Is Indonesia Golden Visa better than Malaysia, Singapore and Thailand

Indonesia Golden Visa: Bali in Indonesia 🏝️ is one of the most famous island for tourists around the world. What if you get a chance to settle down in Indonesia near by your favorite island, making Indonesia as your second home!

Well to make your cherished dream come true, Indonesia is launching a special ‘Golden Visa’ initiative aimed at drawing in high caliber, high worth foreign investors, both individuals and businesses. This fresh visa program allows foreign investors to obtain a residency permit lasting anywhere from five to ten years, contingent on the size of their investment.

For Individual Investors investing in Shares, Equity Shares: A person or an individual investor, who invests $350,000 in shares of public companies, savings or deposit accounts, or government bonds can qualify for a five-year stay.

If they invest $700,000, they are eligible for a ten-year stay. This information comes from a press release quoting Indonesia’s Director General of Immigration, Silmy Karim, on a Saturday.

For Individual Investors establishing in Business, Company: A five-year visa is available for individuals, individual foreign investors who establish a company with a minimum investment of $2.5 million. To extend it further, if they invest $5 million, they can get a 10-year visa.

For Directors and Commisioners: At the same time, directors and commissioners of companies and businesses can secure a five-year visa if their company invest a minimum of US$25 million, they. Alternatively, they can opt for a 10-year visa, is their company or business invests US$50 million.

The Director General of Immigration, Silmy Karim, explained that the requirements for this program are more thorough because it’s aimed at attracting high-quality investors.

Another benefits include, golden visa holders will receive special benefits, such as not needing to apply for a temporary stay permit at the immigration office, according to the press release.

On the somewhat similar lines, last year in 2022 – Indonesia introduced a second home visa for affluent tourists, who have at least 2 billion rupiah ($130,000) in their bank account.

Several countries worldwide, such as the United States, Ireland, New Zealand, and Spain, have also introduced comparable golden visa programs to attract global investors and residents with entrepreneurial ambitions.

Indonesia Golden Visa vs Neighboring Asian Countries Visa

Indonesia is surrounded by neighboring countries in Southeast Asia, which offers highly attractive investment opportunities and rebates to attract wealthy foreign investors or global investors. Let’s see what other Asian countries are offering and where all these stand against each other –

Malaysia

Earlier Malaysia has MM2H program, which is one of the most well-known Golden Visa programs in Asia. Malaysia’s My Second Home (MM2H) Program, initiated by the Malaysian government, aims to welcome foreigners who meet specific requirements to stay in Malaysia for an extended period.

This program grants a renewable 5-year Pass with Multiple-Entry Visa, and it’s open to individuals from all countries, regardless of their race, religion, or gender.

Malaysia government promotes this program to allow eligible foreigners to enjoy an extended stay in the country through a multiple-entry social visit pass.

=> In 2022, Malaysia introduced Premium Visa Program (PVIP). The aim is to attract affluent foreign investors to invest and live in the country for a maximum of 20 years. Furthermore, those with this visa can also pursue education and buy homes or business properties.

Visa seeker can apply their visa application and qualify for PVIP program after fulfilling following requirements –

• Deposit 1 million ringgit (US$227,180) in a licensed Malaysian bank. During the first year you can’t withdraw any money, but after 1st year completion, you can take out up to 50 percent for real estate, medical expenses, or education.
• Your income from sources outside of Malaysia (abroad income) should be atleast 40,000 ringgit (US$9,086) per month or 480,000 ringgit (US$109,000) annually, to make you eligible under this scheme.
• Participation fees should be borne by an individual, which are:
  200,000 ringgit (US$45,434) for the main applicant and
  100,000 ringgit (US$22,713) for each dependent in your family.
• All applications must be processed through an approved agency designated by Malaysia’s Immigration Department.

But But, Malaysia is currently reevaluating its visa program because it has received only 28 applications. This might be because the program’s requirements are quite similar to another visa program called Malaysia My Second Home, which has much lower application fees (5,000 ringgit or US$1,074, and 2,500 ringgit or US$537 for each dependent).

On another note, Malaysia introduced a unique digital nomad visa in 2022 called De Rantau. This program is designed and focused to welcome professionals from around the globe to make Malaysia a hub for digital nomads in the region and to boost digital adoption across the country which would help in giving country’s digital economy a boost.

Via this program, professionals such as digital marketers, IT professionals, and content creators are eligible who are interested in staying in Malaysia for up to 12 months.

To be eligible for De Rantau, digital freelancers or independent contractors must have active project contracts lasting more than three months, which can be from multiple contracts and with clients from either foreign or Malaysian companies.

On the other hand, remote workers need to provide evidence of an active employment contract with a duration of more than three months, with the employer being either foreign or Malaysian-based. Foreign digital nomads should have an annual income of over US$24,000, while local digital nomads should earn more than 36,000 ringgit (US$7,863).

The government’s target for De Rantau is to attract 80,000 digital nomads to Malaysia by the year 2025.

Key Points:

• Malaysia is reviewing its visa program due to low application numbers.
• The program is similar to the Malaysia My Second Home program but with higher fees.
• Malaysia introduced a digital nomad visa called De Rantau in 2022.
• De Rantau aims to attract digital marketers, IT professionals, and content creators.
• Eligibility for digital nomads includes active project contracts or employment contracts.
• The government hopes to have 80,000 digital nomads in Malaysia by 2025.

Singapore Global Investor Program (GIP)

Singapore Global Investor Program (GIP) was first introduced back in 2004 and has seen several revisions over the years. This program stands as a favored option for foreign investors and their families seeking permanent residency in Singapore.

Recently, the Economic Development Board (EDB), the entity overseeing the program, has introduced updated criteria for applicants to meet.

As of March 2023, the government has raised the qualifying investment requirements for the GIP scheme, following are the latest Visa requirements –

• Invest a minimum of S$10 million (US$7.4 million) in either a new or an existing business located in Singapore.
• Put S$25 million (US$18.5 million) into an EDB-registered GIP fund that channels investments into Singaporean company or businesses.
• Establish a family office based in Singapore, which should manage assets totaling at least S$200 million (US$148 million). Out of this sum, at least S$50 million (US$37.1 million) must be directed into any of these four specified investment categories.
• Investor has to invest in Singapore-qualified debt securities or provide private equity funding to non-listed businesses based in Singapore.
• Investment in companies listed on exchanges approved by the Monetary Authority of Singapore. Alternatively, you can invest in funds managed by fund managers like Mutual Fund Investment, Stock Market Investment, High Yield Investments licensed in Singapore.

From 2020 to 2022, a total of 200 investors obtained permanent resident status via the program. Since the adjustment of the investment requirements, the government has not disclosed the exact number of successful applicants. However, their objective is to attract higher-quality global investors and individuals through these changes.

Thailand Visa Requirements

Thailand – One of the world popular tourist destination now offers new Visa Process and Visa Requirements, to make Thailand your second home.

Recently in September 2022, Thailand introduces many incentives to attract foreign investors, retired people, wealthy foreign citizens and working professionals.

Thailand provides a special 10-year resident visa for eligible applicants, along with their families. This visa also comes with the added benefit of an automatic work permit, which is a new option in Thailand.

It eases your way to make or pursue your career in Thailand.

Moreover, qualified applicants are entitled to enjoy the same income tax rates as Thai citizens. They also receive tax exemptions for their foreign income. Additionally, there are more lenient rules for owning and renting land and property.

These incentives are divided in three main groups, you can check eligible visa requirements according to your group below –

1. First group consists of the people, who are wealthy global investors or citizens. Foreign investors with an annual income of at least US$80,000 with the assets of atleast US$1 million, comes under this group.
2. Second group is of the Retirees, who have a stable income or pension of at least US$40,000 annually. The people with the age 50 or older, comes under this group.
3. Third group is of highly skilled professionals, who earned a minimum of US$80,000 in the last two years. Special preference is given to individuals, who are earning US$40,000 per year in specific industries like infrastructure or digital systems.

Since this program launch last year, in September 2022 till this year – June 2023, it has received 4,200 applications. The aim of the government is to attract 1 million foreign residents, global investors over the next five years.

Key Points:

• Thailand offers a 10-year long-term resident visa to qualified applicants, including their spouses and children.
• This visa includes an automatic work permit and favorable tax benefits.
• Qualified applicants enjoy the same income tax rates as Thai citizens and exemptions for foreign income.
• There are relaxed restrictions on foreign land and property ownership.
• The program targets wealthy global investors, citizens, pensioners, and skilled professionals.

Comparison: Visa Types, Visa Process

Let’s try to understand differences and comparison of Visa types, visa application, visa requirements, visa documentation and visa process for all 4 countries – Indonesia, Malaysia, Singapore and Thailand –

Conclusion:

In conclusion, the choice of your preferable country’s visa program for your residency, depends on your individual choices, eligibility and objectives.

Here’s a brief summary to help you make an informed decision:

1. Indonesia Golden Visa: Ideal for high-caliber investors and business enthusiasts looking for residency with investment flexibility in shares, bonds, or businesses. It’s a choice for those seeking a tropical lifestyle in Southeast Asia.
2. Malaysia (MM2H and PVIP): Malaysia offers options for retirees, wealthy investors, and digital nomads. The MM2H program is suitable for retirees seeking a peaceful retirement, while the PVIP program caters to those with substantial assets looking for long-term investment and lifestyle benefits.
3. Singapore Global Investor Program (GIP): Singapore’s GIP is tailored for high-net-worth individuals and entrepreneurs who wish to obtain permanent residency and enjoy tax benefits in a thriving business hub.
4. Thailand 10-Year Resident Visa: Thailand’s program is attractive for those who desire a long-term stay in a vibrant cultural destination with favorable tax rates and work opportunities.

Your choice should align with your financial capabilities, career goals, retirement plans, and lifestyle preferences. Each of these countries offers unique opportunities, so consider your priorities carefully and consult with immigration experts for personalized guidance.