Indonesia's Golden Visa and Bali property: what the regulation lets count

Four investor routes, one property option, and it is an apartment. The figures and articles behind the Golden Visa.

The Golden Visa, from the regulation

“Golden visa through Bali property” is how it is sold. The regulation is narrower: one route out of four has a property option, and that option is an apartment.

What the Golden Visa is

The Golden Visa is a grouping of limited-stay visas, limited and permanent stay permits and re-entry permits for a set period (Permenkumham 22/2023 art. 184), given for investment, family reunification, repatriation and second home (Permenkumham 22/2023 art. 185(1)), for at most 5 years or at most 10 years (Permenkumham 22/2023 art. 185(2)). The investor stays are for individual investors who intend to set up a company, individual investors who do not, and directors or commissioners of a foreign company's Indonesian branch or subsidiary (Permenkumham 22/2023 art. 33(2)(e)(2)-(3)). The policy is a golden-visa policy targeting foreigners of higher quality, with visa and stay-permit terms extended from 5 years up to 10 years (PP 40/2023, general elucidation).

The investment, route by route

Each commitment must be fulfilled within 90 days of the limited-stay permit being granted (Permenkumham 22/2023 art. 56(2)). The regulation lets the Director General of Immigration change these figures; a later decision may have done so, and we have not read the Director General's decisions. Check the current figure before relying on it.

What the company route asks for besides money

An individual setting up a company must also show proof of shareholding in a company outside Indonesia and of its turnover, from the parent's financial statements audited by an international public accounting firm (Permenkumham 22/2023 art. 39(5)); the passive investor is exempt from that extra documentation (Permenkumham 22/2023 art. 39(6)). The company route is built for business owners with an existing group abroad, not for a single property purchase.

Where Bali property fits

A villa on hak pakai, or land through a PT PMA, does not appear in any of the five rows. The company routes count capital placed in a company, which is a different thing from a property purchase — a PT PMA that owns a villa invests in the villa, but the visa asks for the company’s capital, and a PT PMA has its own capital rules. Our reading. PT PMA requirements.

The one property route — a strata unit or apartment of at least US$1,000,000 for 10 years — matches the second home visa’s property option (Permenkumham 22/2023 art. 56(2)(b)). Foreigners may own a strata unit (PP 18/2021 art. 67(1)(c); Permen ATR/BPN 18/2021 art. 188(1)). The second home visa.

The Golden Visa and a PT PMA are different tools

A foreign-owned company is classed as a large business (Permen Investasi/BKPM 5/2025 art. 26(1)), and the villa license code is medium-low risk businesses only (PP 28/2025 Lampiran I.L, KBLI 55193). So the company route to a Golden Visa does not by itself give a lawful villa-rental business, and a PT PMA set up to hold one villa is not the company the visa’s US$2.5 million or US$5 million commitment describes. Our reading of the three instruments together. The accommodation codes.

Note what the apartment option on the 10-year route has in common with the second home visa: the same US$1,000,000 strata unit or apartment (Permenkumham 22/2023 art. 40(3); Permenkumham 22/2023 art. 56(2)(b)). Bought once, it answers the property test in both; which permit to apply for then turns on the term wanted and whether the buyer also holds the bonds, shares or funds. Our reading.

The branch-director route is at another scale altogether: US$25,000,000 (5 years) or US$50,000,000 (10 years) (Permenkumham 22/2023 arts. 39(4), 40(4)).

Holders and sponsors

Holders get priority lanes at designated immigration checkpoints and priority service at immigration offices or partner agencies (Permenkumham 22/2023 art. 190). Foreign investors are among those exempt from needing a sponsor: foreigners married to Indonesians, foreign investors under the investment law, and nationals of reciprocal countries (Permenkumham 22/2023 art. 191(2)). The regulation dates from 22 August 2023, promulgated 24 August 2023 (Permenkumham 22/2023, signature block); a 2025 regulation revoked only arts. 43, 45 and 52-55, on family reunification and former citizens (Permenkumham 22/2023 (JDIH BPK status: dicabut sebagian by Permen Imipas 3/2025)).

This is commentary on the official text, not immigration or investment advice.

Questions on this page