectors, local communities advocate for accountability and transparency. They are focused on protecting their livelihoods and the environment from rapid commercialization.
The Uluwatu Community, a group dedicated to journalism, has compiled a report on significant development projects on the Bukit Peninsula, posing critical questions to international investors. “How do you plan to address water scarcity, waste management, and general infrastructure concerns? We are eager for your answers,” they have declared.
As Bali aims to attract more international investment and global talent through the Golden Visa program, it becomes clear that a responsible approach is vital. Striking a balance between development and sustainability will be crucial for maintaining the charm and viability of this stunning destination.
