Indonesia will be issuing residence permits to foreigners for up to 10 years starting on Christmas Day to attract wealthy retirees to the country.
A report on AsiaNews said the new visas can be obtained upon payment of 2 billion rupees (over 120,000 euros) in a state bank or by presenting documents certifying ownership of properties.
Aside from attracting wealthy foreigners to the country, the new rules also aim to court resident retirees who have built their second home in the country not to leave.
Other Asian states have earlier adopted similar measures, such as Malaysia, a 10-year second home visa can be obtained on condition that the applicant earns 8,500 euros a month and pays a deposit of 1 million ringgit (almost 212,400 euros), while Thailand allows stays of up to 20 years (complete with airport transport and health checks) for one million baht a year (over 27,000 euros).
Until now, the Indonesian Retirement Visa is granted to visitors over the age of 55 who could stay in the country for one or five years for less than US$1,000 a year. The elderly who want to avail of this visa will have until mid-2023 to comply with the new legislation.
