A new visa will let tourists with $130,000 live in Bali for 10 years

Indonesia has entered the competition to attract wealthy global citizens for long-term stays, trying to reinforce Southeast Asia’s biggest economy with a focus on its trump card: Bali.

The nation is advertising “second home” visas for five years and 10 years to those with no less than 2 billion rupiah ($130,000) in their bank accounts, as per a new regulation issued on Tuesday. The policy produces results on Christmas, or 60 days after the issuance of the new rule.

“This is a non-fiscal incentive for certain foreigners to make a positive contribution to the Indonesian economy,” said Acting Director General for Immigration Widodo Ekatjahjana during a launch ceremony in the resort island.

Indonesia adds to a list of nations from Costa Rica to Mexico offering long-term stays to lure professionals, retirees and other affluent individuals. All are trying to take advantage of a developing demand for relocation options as legions of educated workers, known as digital nomads, hope to use their newly discovered opportunity after the pandemic to continue to doing their job remotely.

Indonesia drifted plans for a digital nomad visa in 2021, focused on attracting guests to Bali, the country’s top destination for international holidaymakers and a significant source of foreign-currency earnings.

The timing of the launch coincides with the sharp bounce back in tourist appearances to Indonesia as airlines like Garuda Indonesia continue international flights. The forthcoming G-20 Summit in Bali in November is expected to put the international focus on the island on top of acquiring a huge number of representatives.