Indonesia has rolled out the red carpet for a select group of foreign nationals by granting them the prestigious Golden Visa. This visa provides an extended residency permit of 5 or 10 years, aimed at facilitating investment in the country. But who exactly are the first recipients of this exclusive golden visa? Leading the pack is none other than Sam Altman, the CEO of OpenAI.
During the grand launch ceremony, Indonesia’s National Team Coach Shin Tae-yong (STY) was also awarded the Golden Visa by President Joko Widodo. However, Director General of Immigration Silmy Karim revealed that several notable figures had already received the Golden Visa before STY.
“The first to actually receive it was Sam Altman. Then, as we mentioned at this launching event, it was Shin Tae-yong,” Karim stated following the Golden Visa Launch at the Ritz Carlton, Jakarta, on Thursday (25/7/2024).
Altman, who heads OpenAI, the company behind the ChatGPT chatbot, fits the criteria set by the Indonesian government for this coveted visa. According to Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Panjaitan, individuals like Altman, with high intellectual capacity and significant influence, are prime candidates for the Golden Visa.
“For example, people with high intellectual capacity, researchers from top universities, influential figures like ChatGPT’s CEO Sam Altman,” Luhut remarked on Saturday (27/7/2024).
At 38, Altman has made a significant impact as the CEO of OpenAI. The ChatGPT chatbot, which gained viral fame late last year for its intelligent responses to user queries, was launched on November 30, 2022, and attracted 1 million users within five days.
Before his role at OpenAI, Altman founded the venture fund Hydrazine Capital. He successfully secured $21 million, including $5 million from the sale of his company Loopt and investments from billionaire Peter Thiel.
Altman’s considerable wealth plays a crucial role in his eligibility for Indonesia’s Golden Visa. Applicants are required to make substantial investments in the country to qualify for this special visa.
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The regulations governing the Golden Visa are specified in the Minister of Law and Human Rights Regulation No. 22 of 2023 on Visas and Residence Permits, and the Minister of Finance Regulation No. 82 of 2023. These regulations, enacted on August 30, 2023, aim to attract affluent individuals to Indonesia, thereby boosting the country’s economic development.
“Because we target high-quality migrants, the requirements are more substantial. The longer they stay in Indonesia, the higher the guarantee value,” explained Silmy Karim, Director General of Immigration at the Ministry of Law and Human Rights.
The Golden Visa is available to three categories of foreign nationals. The first category includes individual investors who plan to establish a company in Indonesia. These individuals must invest a minimum of $2.5 million (around Rp 38 billion) to obtain a 5-year Golden Visa, or $5 million (Rp 76 billion) for a 10-year visa.
For corporate investors, the minimum investment requirement is different. Companies must invest at least $25 million (Rp 380 billion). The Golden Visa will be granted to the company’s directors and commissioners for a 5-year stay. For an investment of $50 million, directors and commissioners will receive a 10-year Golden Visa.
Individual foreign investors who do not establish a company in Indonesia can also apply for a Golden Visa. To qualify for a 5-year Golden Visa, applicants must place $350,000 (Rp 5.3 billion) in government bonds, public company shares, or savings accounts. For a 10-year Golden Visa, the required investment is $700,000 (Rp 10.6 billion).
In addition to Altman, Silmy revealed that the President Director of Boeing Indonesia and a Nobel laureate in economics are also among the recipients of this visa. He further mentioned that 300 foreign nationals have applied for the Golden Visa, both individually and through companies, which is expected to generate an economic value of up to Rp 2 trillion.
The introduction of the Golden Visa is a strategic move by the Indonesian government to attract high-caliber individuals and significant investments, fostering economic growth and development in the country.
