Indonesia has joined the race to entice wealthy foreigners for lengthy vacations in an effort to boost Southeast Asia’s biggest economy, with a focus on Bali. Those with at least 2 billion rupiah ($130,000) in their bank accounts are eligible for ‘second house’ visas, which are valid for five and 10 years, according to a new regulation that was issued on Tuesday. 60 days after its publication, or on Christmas, the new regulation goes into effect.
At a launch event on the tourist island, acting director general for immigration Widodo Ekatjahjana said, ‘This is a non-fiscal incentive for some foreigners to make a constructive contribution to the Indonesian economy’. The launch is timed to coincide with both the sharp rise in foreign tourist arrivals to Indonesia as a result of airlines like Garuda Indonesia resuming international flights and the upcoming G-20 Summit in Bali in November, which is anticipated to draw in tens of thousands of delegates in addition to placing the island in the international spotlight.
In an effort to attract professionals, retirees, and other wealthy people, Indonesia has joined a list of countries from Costa Rica to Mexico that permit lengthy trips. All are aiming to take advantage of the growing demand for relocation options as swarms of educated workers—known as digital nomads—look to continue working remotely using their newly found freedom following the pandemic. With this visa, visitors from outside the country may stay for five or ten years.
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