Indonesia’s second home visa is a relatively new immigration program designed to attract foreigners who wish to stay in the country long-term, whether for work, investment, or leisure. Below, we will explore the second home visa in detail, including the requirements, FAQs, and the main differences from the silver hair visa.
What is the Second Home Visa?
Indonesia introduced the second home visa to attract high-net-worth individuals, retirees, and foreign investors interested in residing in the country for an extended period. Unlike other visa types that may have specific activity restrictions, the second home visa is more flexible, allowing holders to engage in various permitted activities. It is available in 5 and 10 years terms, and applicants must meet particular financial requirements and provide specific documentation to qualify.
Document Requirements for the Second Home Visa
Applying for Indonesia’s second home visa requires certain documents to ensure the applicant meets the program’s eligibility criteria. Here are the primary requirements:
Passport: Valid for at least 36 months (3 years).
Proof of Financial Stability: Applicants must deposit a minimum amount of IDR 2 billion (approximately USD 130,000) in a local Indonesian bank. This deposit is a show of financial ability to support themselves during their stay.
FAQs: Minimum Savings Requirement for Second Home Visa
One of the most frequently asked questions regarding the second home visa is related to the minimum savings requirement. Let’s explore some common questions about this requirement.
1. How much do I need to deposit to qualify for the second home visa?
To qualify, applicants are required to deposit at least IDR 2 billion (around USD 130,000) in a local Indonesian bank. This amount must be maintained in the account throughout the duration of the visa.
2. Can I withdraw this amount after receiving the visa?
Yes, you can, once you receive a reference letter from the bank confirming that you qualify for the Indonesian second home visa. However, the funds must remain available to support you during your stay in Indonesia. Periodic audits are conducted to ensure you continue to meet the eligibility requirements for residing in Indonesia.
3. Does the money need to come from a specific source?
While there are no strict rules about the source of the funds, they should come from legal sources, and proof of this may be required. Funds can typically be sourced from personal savings, pensions, or other legitimate financial sources.
Second Home Visa vs. Silver Hair Visa
The second home visa and silver hair visa in Indonesia cater to foreign nationals who want to live long-term in the country, but they differ in terms of eligibility, purpose, and financial requirements. Here's a breakdown of the key differences between the two:
Criteria | Second Home Visa | Silver Hair Visa |
Target Audience | High-net-worth individuals, investors, and those seeking long-term residency. | Retirees aged 60 and above who want to live in Indonesia without working. |
Age Requirement | No specific age requirement. | Must be at least 60 years old. |
Visa Duration | 5- or 10-year terms, allowing for extended residency without frequent renewals. | 5- or 10-year terms, allowing for extended residency without frequent renewals. |
Financial Requirement | Minimum deposit of IDR 2 billion (approx. USD 130,000) in an Indonesian bank for the visa duration. | Minimum deposit of USD 50,000 in an Indonesian bank or Proof of monthly pension income of USD 3.000, plus rental or housing arrangements in Indonesia. |
Permitted Activities | Broad, allowing activities like business, investments, or leisure. | Restricted to retirement and leisure; work-related activities are not permitted. |
Family Inclusion | Allows spouse and dependents (under 18yo) to be included on the visa. | Allows spouse and dependents (under 18yo) to be included on the visa. |
Purpose of Stay | Suitable for those looking for flexibility in activities, including business or investment opportunities. | Primarily for individuals looking to retire and live leisurely without work commitments in Indonesia. |
Key Differences
Eligibility and Age: The second home visa is open to anyone who meets the financial requirements, regardless of age, making it suitable for investors and high-net-worth individuals of all ages. In contrast, the silver hair visa is specifically for retirees aged 60 or older.
Financial Requirements: The second home visa requires a significant bank deposit as proof of financial stability, which must be maintained for the visa’s duration. The silver hair visa, however, requires proof of a stable monthly income, such as a pension, to demonstrate that the retiree can support themselves.
Flexibility in Activities: Second home visa holders have more freedom in permitted activities, including investment and business. Silver hair visa holders are restricted to non-working retirement purposes, meaning they cannot participate in business or professional work.
Duration and Renewal: Both of the second home visa and silver hair visa offers long-term, stable residency options (5 or 10 years).
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