Immigration Prepares Immigration Rules Option For Family Office Accommodation

Head of the Immigration Stay Permit Transfer Team of the Directorate of Immigration Stay Permits Tessar Bayu Setyaji during a press briefing at the Directorate General of Immigration Office, Jakarta, Tuesday (16/7/2024). (ANTARA/Fath Putra Mulya)

The Directorate General (Ditjen) of Immigration of the Ministry of Law and Human Rights (Kemennkumham) has prepared an immigration regulation option to accommodate the government's discourse on implementing family office.

The Head of the Immigration Stay Permit Transfer Team of the Directorate of Immigration Stay Permits, Tessar Bayu Setyaji, said that there is no special regulatory instrument for the family office, but the immigration authorities will temporarily equate it with visa regulations and residence permits.

"While there is no instrument yet, we will compare the framework with how the person invests with certain values," said Tessar as quoted by ANTARA, Tuesday, July 16.

According to Tessar, there are at least four scheme options that can be carried out related to the family office. First, a Limited Foreign Investment Stay Permit (ITAS PMA).

He explained that people who want to get PMA's ITAS must factually invest their shares in their corporate or family office.

"Having PMA's ITAS, he must have at least the issued share value of Rp. 10 billion," said Tessar.

If a person has a corporate permit located in Indonesian territory, is domiciled as the company's leader, but the shares are not worth IDR 10 billion, then they are included in the Foreign Workers (TKA) category.

"Well, at the same time, if he is categorized as foreign workers, he must have RPTKA (Rencana for the Use of Foreign Workers)," said Tessar.

Apart from ITAS PMA and TKA, other scheme options are considered suitable for the family office, Golden Visa.

"He must have evidence of companies outside Indonesian territory that his financial statements must be audited by international public transport offices, he must commit to establishing a company here worth US$5 million for 5 years or US$10 million for 10 years," he explained.

Finally, if entities or corporations are in Indonesian territory, then they are active remotely and online in Indonesia, they can take advantage of ITAS Remote Worker.

Tessar explained, holders of ITAS Remote Worker must prove that he owns or carries out a clear work contract with companies outside Indonesian territory.

"There are four options because practically we don't have a place for how we can give one instrument specifically, both visa and residence permit," he said.

It is known, the Government of Indonesia projects investment from the management of family-based funds that can be withdrawn to Indonesia to reach 500 billion US dollars in the next few years.

President Joko Widodo has instructed the formation of a special team led by the Coordinating Minister for Maritime Affairs and Investment (Menko Marves) Luhut Binsar Pandjaitan to review this family office investment scheme in Indonesia.