JAKARTA – Indonesia has entered the race to attract wealthy global citizens for long-term stays, bolstering growth in South-east Asia’s largest economy, with a focus on its trump card: Bali.

People with at least 2 billion rupiah (S$180,800) in their bank accounts are eligible for a new “second home visa” of five years and 10 years, according to a new regulation issued on Tuesday.

The policy takes effect on Dec 25, or 60 days after the issuance of the new rule.

“This is a non-fiscal incentive for certain foreigners to make a positive contribution to the Indonesian economy,” said acting Director-General for Immigration Widodo Ekatjahjana during a launch ceremony on the resort island. 

Indonesia adds to a list of countries, from Costa Rica to Mexico, that offer long-term stays to lure professionals, retirees and other affluent people.

All are seeking to tap a growing demand for migration options as legions of educated workers, known as “digital nomads”, look to use their newfound freedom after the pandemic to keep doing their job remotely. 

Indonesia floated plans for a digital nomad visa in 2021, focused on attracting visitors to Bali, the nation’s top destination for international holidaymakers and a major source of foreign exchange earnings. 

The timing of the launch coincides with the sharp rebound in foreign tourist arrivals to Indonesia, as airlines like Garuda Indonesia resume international flights ahead of the upcoming Group of 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. BLOOMBERG