scorecardresearchNew visa to let tourists with $130,000 live in Bali for 10 years; Check

New visa to let tourists with $130,000 live in Bali for 10 years; Check details here

Updated: 26 Oct 2022, 09:29 AM IST
TL;DR.

Indonesia has entered the race to attract wealthy global citizens for long-term stays in bolstering growth of Southeast Asia’s largest economy with a focus on its trump card: Bali.

Local villager and fisherman Made Partiana and a local villager search for fish off the coast of Les, Bali, Indonesia, on April 10, 2021. (AP Photo/Alex Lindbloom)

Local villager and fisherman Made Partiana and a local villager search for fish off the coast of Les, Bali, Indonesia, on April 10, 2021. (AP Photo/Alex Lindbloom)

(Bloomberg) -- Indonesia has entered the race to attract wealthy global citizens for long-term stays in bolstering growth of Southeast Asia’s largest economy with a focus on its trump card: Bali.

A new “second home visa” of five years and 10 years are eligible for those possessing at least 2 billion rupiah ($130,000) in their bank accounts, according to a new regulation issued on Tuesday. The policy takes effect on Christmas, or 60 days after the issuance of the new rule. 

“This a non-fiscal incentive for certain foreigners to make a positive contribution to the Indonesian economy,” said Acting Director General for Immigration Widodo Ekatjahjana during a launch ceremony in the resort island. 

Indonesia adds to a list of countries from Costa Rica to Mexico offering long-term stays to lure professionals, retirees and other affluent people. All are seeking to tap into a growing demand for migration options as legions of educated workers, known as digital nomads, look to use their newfound freedom after the pandemic to keep doing their job remotely. 

Indonesia floated plans for a digital nomad visa in 2021, focused on attracting visitors to Bali, the nation’s top destination for international holidaymakers and a major source of foreign exchange earnings. 

The timing of the launch coincides with the sharp rebound in foreign tourist arrivals to Indonesia as airlines like Garuda Indonesia resume international flights, and the upcoming G-20 Summit in Bali in November, which is expected to put the international spotlight on the island on top of bringing in tens of thousands of delegates.

 

First Published: 26 Oct 2022, 09:29 AM IST