Golden Visa Indonesia 2026: E28B, E28C & E28D Explained 

The Golden Visa Indonesia is one of Southeast Asia’s most compelling Indonesia Golden Visa and long-term residency programs for foreign investors and global professionals. Introduced through Ministerial Regulation No. 22 of 2023 and strengthened by Amendment No. 11 of 2024, the program grants renewable 5 or 10-year residency permits as an Indonesia long-term residency investor pathway – with no annual renewal burden and no mandatory minimum stay requirement.

As of May 2026, Indonesia’s Directorate General of Immigration confirmed 1,274 Golden Visas issued, generating over IDR 52.1 trillion (approximately USD 2.95 billion) in investment inflows. The program is working – and for foreign investors who want to build something real in Indonesia, the E28B route is the one that matters most.

Business Hub Asia (BHA) specialises in exactly this pathway: helping foreign entrepreneurs and investors establish PT PMA companies in Indonesia and secure their Golden Visa as part of a single, integrated market entry process. This guide explains why E28B is the most strategically important category – and how BHA makes it achievable.

The Three Golden Visa Categories: E28B, E28C, and E28D

The Golden Visa program covers three primary investor categories under the VITAS/ITAS classification framework. Each reflects a fundamentally different investor profile – and each has different implications for how you operate in Indonesia.

特徴	E28B – Company Setup	E28C – Passive Invest	E28D – Corporate Exec
Investor Type	Entrepreneur / Founder	Passive capital deployer	Senior executive
5-Year Min.	USD 2.5M company invest.	USD 350,000	USD 25M corp. invest.
10-Year Min.	USD 5M company invest.	USD 700K or USD 1M prop.	USD 50M
PT PMA Required	Yes – core requirement	いいえ	Branch/subsidiary
Work in Business	Yes – active management	Manage own assets only	Director/Commissioner
Path to ITAP	Yes (3 years residency)	Yes (3 years residency)	Yes (3 years residency)
Family Inclusion	はい	はい	はい
BHA Service Fit	Full market entry package	Investment guidance	Corporate structuring

For most foreign investors who intend to build, operate, or grow a business in Indonesia, E28B is the natural and strategically correct choice. It requires the most structured market entry process – and that is precisely where BHA’s expertise is most valuable.

E28B: The Golden Visa for Investors Who Mean Business

The E28B category is the Golden Visa pathway for individual investors who establish a PT PMA – a foreign-owned limited liability company – in Indonesia. Unlike the passive investment route (E28C), E28B grants the holder the right to actively operate, manage, and scale their Indonesian business. This is not a passive residency play. It is a genuine market entry credential.

For entrepreneurs, founders, and investors who want to be hands-on in one of Southeast Asia’s most dynamic economies, E28B delivers both the legal standing to operate and the long-term residency certainty to commit. BHA treats the E28B Golden Visa not as a standalone immigration product, but as the residency outcome of a complete market entry strategy.

E28B Investment Thresholds

• 5-year permit – Minimum company investment of USD 2.5 million, with proof of a foreign parent company recording annual overseas sales above USD 2.5 million
• 10-year permit – Company investment of at least USD 5 million in the Indonesian PT PMA

These Golden Visa Indonesia requirements 2026 refer to the registered and deployed capital within the PT PMA – not personal net worth. The investment must be verifiable through Indonesian financial institution records and consistent with the company’s stated business activity under its KBLI classification.

★ E28B Focus The USD 2.5 million threshold for the 5-year E28B permit sounds substantial – but in the context of a fully operational Indonesian business, it is a credible and achievable figure for investors who are serious about market entry. BHA helps clients structure their PT PMA capital in a way that meets the investment threshold, aligns with their business activity, and satisfies BKPM compliance requirements from day one.

Why E28B is the Most Strategically Important Category

The E28B route is uniquely powerful because it bundles market entry with long-term residency into a single structured process. An investor who completes the E28B pathway has simultaneously:

• Established a legally compliant PT PMA – the most flexible and credible foreign-owned entity structure in Indonesia
• Secured BKPM registration and business licensing through OSS-RBA
• Deployed documented, verifiable capital that meets Indonesian investment reporting requirements
• Obtained a 5 or 10-year residency permit with multiple-entry access and priority immigration lanes
• Created the foundation for ITAP (Permanent Stay Permit) eligibility after 3 years of residency
• Positioned the company to hire expatriate staff under legitimate KITAS/ITAS frameworks

No other Golden Visa category provides this combination. E28C gives residency without operational presence. E28D is available only to executives of large multinationals. E28B is the pathway for investors who want to build – and BHA is built to support exactly that.

🏢 Business Hub Asia (BHA) BHA’s core service is PT PMA establishment for foreign investors. When a client comes to BHA for a PT PMA, the E28B Golden Visa is a natural extension of that engagement – not a separate process. We handle both simultaneously: company incorporation, BKPM compliance, capital deployment documentation, and Molina Golden Visa application. This is the most efficient and legally sound way to execute an E28B market entry.

関連記事:

• Unlimited KITAP in Indonesia: Who Qualifies and How to Get It
• Indonesia Business Visa 2026: A Complete Guide for Foreign Companies and Professionals
• KITAS vs. KITAP in Indonesia: Key Differences and How to Upgrade

The PT PMA – The Engine Behind E28B

The PT PMA (Perseroan Terbatas Penanaman Modal Asing) is Indonesia’s primary foreign-owned corporate vehicle. Under the E28B framework, it is not optional – it is the qualifying structure. The quality of the PT PMA setup directly determines whether the Golden Visa application succeeds.

A poorly structured PT PMA – with incorrect KBLI codes, underdocumented capital, or misaligned business activity – can delay or derail the E28B application entirely. Conversely, a well-structured PT PMA built with the Golden Visa application in mind creates a seamless pathway from incorporation to permit issuance.

What BHA Builds Into Every PT PMA for E28B Applicants

• KBLI classification aligned with both the investor’s business activity and E28B compliance requirements
• Capital structure and investment deployment documentation meeting the USD 2.5M or USD 5M threshold
• BKPM registration and OSS-RBA licensing sequenced correctly for Golden Visa eligibility
• Director and shareholder structure documented for immigration cross-reference
• Ongoing compliance calendar to maintain PT PMA standing throughout the permit period

💡 BHA Pro Tip The single most common reason E28B applications stall is a mismatch between the PT PMA’s registered capital and the investment evidence required by immigration. BHA structures the PT PMA with the Golden Visa application in mind from the outset – not as an afterthought. This prevents the most expensive delays.

関連記事: Ensuring Compliance: How to Transition Your Business to KBLI 2025

E28B Step-by-Step: From Incorporation to Permit Issuance

1. Investor eligibility assessment – BHA confirms the investor profile, capital position, and parent company credentials against E28B requirements
2. PT PMA incorporation – Articles of association, deed of establishment, Kemenkumham approval, and NIB issuance via OSS-RBA
3. Capital deployment and documentation – Investment funds placed and recorded through Indonesian financial institutions; investment realization report filed with BKPM
4. BKPM and OSS compliance – Business licence issuance, KBLI confirmation, and regulatory cross-check for Golden Visa eligibility
5. Molina application submission – e-VITAS application via Indonesia’s official immigration portal with full supporting documentation
6. Processing and approval – Standard processing: 5 to 15 working days for straightforward applications
7. Arrival and ITAS issuance – Investor arrives in Indonesia with approved e-VITAS; ITAS stamp and automatic Re-Entry Permit issued on arrival
8. Ongoing management – BHA maintains the PT PMA compliance calendar and monitors permit renewal timelines

🏢 Business Hub Asia (BHA) BHA manages Steps 1 through 8 as a single integrated engagement. Clients do not need to coordinate between a corporate lawyer, an immigration agent, and a compliance firm. BHA is the single point of contact – which is the only way to ensure the PT PMA structure and the Golden Visa application remain aligned throughout the process.

E28C and E28D: The Other Pathways Explained

While E28B is BHA’s primary focus, a complete understanding of the Golden Visa framework requires familiarity with E28C and E28D. Many investors evaluate all three before committing to a pathway – and BHA advises across all of them.

E28C: The Passive Investment Route

The E28C category is the most accessible Golden Visa pathway for investors who do not want to establish a local company. Capital is placed in Indonesian government bonds, IDX-listed shares, mutual funds, or qualifying residential property – no PT PMA, no business operations, no local employment obligations.

• 5-year permit – Minimum USD 350,000 in qualifying financial instruments
• 10-year permit – Minimum USD 700,000 in instruments, or USD 1,000,000 in a qualifying residential apartment

The E28C property route has drawn significant interest from investors already planning to acquire high-value real estate in Bali, Jakarta, or Surabaya – effectively combining a lifestyle asset with a long-term residency benefit. Only residential apartments qualify; landed housing (Hak Milik titles) remains restricted to Indonesian citizens.

💡 BHA Pro Tip Investors considering the E28C property route should verify the eligibility of their chosen development before signing any purchase agreement. Not all residential projects are structured to support the Golden Visa property pathway. BHA conducts due diligence on property eligibility as part of E28C advisory engagements.

E28D: The Corporate Executive Route

The E28D category is designed for directors or commissioners of a branch or subsidiary established in Indonesia. The investment thresholds are the highest of the three categories – USD 25 million for a 5-year permit and USD 50 million for 10 years – reflecting the scale of multinational operations that typically qualify.

• 5-year permit – Corporate investment of at least USD 25 million, with overseas revenue exceeding USD 100 million backed by audited financials
• 10-year permit – Investment threshold of USD 50 million

E28D applicants are typically senior executives of large multinationals establishing a meaningful operational presence in Indonesia. BHA supports the corporate structuring and BKPM compliance components of E28D engagements in collaboration with the applicant’s legal counsel. 

Upgrading and Renewing the Golden Visa Indonesia

The Golden Visa Indonesia is designed with flexibility. Holders can upgrade their permit tier or renew it upon expiry, provided the qualifying investment remains in place.

An E28B holder with a 5-year permit who subsequently expands their PT PMA capital to meet the 10-year threshold of USD 5 million may apply to upgrade to a 10-year permit. This means investors can enter at the lower threshold and scale their commitment over time as their confidence and operations in Indonesia grow. 

Key Renewal and Upgrade Points

• Renewal is available as long as the investment threshold is maintained at the time of application
• PT PMA must remain in good standing – annual compliance filings, active BKPM reporting, and current business licences
• Additional investments can be made at any point during the permit period
• After 3 continuous years of actual residency, E28B holders become eligible to apply for ITAP (Izin Tinggal Tetap) – Indonesia’s long-term permanent stay permit

💡 BHA Pro Tip E28B holders planning to eventually apply for ITAP should track their days of physical presence in Indonesia from the moment the ITAS is issued. BHA advises clients on residency calendaring as part of ongoing permit management – the 3-year count matters more than most investors initially realise.

🏢 Business Hub Asia (BHA) BHA maintains an active compliance and renewal calendar for all PT PMA and Golden Visa clients. Permit expiry, annual PT PMA reporting obligations, BKPM investment realisation deadlines, and ITAP eligibility windows are all tracked and flagged well in advance. No BHA client should ever be caught out by a renewal deadline.

What the Golden Visa Grants – and What It Does Not

Understanding the full scope of Golden Visa Indonesia rights helps investors plan realistically and avoid misconceptions. 

What the Golden Visa Grants

• Renewable 5 or 10-year Limited Stay Permit (ITAS)
• Multiple-entry authorisation – no separate re-entry permit required for travel
• Fast-track priority lanes at major immigration checkpoints including Soekarno-Hatta and Ngurah Rai
• The right to open local bank accounts, hold a local driver’s licence, and access Indonesian healthcare
• For E28B holders: the right to actively operate and manage the PT PMA
• Eligibility to apply for Permanent Stay Permit (ITAP) after 3 years of residency
• Family inclusion: spouse and dependent children under 18 eligible for dependent visas at the same duration

 What the Golden Visa Does NOT Grant

• Indonesian citizenship (Indonesia does not offer citizenship by investment)
• The right to take salaried employment from an Indonesian employer
• Automatic freehold property ownership (Hak Milik remains restricted to Indonesian citizens)
• Permanent residency status upon initial issuance (ITAP requires a separate application after 3 years)

Tax Residency Implications for E28B Golden Visa Holders

This is one of the most frequently misunderstood aspects of the program – and for E28B holders running an active PT PMA, it carries direct commercial consequences.

Holding a Golden Visa Indonesia does not automatically make a person an Indonesian tax resident. The Golden Visa Indonesia tax framework is governed by standard Indonesian tax law. However, under Indonesian tax law, a foreign national who spends 183 days or more within any 12-month period inside Indonesia becomes classified as a tax resident – at which point their worldwide income becomes potentially subject to Indonesian taxation at a progressive personal income tax rate of 5% to 35%.

For E28B holders who are actively managing their PT PMA, the 183-day threshold can be reached faster than anticipated. Minister of Finance Regulation (PMK) No. 82 of 2023 governs the fiscal framework supporting Golden Visa administration. Investors are strongly advised to consult a cross-border tax advisor as part of the PT PMA planning process.

💡 BHA Pro Tip There is no minimum physical presence requirement to maintain the Golden Visa. E28B holders can delegate day-to-day PT PMA management to locally appointed directors while spending significant time outside Indonesia – provided the PT PMA remains operationally active and compliant. BHA can advise on director appointment and management delegation structures.

Family Inclusion Under the Golden Visa

One of the Golden Visa Indonesia’s most attractive features for any Golden Visa Indonesia family dependent situation – and one that matters greatly to E28B investors relocating families – is the ability to include immediate family members. A spouse and dependent children under 18 are eligible for dependent visas issued alongside the principal applicant’s permit, at the same 5 or 10-year duration.

No additional qualifying investment is required for dependents. The inclusion process runs concurrently with the main application, which significantly simplifies planning for families relocating to Jakarta, Bali, Surabaya, or any of Indonesia’s major cities with established international school and healthcare infrastructure. 

Family Inclusion Key Points

• Dependent visas issued under the same 5 or 10-year duration as the principal permit
• Separate government processing fees apply per dependent
• Dependents gain full access to Indonesian public services and infrastructure
• Family members do not individually need to meet the investment threshold

Golden Visa vs Investor KITAS: Which Is Right for Your PT PMA?

For investors establishing a PT PMA in Indonesia, the Indonesia Golden Visa vs investor KITAS decision is one of the most consequential early choices. Both pathways offer legal residency tied to a PT PMA, but they serve distinct needs and different capital positions.

特徴	Golden Visa (E28B)	投資家KITAS
Permit Duration	5 or 10 years	1 year (renewable)
Investment Minimum	USD 2.5M (5yr) / USD 5M (10yr)	Lower via PT PMA
PT PMA Required	はい	はい
Active Business Role	はい	はい
Family Inclusion	はい	Yes, separately
Priority Immigration	はい	いいえ
Path to ITAP	After 3 years residency	After multiple cycles
Annual Renewal Burden	None (5/10yr validity)	Annual renewal required

For investors deploying capital above the USD 2.5 million E28B threshold and seeking long-term certainty with no annual renewal burden, the Golden Visa is the stronger and more strategic choice. For investors building smaller initial operations who want to establish a PT PMA presence first and scale over time, the Investor KITAS remains a practical and accessible starting point – with the option to transition to a Golden Visa as capital deployed increases.

🏢 Business Hub Asia (BHA) BHA advises clients across both pathways and structures the right residency solution around each investor’s capital position, operational model, and long-term Indonesia strategy. The most common advice we give: if the E28B threshold is within reach, start there. The operational freedom and residency certainty it provides are worth the higher upfront commitment.

Learn More : Investor KITAS: Your Easiest Path to Live and Own a Business in Indonesia

Global Citizen of Indonesia (GCI): A 2026 Addition

In early 2026, the Indonesian government launched the Global Citizen of Indonesia (GCI) initiative as a complementary program to the Golden Visa. Separately, the government has also confirmed that the Golden Visa Nusantara IKN pathway – supporting investment in the new capital city – remains under active development as part of Indonesia’s broader investor attraction strategy. The GCI targets former Indonesian citizens and their descendants who have changed nationality but wish to maintain strong ties with Indonesia.

Unlike the Golden Visa Indonesia, the GCI carries a lighter income threshold of around USD 1,500 per month or USD 15,000 annually, and grants a lifetime residency permit with a self-reporting obligation every five years. It is a distinct proposition from the Golden Visa’s renewable, investment-linked structure – and not a substitute for investors seeking active market participation rights.

関連記事: インドネシアのグローバル市民権（GCI）：インドネシア系移民と世界居住者のための変革の道

The E28B Application Process: BHA’s End-to-End Approach

The Golden Visa Indonesia application is handled through Indonesia’s official online immigration portal (Molina). For E28B applicants, the Molina application is only one component of a broader process that begins with PT PMA establishment and ends with ITAS issuance.

Core Documents Required for E28B

• Valid passport with minimum 18 months remaining validity
• PT PMA corporate documents – deed of establishment, Kemenkumham approval, NIB, business licence
• Investment evidence – capital deployment records through Indonesian financial institutions
• Parent company financials – audited accounts showing annual overseas sales above USD 2.5 million (for 5-year permit)
• Clean criminal record certificate – from home country and Indonesian authorities
• Comprehensive health insurance covering Indonesia
• BKPM investment realisation report – demonstrating qualifying capital deployed

💡 BHA Pro Tip Applicants from countries including the United States, Singapore, and the United Kingdom often experience faster processing times on the Molina portal. Nationals from a small number of countries require additional immigration clearance before the application can proceed. BHA identifies these requirements at the eligibility assessment stage – before any documents are prepared.

🏢 Business Hub Asia (BHA) BHA prepares the full E28B documentation package alongside the PT PMA incorporation process. This means that by the time the Molina application is submitted, every document – corporate, financial, and immigration – has been reviewed, cross-checked, and structured for a clean first submission. Our clients do not restart. They proceed.

Ready to Apply for Your Golden Visa Indonesia?

BHA guides foreign investors through every stage of the E28B process – from PT PMA incorporation and BKPM compliance, through Molina application, ITAS issuance, and long-term permit management. Company setup. Golden Visa. One team. One process.