The E28C Golden Visa: What Counts Towards USD 350,000, Who Can Come With the Investor, and What Happens When the Market Moves

Updated 13 October 2026 · Okusi Associates · All guides

The E28C is the Golden Visa for an individual who wants a five- or ten-year stay in Indonesia without founding a company: a commitment to put USD 350,000 into Indonesian government bonds, listed shares or mutual funds buys five years, and USD 700,000, or an apartment worth USD 1,000,000, buys ten. The headline is well known. What the people who write to Okusi Associates about it ask is what the headline leaves out: whether the threshold is measured at the price paid or at today’s market value, whether a long-term partner who is not a spouse can be included, what a child changes, and what someone with rather less than USD 350,000 should do instead. The regulations answer the first of those more precisely than most advisers realise, and the second less generously than most applicants hope.

What the commitment actually is

The E28C rests on an immigration guarantee (Jaminan Keimigrasian), a concept the implementing regulation introduced in 2023 to let an investor stay without an Indonesian guarantor (PP 31/2013 as amended by PP 40/2023, Art 171A to 171D). The guarantee stands in for the sponsor that every other long-stay foreigner needs, and the state may draw on it to pay for the investor’s removal or overstay charges if it comes to that. The ministerial regulation then sets what the guarantee must be for each Golden Visa class (Permenkumham 22/2023 as amended by Permenkumham 11/2024, Art 40). For the individual investor who does not intend to establish a company, it is a statement of commitment to buy one of three things: Indonesian government bonds of at least USD 350,000; shares in an Indonesian listed company of at least USD 350,000; or mutual funds of at least USD 350,000. For the ten-year permit the figures double, and a fourth option appears: a strata-title apartment bought for at least USD 1,000,000. The purchase must be completed within 90 days of the stay permit being issued, and the proof lodged with immigration in the same period, failing which the permit may be cancelled (Art 171D(3) and (4)).

Two things follow that the summaries miss. First, bank deposits are not on the E28C list. The regulation’s general provision allows a guarantee in the form of funds in an account, and some second-home classes use that, but the E28C article names bonds, shares and funds and nothing else. An applicant who arrives intending to park USD 350,000 in a time deposit has read a different visa’s rules. Second, the commitment is made before the money moves. The visa is issued on the statement; the investment follows entry; the proof follows the investment. An applicant does not need to hold the bonds before applying, and should not, because the 90-day clock gives time to buy once the permit exists.

The fees are small beside the investment, and the official index page publishes them in full.

E28C	Five years	Ten years
Visa	Rp 500,000	Rp 500,000
Verification (category II)	Rp 2,000,000	Rp 2,000,000
Stay permit	Rp 7,000,000	Rp 12,000,000
Re-entry permit	Rp 3,500,000	Rp 5,000,000
Total	Rp 13,000,000	Rp 19,500,000

Beside the guarantee the applicant shows living funds, a bank statement of the last three months with at least USD 2,000, a passport with six months to run, a CV and an itinerary. No guarantor, no sponsor letter, no Indonesian counterparty. Processing is stated at five working days from payment, the visa is valid for 90 days from issue, and the stay permit and re-entry permit issue automatically at the airport.

Cost or market value

The question that matters most to anyone holding shares rather than bonds is whether USD 350,000 is measured once, at purchase, or continuously. The regulation’s answer is continuous. Art 171D(5) ties the guarantee’s term to the stay permit’s term; Art 171D(6) requires the Minister or a designated officer to evaluate the guarantee periodically; and Art 171D(7) provides that where, on evaluation, the guarantee no longer meets the required value, the stay permit may be cancelled. Nothing in the text refers to historical cost. A guarantee is evaluated at what it is worth when evaluated.

How often that evaluation happens, and how mechanically it is applied, is not published, and no cancellation on that ground has been reported publicly. The provision is discretionary (“may be cancelled”) and was written with the obvious case in mind, the investor who sells out after the ITAS card is collected. But the drafting leaves a shareholder whose IDX portfolio has fallen fifteen per cent below the line exposed to an official’s reading, and the prudent structures follow from that:

Government bonds held to maturity are the instrument the regulation names first and the one least likely to trouble an evaluation, since their face value does not move and the coupon is paid into the investor’s account.
A shareholder should buy a margin above the threshold, and should treat the threshold as a floor to be restored when breached, not a figure met once.
Mixing instruments is permitted in principle, since the three options are alternatives in the text rather than exclusive choices, but an application that commits to one instrument is cleaner to prove than one that commits to a blend. Which bond series and which custodial arrangements the platform accepts on the day is confirmed at application; the INDOIS sukuk series, which clients ask about most, is a question the platform answers at that point rather than one the regulation settles.
Selling down to meet living costs defeats the structure. The living funds are a separate requirement precisely so that the guarantee stays whole.

The exchange rate cuts the same way. The threshold is denominated in dollars and the instruments in rupiah, so a rupiah-denominated bond bought at exactly USD 350,000 falls below the threshold whenever the rupiah weakens. The margin should cover that too.

Who can come with the investor

The official page says the holder may bring family to live in Indonesia, and the family stream that serves it is the E31 series: E31B for the spouse of a limited-stay permit holder and E31E for the child, each a limited stay permit that follows the principal’s, published at Rp 12,000,000 for up to five years, with the marriage certificate and birth certificate translated by a sworn translator unless already in English. Dependants may live, travel and study; they may not work, and the penalty for working on a family permit is the same five years and Rp 500,000,000 that applies to any misuse of a stay permit (UU 6/2011, Art 122).

The unmarried partner is where hope and regulation part company. Indonesian immigration derives family status from a lawful marriage, documented by a certificate. There is no index for a partner, companion or fiancé, and no discretion is written into the family articles to recognise one. A partner who is not a spouse therefore needs a permit in their own right: a second E28C if the funds allow, a second-home permit, a remote-worker permit if they are employed abroad, or a work permit if they will be employed here. A couple who are not married and do not wish to be should budget for two permits, and most find the second-home route for the partner the economical one.

A child changes the picture in a way that the index list shows and few applicants notice. E31E admits the child of a limited-stay permit holder on a birth certificate naming that holder as parent; the official checklist lists the parents’ marriage certificate “if applicable”, so a child of unmarried parents is not excluded on the face of it where the investor is named on the certificate, though an officer may ask for more where the father is the investor and the parents are unmarried. And once the child holds a permit, a separate index, E31H, exists for the parent of a limited-stay-permit-holding child. On the face of the list, then, the partner who cannot derive status from the investor may be able to derive it from their child. Whether a particular office accepts that sequence for a Golden Visa family is a point to settle before the application rather than after, and Okusi confirms it case by case.

A child born in Indonesia to a limited-stay permit holder is given a limited stay permit of its own by the statute (UU 6/2011, Art 52(b)), on the birth certificate, the parents’ passports and permits and, again, the parents’ marriage certificate in the document list. Birth in Indonesia confers no citizenship on the child of two foreigners, and the permit it confers runs with the parent’s. It does not change the investment required of the parent.

With less than USD 350,000

The second question from the same correspondent was what to do with around USD 300,000 of liquid wealth. The honest answer is that the E28C is not available, and that the alternatives are cheaper by design rather than by negotiation:

Second home (E33). A five- or ten-year permit for a person of any age, qualified by funds held in an Indonesian state bank in the applicant’s own name, at a level the platform sets; practitioners currently cite about Rp 2 billion, and Okusi confirms the figure at the time of application. The capital stays the applicant’s. No work rights.
Retirement (E33E). For applicants of 55 and over: USD 3,000 a month in income, a commitment to hold USD 50,000 in a state bank, and USD 2,000 shown in statements. Five years. No work rights. The retirement guide compares the two.
Remote worker (E33G). For someone employed by a company outside Indonesia at USD 60,000 a year or more. One year, renewable. No Indonesian income. The E33G guide covers the one-man-company cases.
Investor KITAS (E28A). For someone who will found or buy into an Indonesian company and hold shares of at least Rp 10 billion in it. Two years, renewable, with work rights in the company. The company route is a business decision, not a visa decision, and is not a way to spend less.

None of these is a Golden Visa and none carries its ten-year horizon. What they share with it is that the money stays the applicant’s.

Where it sits in the programme

The Directorate General reported in May 2026 that 1,274 Golden Visas had been issued since the launch in July 2024, with a stated investment value of Rp 52.1 trillion, of which the individual non-company class accounted for Rp 179 billion. The E28C is a small corner of a programme built for corporate investors, which is one reason its operational questions are answered by practice rather than by published guidance.

Where Okusi fits

Okusi Associates has handled Indonesian stay permits since 1997, from Jakarta, Bali and Batam. For the E28C the Golden Visa - Business and Investment (E28B, E28C, E28D) service, at US$ 2,064 for a five-year permit, covers the eligibility check, the commitment statement in the form the platform accepts, the application, the 90-day investment proof, and the evaluation file that keeps the permit safe thereafter. Dependants are handled under Dependents KITAS, at US$ 753 per year; the partner who needs a permit of their own is assessed for the second-home, remote-worker or work routes before anything is filed.