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Zantara AI
AI Immigration Advisor
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Zantara AI
AI Immigration Advisor
Bali Zero handles visas, company setup, tax and property compliance in Indonesia. Ask us directly on WhatsApp.
Chat with Bali Zero on WhatsAppIndonesia's Golden Visa program, formally launched in 2024, grants long-term residence (5-10 years) to foreign nationals who make significant qualifying investments. Unlike standard KITAS which requires annual renewal and ties you to a specific company, the Golden Visa offers extended residency based on your investment in Indonesia's economy.
The program recognizes four primary investment categories, each with different minimum amounts, risk profiles, and administrative requirements. Understanding these options is essential for choosing the right investment strategy.
Indonesian Government Securities (Surat Berharga Negara / SBN) are debt instruments issued by the Republic of Indonesia. For Golden Visa purposes, qualifying instruments include:
| Bond Type | Description | Currency |
|---|---|---|
| SUN (Surat Utang Negara) | Conventional government bonds | IDR or USD |
| SBSN/Sukuk | Islamic (sharia-compliant) government bonds | IDR or USD |
| ORI (Obligasi Negara Ritel) | Retail government bonds | IDR |
| SR (Sukuk Ritel) | Retail Islamic bonds | IDR |
| SBR (Savings Bond Ritel) | Retail savings bonds | IDR |
| Document | Source |
|---|---|
| Investment certificate | Custodian bank/securities dealer |
| Account statements | Showing bond holdings above minimum |
| Purchase confirmation | Transaction records from dealer |
| Holding period commitment | Signed declaration to maintain investment |
Shares listed on the Indonesia Stock Exchange (Bursa Efek Indonesia / IDX) qualify for Golden Visa purposes. This includes:
| Factor | Details |
|---|---|
| Market risk | Share values fluctuate; you must maintain minimum USD 350K value |
| Currency risk | IDX stocks are IDR-denominated; USD value changes with exchange rate |
| Portfolio monitoring | Regular monitoring needed to ensure value stays above threshold |
| Reporting | Annual portfolio valuation reports required |
| Tax implications | Dividend tax (10%) and capital gains considerations |
| Sector | Example Companies | Rationale |
|---|---|---|
| Banking | BCA, BRI, Mandiri | Stable, high-dividend |
| Consumer | Unilever Indonesia, Indofood | Defensive stocks |
| Telecoms | Telkom, XL Axiata | Growing digital economy |
| Mining | Vale Indonesia, Antam | Commodity exposure |
| Infrastructure | Jasa Marga, Wijaya Karya | Government-backed projects |
Direct investment in an Indonesian company (PT PMA or approved entity) qualifies for Golden Visa. This includes:
| Structure | Minimum | Suited For |
|---|---|---|
| New PT PMA (sole foreign owner) | USD 2.5M | Entrepreneurs |
| Existing company (equity stake) | USD 2.5M | Passive investors |
| Joint venture (with local partner) | USD 2.5M (foreign portion) | Partnership-oriented |
| Multiple investments | USD 2.5M total | Diversified investors |
| Document | Details |
|---|---|
| Company deed (Akta Pendirian) | Notarized and registered |
| AHU registration | Ministry of Law and Human Rights approval |
| NIB (business identification) | From OSS (Online Single Submission) |
| Proof of capital injection | Bank statements showing fund transfer |
| Investment value confirmation | Audited financial statements or valuation report |
| LKPM (investment report) | Filed with BKPM (Investment Coordinating Board) |
Companies with Golden Visa-qualifying investments must file periodic LKPM (Laporan Kegiatan Penanaman Modal) investment activity reports with BKPM:
Real estate investment in Indonesia can qualify for Golden Visa, subject to foreign ownership restrictions:
| Property Type | Foreign Ownership? | Notes |
|---|---|---|
| Apartments/condos (Strata Title) | Hak Pakai (Right to Use) | Maximum term, specific buildings |
| Houses | Hak Pakai only | Not freehold (Hak Milik) |
| Commercial property via PT PMA | Through company ownership | HGB (Right to Build) |
| Land | Not directly | Only through PT PMA with HGB |
Property investment minimums for Golden Visa are determined by total acquisition value and vary based on location and property type. Generally, the investment must meet the minimum USD threshold applicable to the visa category.
| Challenge | Details |
|---|---|
| Foreign ownership limits | Cannot hold freehold (Hak Milik); limited to Hak Pakai |
| Valuation complexity | Property valuations must meet government standards |
| Liquidity | Property is less liquid than bonds or shares |
| Maintenance costs | Ongoing costs reduce net investment returns |
| Title verification | Due diligence critical to avoid title disputes |
| Location restrictions | Some areas have minimum foreign purchase prices |
| Location | Minimum Price (Govt. Regulated) | Market Dynamics |
|---|---|---|
| Bali (South) | IDR 5 billion+ | Strong rental demand, tourism |
| Jakarta (Central) | IDR 5 billion+ | Business hub, stable demand |
| Lombok | IDR 3 billion+ | Growing market, lower entry |
| Batam | IDR 2 billion+ | Special economic zone benefits |
| Feature | Gov Bonds | Listed Shares | Direct Investment | Property |
|---|---|---|---|---|
| Minimum (individual) | USD 350K | USD 350K | USD 2.5M | Varies |
| Risk level | Low | Medium-High | High | Medium |
| Liquidity | High | High | Low | Low |
| Returns (typical) | 5-7% | Variable | Variable | 5-10% rental |
| Management effort | Minimal | Low-Medium | High | Medium |
| Documentation complexity | Low | Low | High | Medium |
| Golden Visa duration | 5-10 years |
Understanding the tax implications is critical for investment planning:
| Income Type | Tax Rate | Notes |
|---|---|---|
| Bond interest | 10% withholding | May vary for foreign holders |
| Stock dividends | 10% withholding | Standard for listed shares |
| Capital gains (shares) | 0.1% of transaction value | Applied at sale |
| Rental income (property) | 10% final tax | On gross rental income |
| Business profits (direct) | 22% corporate tax | Standard CIT rate |
Important: Golden Visa holders may become Indonesian tax residents (if residing 183+ days/year), making worldwide income potentially taxable. Consult a tax advisor.
Based on your risk tolerance, capital availability, and involvement preference.
Through appropriate channels (securities broker, bank, notary for property, etc.).
Investment certificates, valuations, company registrations as applicable.
Submit investment documentation to the Directorate General of Immigration through the official Golden Visa application portal.
Keep the investment at or above the minimum threshold throughout the Golden Visa validity period.
File required reports (LKPM for direct investment, portfolio statements for securities, etc.).
Choosing the right investment vehicle for your Golden Visa requires understanding Indonesian financial markets, property law, and immigration regulations. Bali Zero works with qualified financial advisors, legal counsel, and immigration specialists to structure your investment optimally.
Contact Bali Zero:
Invest wisely. Reside permanently.
| 5-10 years |
| 5-10 years |
| 5-10 years |