The launch of this visa generated significant anticipation among foreigners, who were hopeful of securing the opportunity to live in Indonesia with the full benefits of a residential permit. However, the document unveiled in October 2022 fell short of the expectations held by the majority. The Second Home Visa primarily caters to affluent individuals and investors, a fact clearly reflected in its notably high entry requirements.
In recent years, Indonesia has been proactively implementing policies aimed at drawing foreign investment into the country. As a result, the eagerly anticipated Second Home Visa is designed for individuals who are prepared to make economic contributions to the nation.
In the following sections, we will delve into the eligibility criteria for the Second HomeVisa, its associated benefits, the entry prerequisites, and the application procedure.
Eligibility for the Second Home Visa
Foreign nationals aged 19 or older who satisfy all the prerequisites are eligible to apply for this visa.
Requirements for securing the Second Home Visa
- A valid passport with a minimum of 36 months’ validity.
- Verification of funds held in an Indonesian bank account belonging to the foreign applicant, with a minimum balance of 2 billion Indonesian Rupiah (approximately $130,000), or evidence of ownership of upscale real estate in Indonesia valued at a minimum of 5 billion Indonesian Rupiah (approximately $326,000).
- Please Note: In addition to the financial criteria, it's imperative to substantiate ownership rights to the property. Leasehold agreements, a prevalent form of property ownership in Bali that has a limited duration, are not deemed suitable for the Second Home Visa. The property must be under the applicant's ownership with the right to use (Hak Pakai).
Key highlights:
- The Second Home Visa is valid for a period of 5 years and can be extended for a maximum of 10 years.
- The Temporary Stay Permit (ITAS) can be converted into a Permanent Stay Permit (ITAP).
- Family members of the foreigner holding a Second Home Visa, including spouses, children, or parents, are eligible to apply for this visa. The same documentation requirements apply to family members.
- It offers the same privileges as KITAS: the right to enter and exit Indonesia multiple times, open accounts in any Indonesian bank, obtain credit and credit cards, obtain a local driver’s license, purchase cars, scooters, lease land, and obtain an Indonesian identity card with a validity of up to 5 years.
- While this visa does not confer the right to work in Indonesia, it does permit engagement in business activities and investments.
Can you use the "Immigration Guarantee" after obtaining the Second Home Visa?
The applicant is prohibited from withdrawing funds from the account designated as the “immigration guarantee” or transferring them to other accounts. The immigration office retains the right to request proof of the requisite balance at any given time. Failure to maintain the required funds in the account may result in the revocation of the Second Home Visa. Therefore, foreigners should be cognizant of these potential risks when deciding to utilize these funds.
Despite the relatively concise list of required document , obtaining the Second Home Visa is a complex undertaking. The application process may introduce various additional inquiries and bureaucratic procedures. As such, based on practical experience, we strongly recommend pursuing the visa application with a guarantor in Indonesia (a sponsor).
The Second Home Visa undoubtedly ushers in enticing new prospects for foreign investors, businessmen, and those with aspirations of long-term residency on this extraordinary island. It also assumes a strategically pivotal role in Indonesia’s development by attracting foreign capital and fostering an environment conducive to sustainable economic growth. This pioneering initiative by the government underscores its dedication to collaboration, transparency, and hospitality. The Second Home Visa presents a singular opportunity to revel in the splendor and abundance of this remarkable locale, rendering it attainable for many who harbor dreams of a second home in Bali.
