Indonesia Sets Minimum Bank Balance for Foreigners Seeking 5-Year Second Home Visa

• Indonesia announced the financial requirements foreigners must meet to qualify for its second home visa programme
• The five-year visa targets wealthy individuals seeking long-term residency in the Southeast Asian nation
• Applicants must demonstrate a minimum account balance to be considered eligible for the scheme

Indonesia has introduced a minimum bank balance requirement for foreigners applying for its five-year second home visa, setting a clear financial threshold for those seeking extended residency in the country.

According to reports, the Indonesian government revealed that applicants must hold a minimum balance of 2 billion Indonesian rupiah, equivalent to approximately GH₵1,292,416.40, in a bank account as part of their eligibility criteria.

The funds must be deposited in an Indonesian bank, reinforcing the government's aim to attract financially stable foreign residents who will contribute to the local economy.

Who qualifies for Indonesia's second home visa?

The second home visa is designed for affluent foreigners who wish to live in Indonesia on a long-term basis without committing to permanent residency or citizenship.

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Beyond the minimum balance requirement, applicants are also expected to either own property in Indonesia or place a substantial deposit towards acquiring one.

The visa is valid for five years and can be renewed, making it an attractive option for retirees, remote workers, and high-net-worth individuals who wish to base themselves in the archipelago nation.

Family members of the principal applicant may also be included under the same visa arrangement.

Indonesia's push to attract wealthy foreigners

The move is part of a broader strategy by Indonesia to draw in foreign capital and boost its tourism and property sectors.

The country has increasingly positioned itself as a destination for long-term foreign visitors, particularly on the island of Bali, which remains one of the most visited destinations in Southeast Asia.

The Indonesian government noted that the second home visa is not a work permit and does not authorise holders to engage in formal employment within Indonesia.

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However, holders are permitted to invest in the country, which aligns with the government's economic development goals.

The announcement has drawn considerable attention from expatriate communities and international investors monitoring residency options across Southeast Asia.

Indonesia sets salary requirement for residence

In a related development, YEN.com.gh reported earlier that Indonesia announced a minimum monthly salary requirement that foreigners, including Ghanaians, must meet to qualify for lifetime residence.

The Indonesian government introduced the Second Home Visa scheme, which comes with a set of strict financial conditions for applicants.

Foreigners who meet the salary threshold can apply for a renewable five or ten-year stay in the Southeast Asian country.

Source: YEN.com.gh