The Indonesia Golden Visa E28C is the portfolio investor route: it grants a 5-year or 10-year limited stay permit in exchange for a passive financial investment of USD 350,000 or USD 700,000 — with no requirement to establish or run an Indonesian company. That single distinction is why E28C has become the most popular golden visa pathway for individual high-net-worth applicants who want long-term residence in Indonesia without the operating obligations, licensing, and reporting burden that come with a corporate structure.

This guide covers the four qualifying instruments, the two investment thresholds, the registration and holding rules that keep your visa valid, and one nuance most summaries skip: the limited, case-by-case nature of work rights under E28C compared with the company-based routes.

What Is the E28C Portfolio Route?

Indonesia’s Golden Visa program sits under the limited stay visa (Visa Tinggal Terbatas) framework, using indexes E28A, E28B, and E28C. The first two are company-linked: E28A and E28B apply where the investor establishes or invests in a PT PMA (foreign-owned Indonesian company), with published thresholds in the region of USD 2.5 million for a 5-year permit and USD 5 million for a 10-year permit, plus corporate-profile conditions such as a 20% shareholding in a foreign company with substantial annual turnover.

E28C is different. It is built for individuals who invest through Indonesia’s capital markets and banking system rather than through a company. You place qualifying funds into approved financial instruments, register them in your own name, and receive a 5-year or 10-year e-ITAS (electronic limited stay permit) tied to that investment. There is no local sponsor or guarantor requirement, the permit is multi-entry, and published guidance indicates no hard minimum physical-presence rule — as long as the investment and immigration formalities are maintained. The full documentation picture, from passport validity to proof of funds, is set out in our Indonesia golden visa requirements guide.

The Four Qualifying Investment Instruments

Under the portfolio route, immigration-linked guidance consistently points to four instrument classes. You can concentrate your investment in one instrument or, subject to confirmation at application, allocate across them — what matters is that the total meets the threshold and every position is registered in your name.

1. Indonesian Government Bonds

Sovereign bonds issued by the Republic of Indonesia are the instrument most applicants gravitate toward. They are straightforward to evidence (purchase confirmations map cleanly to the e-visa documentation requirements), they generate coupon income during the holding period, and their maturity profile can be aligned with your visa duration. The key discipline is matching: if a bond matures mid-visa, the proceeds must be rolled into another qualifying instrument rather than repatriated.

2. Shares Listed on the IDX

Equities listed on the Indonesia Stock Exchange qualify, held through a local brokerage account in the applicant’s name. This route suits investors who want equity exposure to the Indonesian economy, but it carries a practical caveat: market drawdowns do not pause your obligations. The investment must be maintained for the full visa duration, so a portfolio built for a golden visa should be constructed more conservatively than a trading book.

3. Mutual Funds

Indonesian mutual funds (reksa dana) offer diversified, professionally managed exposure and are often the middle path for applicants who want neither single-bond concentration nor direct stock selection. Fund units must sit in the applicant’s own registered account — nominee arrangements and pooled family structures do not satisfy the registration rule.

4. Bank Deposits

Time deposits with Indonesian banks are the most conservative qualifying instrument: capital-stable, simple to document, and simple to maintain. The trade-off is yield, and the same holding discipline applies — a deposit that is broken early is treated as a withdrawal from the qualifying investment, with the consequences described below.

Thresholds: USD 350,000 for 5 Years, USD 700,000 for 10

The portfolio route has two tiers, and the figures below are the published, indicative thresholds — always verify the current amounts at the point of application, as program parameters can be adjusted by regulation.

Choosing between the tiers is rarely just a budget question. The 5-year tier suits applicants testing a long-term relocation; the 10-year tier suits those anchoring family life, schooling, or a retirement horizon in Indonesia. We break down the practical differences — renewal cycles, documentation, and planning considerations — in our dedicated guides to the 5-year Indonesia golden visa and the 10-year Indonesia golden visa.

Registration in Your Own Name — and the 90-Day Clock

Two compliance rules shape the entire E28C process. First, every qualifying investment must be registered in the applicant’s own name. Bonds, shares, fund units, and deposits held via a spouse, a trust, a nominee, or an offshore vehicle do not count toward the threshold. This is a deliberate design feature: the visa is personal, and the qualifying capital must be personally and verifiably yours.

Second, the funds must be placed within 90 days of arrival or e-ITAS issuance. In practice this means your banking and brokerage setup should be planned before you land — opening a local securities account, completing bank onboarding, and clearing source-of-funds checks all consume calendar days. Applicants who arrive without a placement plan often spend most of the window on account opening rather than investing.

Early Withdrawal: The Rule That Cancels Visas

The investment must be maintained for the full duration of the visa. Early withdrawal — selling down below the threshold, breaking a deposit, redeeming fund units, or repatriating bond proceeds without reinvestment — can trigger cancellation of the permit itself. This is the single most underestimated risk in the program.

Three practical consequences follow. Liquidity planning matters: the golden visa capital should be money you genuinely do not need for five or ten years, held alongside a separate liquid buffer for living costs. Instrument selection matters: maturities and lock-ups should be mapped against your visa timeline before you invest, not after. And monitoring matters: if a corporate action, fund closure, or maturity event pushes your registered holdings below the threshold, you need to cure the shortfall promptly with a qualifying reinvestment rather than discovering the gap at renewal.

Work Rights on E28C: Limited and Case-by-Case

Here is the nuance that separates E28C from the company routes. Under E28A and E28B, the golden visa is attached to a business you own or fund — holders can act as director or commissioner and manage their Indonesian company as part of the status itself. E28C carries no such built-in corporate role. The portfolio route grants residence and accommodates investment and certain business activities, but it does not automatically grant an employment right in unrelated Indonesian entities. Advisory practice treats work questions under E28C as case-by-case compliance matters, resolved against the specific activity you intend to perform.

For most portfolio applicants — retirees, remote principals of foreign businesses, investors managing their own capital — this is a non-issue. But if you expect to take a salaried role, join a local board, or actively operate a venture in Indonesia, the right structure may be a company-based golden visa or a conventional investor permit instead. Our comparison of the golden visa versus the investor KITAS walks through exactly where each status starts and stops, and when a lower-threshold investor KITAS is actually the better fit.

How the Application Runs

Applications are lodged online through the Directorate General of Immigration’s e-visa system at evisa.imigrasi.go.id. The sequence for a portfolio applicant is typically: confirm eligibility and choose your tier; prepare documentation (a passport with at least six months’ validity, a recent photograph, and proof of qualifying funds such as bank and brokerage statements); submit and pay through the e-visa portal; then, after arrival, complete the placement of funds within the 90-day window and hold the investment for the life of the permit. Spouses and children can be included through dependent permits linked to the main investor’s status, and the golden visa itself is renewable where the investment and requirements are maintained.

Where clients want the Indonesian side handled end-to-end — banking introductions, ground logistics in Bali, property scouting under the USD 1M residential alternative, or legal and relocation concierge — we route that work through our partner network, including the invest-in-Bali advisory desk at Bali Premium Trip, which operates on-island and coordinates the practical steps around an application.

Frequently Asked Questions

Can I split the USD 350,000 across several instruments?

The framework centers on the total qualifying amount held in approved instruments in your name, and allocations across bonds, shares, funds, and deposits are generally workable — but confirm the exact composition rules for your case at application, as evidencing multiple accounts adds documentation weight.

What happens if my IDX shares fall below the threshold in value?

Market movement is the inherent risk of the equity route. The safe posture is to invest a buffer above the minimum and monitor valuations, topping up with qualifying assets if holdings drift toward the line. Deliberate sell-downs below the threshold are the clearer danger — that is treated as early withdrawal.

Do I have to live in Indonesia full-time to keep the visa?

Published information indicates no hard physical-presence minimum is written into the golden visa rules. The permit is multi-entry, so holders can come and go during validity, provided the investment stays in place and immigration formalities are kept current.

Can my family join me on an E28C golden visa?

Yes — spouses and children can obtain dependent stay permits linked to the main investor’s golden visa, usually under related sub-indexes. Their status follows yours, so maintaining your qualifying investment protects the whole family’s residence.

Is the E28C faster than setting up a company for E28A/E28B?

Usually, yes in practical terms: the portfolio route removes company incorporation, licensing, and corporate reporting from the critical path. Your timeline is driven by document preparation, the e-visa process, and how quickly you can open local accounts and place funds within the 90-day window.

Talk to an Indonesia Golden Visa Advisor

If you are weighing the E28C portfolio route against the company or property alternatives, the fastest way forward is a short scoping conversation: your residence goals, your liquidity picture, and your intended activities in Indonesia determine the right index more reliably than any threshold table. Fees for advisory and end-to-end support are on request and depend on scope. Message our advisory desk on WhatsApp at wa.me/6281139414563 or email [email protected] for a confidential consultation.

Disclaimer: This article is general information about the Indonesia Golden Visa E28C, not legal, immigration, tax, or financial advice. Thresholds, eligible instruments, and procedures are set by Indonesian regulation and can change; figures shown are indicative published amounts. Verify all requirements with the Directorate General of Immigration and consult licensed legal and financial professionals before making any investment or visa decision.