In order to enter the race to attract wealthy global citizens for long-term stays, Indonesia has launched a "second home visa" program that will allow foreigners to stay and work in the country for five to 10 years.
According to reports, a new “second home visa” is eligible for those possessing at least 2 billion rupiah ($130,000) in their bank accounts.
The timing of the launch coincides with the sharp rebound in foreign tourist arrivals to Indonesia as airlines like Garuda Indonesia resume international flights, and the upcoming G-20 Summit in Bali in November, which is expected to put the international spotlight on the island on top of bringing in tens of thousands of delegates.
Indonesia adds to a list of countries from Costa Rica to Mexico offering long-term stays to lure professionals, retirees and other affluent people.