Indonesia has decided to offer residency to investors who would make investments in its new capital project, Nusantara, VisaGuide reported.

The Southeast Asian country would facilitate the golden visa requirements for those investing in Indonesia’s plan to relocate its capital from Jakarta to Nusantara in East Kalimantan, Silmy Karim, the director general of immigration at the law and human rights ministry, said.

The development is expected to take place in 2045.

He was hopeful that the influx of internationals would spur economic growth in Nusantara and the surrounding area.

In order to promote investment, the government has decided to exempt foreign companies looking forward to opening branches or subsidiaries in the capital from turnover (sales value) requirements at their parent companies.

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Wealthy foreign investors can apply for a visa with the E28F index online. Apart from passport and photo, they also have to show a statement of commitment to establish a company in the new capital project with an investment value of $5 million or more for a five-year residency or $10 million or more for a 10-year residency.

Indonesia’s Golden Visa programme allows internationals to stay in this country legally for a period of 10 years as part of efforts to attract a larger number of foreign investments.

In order to qualify for the visa, intending people have to invest at least $50 million in Indonesia while individuals need to invest at least $350,000 in government bonds.