Indonesia’s foreign retirees fear being driven out as new visa scheme targets ‘filthy rich’

[webfact]

An older Westerner walks along a beach in Bali. Indonesia hopes its new second-home visa programme will entice billionaires and millionaires, but the retirees already living there feel like they’ve been left in the lurch. Photo: EPA-EFE

 

by Resty Woro Yuniar

 

Foreigners will be required to have at least US$128,000 worth of cash in Indonesia or proof they own luxury property under the new second-home visa

It will replace existing retirement visas, leaving long-term foreign retirees who cannot meet the requirements feeling anxious about their futures

 

Indonesia’s bid to increase international investments with a so-called second-home visa for the wealthy may drive out foreign retirees who have long considered the country their only home.

Under the second-home visa, foreigners can stay in Indonesia for five to 10 years, as long as they have at least 2 billion rupiah (US$128,000) of deposits in their personal accounts at one of Indonesia’s state-owned banks, or proof they own luxury property.

The government hopes the programme will entice billionaires and millionaires, foreign investors, Indonesians abroad, highly skilled workers and wealthy elderly foreign tourists to the country.

 

Full story: https://www.scmp.com/week-asia/people/article/3203552/indonesias-foreign-retirees-fear-being-driven-out-new-visa-scheme-targets-filthy-rich

 

-- © Copyright South China Morning Post 2022-12-20

 

- Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here.

 

Monthly car subscription with first-class insurance, 24x7 assistance and more in one price - click here to find out more!

[Gottfrid]

No probs! Just move to Thailand. The amount they ask for here is a joke.

[ikke1959]

Every country seems to want the millionaires and billionaires.... But there are more non millionaires and billionaires and they will and can spend their money in the country too which isgood for the economy. Drivethe "normail" people out and see what will happen... Don't forget that retirees most of the time have children and grandchildren who visit them and that are tourists too. Governments forget that, so less retirees are less tourists too and I don't think that the few super rich can compensate that. Think before you ruin more

[kotsak]

Opportunity for Thailand to lure them in..

 

[PremiumLane]

I am sure they can also lure them in with the knowledge that a bit of nookie with someone you are not married to can also land you in jail

[Jingthing]

They don’t have grandfathers in Inosinsia?

[steven100]

7 minutes ago, Jingthing said:

They don’t have grandfathers in Inosinsia?

where is Inosinsia  ?

[Jingthing]

14 minutes ago, steven100 said:

where is Inosinsia  ?

In my imagination 

[ukrules]

4 hours ago, webfact said:

It will replace existing retirement visas, leaving long-term foreign retirees who cannot meet the requirements feeling anxious about their futures

This merely demonstrates that 'they've done it before, maybe they do it again' at some point in the future.

 

It's the most short sighted legislation change I've heard of since the sex ban was announced a few weeks back.

 

Why would anyone with say just $250k sign up for this scheme when they might double or triple it at any moment and kick everyone out.

 

Unless they permanently 'grandfather in' all existing retirees then I suspect Indonesia will become a no go place for retirees due to irrational rule changes. Nobody who's doing their due dilligence can fail to notice this.

 

To sum it up - once the mass exodus begins they will either revert this change or suffer the consequences.

[scubascuba3]

Best advice is leave Bali if retired, move to a friendlier country

[Jingthing]

6 minutes ago, scubascuba3 said:

Best advice is leave Bali if retired, move to a friendlier country

Yeah bloody Indianesian givers.

[scubascuba3]

This is why it's best to not invest too much in a country, if they decide to shaft you like Bali is doing then you are screwedl

[wombat]

knocking off the low level infidel fruit.

[biggles45]

Many of these retirees will be supporting Indonesian families. Somehow I don't imagine the government is going to take on that responsibility! The retirees have other options, the families don't 

[spidermike007]

More delusion from the governmental goon squad. Seems to be a regional thing. People with money like freedom. They don't like a "near Sharia" legal system. By bowing down to the fanatics, they have made themselves infinitely less appealing as both a tourist destination, and a place to retire. No thanks. Keep your own nonsense. We don't need it. 

[meauwnam]

I guess that if the next earthquake, tsunami or volcanic eruption hits the country, they only want to receive money from people with more than $128,000 in assets in Indonesia.

[Megasin1]

Myself and a friend have decided to become non-digital nomadic snowballers. We aim to rent a villa every Winter in a different destination so we aren't tied to any one country and we aren't committed to a property. Looking forward to it. We are starting next winter gently with 6 months in Gibralter. I'd write a blog about our adventures (there will be many) but I will have better things to do and that sounds a bit digital anyway. Countries can do what the hell stupid things they want to do we just won't bother going there. ????

[swm59nj]

Well the ones phased out can find a home in Thailand. 

[scubascuba3]

28 minutes ago, swm59nj said:

Well the ones phased out can find a home in Thailand. 

Yes but selling any property owned in Bali might be difficult, retirees won't want to buy

[newnative]

Welcome to Thailand.

[loong]

There are plenty of people that do not have this amount of cash that they can transfer to an Indonesian bank but have a sizeable pension or other income. Why exclude those people?

Also people who can deposit $128,000 are not necessarily going to spend any more than those who can only afford $50,000.

[bangon04]

1 hour ago, scubascuba3 said:

Yes but selling any property owned in Bali might be difficult, retirees won't want to buy

don't worry - the Chinese will buy up anything left over.....

[soi3eddie]

5 hours ago, ukrules said:

This merely demonstrates that 'they've done it before, maybe they do it again' at some point in the future.

 

It's the most short sighted legislation change I've heard of since the sex ban was announced a few weeks back.

 

Why would anyone with say just $250k sign up for this scheme when they might double or triple it at any moment and kick everyone out.

 

Unless they permanently 'grandfather in' all existing retirees then I suspect Indonesia will become a no go place for retirees due to irrational rule changes. Nobody who's doing their due dilligence can fail to notice this.

 

To sum it up - once the mass exodus begins they will either revert this change or suffer the consequences.

 

My thoughts exactly. Lets hope that Thailand learns from this spectacular failure by Indonesia and doesn't get the same idea of increasing the retirement requirements. 

 

[Caldera]

This serves as a reminder for those on yearly retirement extensions in Thailand that they cannot be taken for granted beyond the permitted to stay until date.

 

Things can change, often on a whim. Malaysia did something very similar to their 2nd home program.

[BritScot]

13 hours ago, Gottfrid said:

No probs! Just move to Thailand. The amount they ask for here is a joke.

Really? Leaving £20,000 in a Thai bank for the so called privilege of living in a third world country. I don't call that a Joke...

[saakura]

Retiree economic refugees can study the option of moving to places like Srilanka or Pakistan. Both countries are now struggling with debts and exchange rate of local currency very favourable. Downside is no alcohol in Pakistan and poor girls in both countries are not easy..

[bronzedude]

Pattaya/Jomtien realtors will soon be advertising in Bali. Plenty of surplus condos and small apartments for rent and a 20 minutes or less walk to immigration. They can even bring their Indonesian GFs and nobody would blink an eye.

[Gottfrid]

1 hour ago, BritScot said:

Really? Leaving £20,000 in a Thai bank for the so called privilege of living in a third world country. I don't call that a Joke...

Then I guess it´s too expensive, and Thailand is not for you. No problem, just go ahead and leave it to the ones who can accept it.

[mikebike]

7 hours ago, spidermike007 said:

People with money like freedom. They don't like a "near Sharia" legal system.

Ultra rich Westerners sure like Qatar and Saudi tho, eh? 

[mikebike]

7 hours ago, Megasin1 said:

Myself and a friend have decided to become non-digital nomadic snowballers. We aim to rent a villa every Winter in a different destination so we aren't tied to any one country and we aren't committed to a property. Looking forward to it. We are starting next winter gently with 6 months in Gibralter. I'd write a blog about our adventures (there will be many) but I will have better things to do and that sounds a bit digital anyway. Countries can do what the hell stupid things they want to do we just won't bother going there. ????

All of which has zero to do with expats living 24/7/12 in a country. You are a snowbird, not an expat. 

Edited December 20, 2022 by mikebike