Golden Visa

Chris A

Golden VisaOnce again, the mark has been missed.

Markit

Golden VisaOnce again, the mark has been missed.

They seem to have this group illusion that the whole world is filled with rich people standing in line to give them a couple of million dollars. I'm wondering if the fact that all people here are in fact millionaires (Rupiah) makes them think everyone else is too? I just wish there was an adult with them in the room sometimes.

Markit

Golden VisaOnce again, the mark has been missed.

Balifrog

When you see the amounts involved you understand why it is rightly called "Golden Visa"

matsaleh

BTW, when trying to make the above post, I received an error message saying that the post could not be made. Instead of trying to post it again, I refreshed the page and the post is now showing.

AuroraB

Businesses can already "invest" in Indonesia and get IMTA / KITAS for their management and key positions. Indonesia now offer to get rid of the KITAS part but then you have to lock-in millions of USD in Indonesia. Sounds like a rotten and redundant deal. Who would be so crazy to bring their hard earned cash to Indonesia and buy bonds and stocks as an individual investor? If the stock broker decide to keep your cash, then what? Even major players like Goldman Sachs got caught up in litigations with Indonesian businessmen using the court system to their advantage. The same person Goldman battled with was put in prison for life for stock manipulations sinking a major insurer. Tip of the iceberg here. Hard pass. https://www.zawya.com/en/legal/indonesian-tycoon-sentenced-to-life-in-jail-for-stock-manipulation-fg7bkmy7 There is no mention of how taxes will be managed for all these "golden investments"? Dividend tax, capital gains tax, personal taxes. I'm quite sure the rich people is very interested in that part.

TerjeHN

Markit wrote They seem to have this group illusion that the whole world is filled with rich people standing in line to give them a couple of million dollars. I'm wondering if the fact that all people here are in fact millionaires (Rupiah) makes them think everyone else is too? I just wish there was an adult with them in the room sometimes.

In their latest overall visa regulation changes there is a lot of new options. One is the golden visa giving you a residential status for a certain time depending on type and amount of investments. The same regulation Allows also for tourism/social visa valid for 1-2-3 years with re-entry permit allowing remote working. Indonesia's economy is performing very well and will attract investors like AI guy and others who get this visa as a bonus.

Markit

matsaleh wrote BTW, when trying to make the above post, I received an error message saying that the post could not be made. Instead of trying to post it again, I refreshed the page and the post is now showing.

Yeah, wish "they" would change that sooner rather than later, fecking annoying!

Markit

matsaleh wrote BTW, when trying to make the above post, I received an error message saying that the post could not be made. Instead of trying to post it again, I refreshed the page and the post is now showing.

Yeah, wish "they" would change that sooner rather than later, fecking annoying!

Markit

TerjeHN wrote In their latest overall visa regulation changes there is a lot of new options. One is the golden visa giving you a residential status for a certain time depending on type and amount of investments. The same regulation Allows also for tourism/social visa valid for 1-2-3 years with re-entry permit allowing remote working. Indonesia's economy is performing very well and will attract investors like AI guy and others who get this visa as a bonus.

Frankly I think the devil will be in the detail with all the old visa (with re-treads to make them "modern" see Retirement visa, Social Visa and business visas (flavors actor/musician/investor/etc) and Second Home visa). Now we have the Golden visa which apparently immediately makes your world-wide earnings eligible for Indo taxes, wonder if friendGPT was aware of that? I'm already looking forward to the Golden 3rd Home visa coming to an immigration office near us.

Markit

Hey Admin, ADMIN, ADMIN!!!! NOTICE ANYTHING STRANGE ABOUT THE POSTS ABOVE?

Markit

TerjeHN wrote In their latest overall visa regulation changes there is a lot of new options. One is the golden visa giving you a residential status for a certain time depending on type and amount of investments. The same regulation Allows also for tourism/social visa valid for 1-2-3 years with re-entry permit allowing remote working. Indonesia's economy is performing very well and will attract investors like AI guy and others who get this visa as a bonus.

matsaleh

Markit wrote Frankly I think the devil will be in the detail with all the old visa (with re-treads to make them "modern" see Retirement visa, Social Visa and business visas (flavors actor/musician/investor/etc) and Second Home visa). Now we have the Golden visa which apparently immediately makes your world-wide earnings eligible for Indo taxes, wonder if friendGPT was aware of that? I'm already looking forward to the Golden 3rd Home visa coming to an immigration office near us.

If you hold any type of temporary or permanent stay permit (ITAS or ITAP) for retirement, investor, spouse, 2nd Home or otherwise, it makes you a resident for taxation by default. Therefore, there are tax implications on your worldwide income, subject to the tax treaty between Indonesia and your home country. Not always followed up by the Indonesian tax department, but happening more frequently of late.

Balifrog

"[I]wealthy pensioners with a stable pension of at least US$40,000 per year" Separating the weath from the chaff... That's 37.500 Euro, i.e. 3.100 / month. Not many Europeans get that. Double what the Indo retirement visa requires.[/I]

Markit

<QUOTE author="AuroraB"><s>[quote=AuroraB]</s> Yepp. Here is another Canggu influencer helping the kind Balinese making a good living while draining his own cash balance. Lessons to be learned for sure. https://www.youtube.com/watch?v=AHz6fqSh_AQ <e>[/quote]</e></QUOTE> I stand in total wonder at the audacity of this guy thinking he knows enough to advise other people how to do it - I was actually shouting at the monitor. I wonder if he sees the irony in calling his disaster "Lost Villa"?

Markit

AuroraB

If you hold any type of temporary or permanent stay permit (ITAS or ITAP) for retirement, investor, spouse, 2nd Home or otherwise, it makes you a resident for taxation by default. Therefore, there are tax implications on your worldwide income, subject to the tax treaty between Indonesia and your home country. Not always followed up by the Indonesian tax department, but happening more frequently of late.

The new Thailand visa from 2022 seems to be more of a "golden" visa with residence status, overseas tax exemption and lower financial limits. I suspect the gov. in Indonesia will meet hard resistance by the nationalists if they try to give away tax exemptions to foreigners. And I doubt anyone in the gov. dare to "give" away concessions to foreigner before elections next year after years of trying to have their own tycoons pay taxes on their overseas wealth. "Thailand announced a variety of incentives in 2022 aimed at attracting foreign retirees, investors, and professionals. Qualified applicants can receive a 10-year long-term resident visa to live in Thailand, including for their spouses and children. Qualified applicants will also be issued an automatic work permit. This is a new type of visa that did not previously exist in Thailand. Further, qualified applicants can enjoy the same income tax rates as Thai citizens, as well as tax exemptions for income earned abroad. Qualified applicants also enjoy relaxed restrictions on foreign ownership and rent of land and property. The incentives were open to wealthy global citizens with at least US$80,000 in income and at least US$1 million in assets, wealthy pensioners with a stable pension of at least US$40,000 per year and aged 50 or older, and highly skilled professionals who earn at least US$80,000 over two years or US$40,000 per year in targeted industries such as infrastructure or digital systems. Since its inception in September 2022 to June 2023, the program has seen 4,200 applications with the government targeting 1 million foreign residents over the next five years." https://www.aseanbriefing.com/news/indonesia-introduces-golden-visa-to-attract-foreign-investors/

Markit

I suspect the gov haven't really sat down and thought about the whole visa (second home or golden) scheme. Most people that would be eligible or interested in either aren't looking primarily for sand, sun and sex but a cheap and relatively secure place to run out the clock. They're all running around with their hair on fire looking for massive infusions of investment cash and geniuses to start new and innovative projects in Indo and hoping to tie these people to the country with nifty villas and nasi goreng. Someone wanting to start a new, innovative business does not, I'm afraid, think of asking the numpties here for some assistance in providing infrastructure of any kind. They usually go to where there are other like minded brainiacs and the existing infrastructure to support their ideas and business plans. Now the idiots that do flock here are your tatooed, 25 to 30ish "influencer" out of his or her mind with a couple of thousand followers that think they are wonderful and basically nothing in their heads but how to get more idiots to "influence". They all seem to have a fantastically productive business plan with about $3.50 to spend on it and it will all happen online and everyone will get rich yesterday. We've already had a few of these Digital Gonads come and go here in Candi and it was like watching a train wreck in slow motion. One mate came with a fantastic idea and would not listen to anyone that tried to explain to him that the customers for his scheme just did not come to this part of the island. He'd been to business school you see and already knew everything. I've never seen anything more painful than him trying to run a team-building event with his Balinese staff - they had absolutely no idea what he was trying to do but gamely went along to make him happy, bless! He'd done all the visas, documentation and permissions anyone could think of but then had to close just before the tourist season finally kicked off here in July. I will continue to watch the visa schemes with trepidation as I do suspect they will feck it up for everyone before they're done and we'll all have to leave so be prepared.

Markit

AuroraB

<QUOTE author="Markit"><s>[quote=Markit]</s> I suspect the gov haven't really sat down and thought about the whole visa (second home or golden) scheme. Most people that would be eligible or interested in either aren't looking primarily for sand, sun and sex but a cheap and relatively secure place to run out the clock. They're all running around with their hair on fire looking for massive infusions of investment cash and geniuses to start new and innovative projects in Indo and hoping to tie these people to the country with nifty villas and nasi goreng. Someone wanting to start a new, innovative business does not, I'm afraid, think of asking the numpties here for some assistance in providing infrastructure of any kind. They usually go to where there are other like minded brainiacs and the existing infrastructure to support their ideas and business plans. Now the idiots that do flock here are your tatooed, 25 to 30ish "influencer" out of his or her mind with a couple of thousand followers that think they are wonderful and basically nothing in their heads but how to get more idiots to "influence". They all seem to have a fantastically productive business plan with about $3.50 to spend on it and it will all happen online and everyone will get rich yesterday. We've already had a few of these Digital Gonads come and go here in Candi and it was like watching a train wreck in slow motion. One mate came with a fantastic idea and would not listen to anyone that tried to explain to him that the customers for his scheme just did not come to this part of the island. He'd been to business school you see and already knew everything. I've never seen anything more painful than him trying to run a team-building event with his Balinese staff - they had absolutely no idea what he was trying to do but gamely went along to make him happy, bless! He'd done all the visas, documentation and permissions anyone could think of but then had to close just before the tourist season finally kicked off here in July. I will continue to watch the visa schemes with trepidation as I do suspect they will feck it up for everyone before they're done and we'll all have to leave so be prepared. <e>[/quote]</e></QUOTE> Yepp. Here is another Canggu influencer helping the kind Balinese making a good living while draining his own cash balance. Lessons to be learned for sure. https://www.youtube.com/watch?v=AHz6fqSh_AQ