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Want to move to Bali? You’ll need $129K in savings first.

Indonesia has a new nomad visa that will grant wealthy transplants long-term stays on the island

Bali's Diamond Beach. (EoNaYa/Getty Images/iStockphoto)

Indonesia is the latest country to dangle a lure for foreigners seeking to live abroad — but you better check your bank account before plotting a new life on the beaches of Bali.

Widodo Ekatjahjana, the country’s acting director general of immigration, announced the launch of a “second-home visa” at an event this week in the picturesque island destination. Foreign nationals or former Indonesian citizens can stay for five or 10 years under the new visa. But there’s a big catch.

To apply, visitors need to show proof of the equivalent of nearly $129,000 in the bank. They also must have a passport valid for at least 36 months and include a résumé in their application. The policy goes into effect Dec. 24.

It wasn’t clear exactly who is the target of the new visa in Indonesia, other than wealthy visitors. The announcement doesn’t specify what type of activities visa holders will be expected to participate in other than “investment and other activities.”

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Local media outlets have reported that the “second home” visas are expected to draw older wealthy tourists or visitors who have capital or global businesses, but could also be an option for digital nomads with hefty bank accounts.

“This immigration policy is one of the non-fiscal incentives that can be a stimulus for certain foreigners to stay and contribute positively to the Indonesian economy amidst increasingly dynamic global economic conditions,” the acting director general said in the announcement.

Indonesian tourism officials announced a separate plan in September to allow digital nomads to work for up to six months using a type of visa that previously did not allow that activity, Reuters reported.

Bali, a popular island destination that relies on tourism, reopened to visitors in February after being closed off due to the pandemic. Between January and August, a government report says that more than 1.7 million international visitors arrived in Indonesia, an increase of more than 2,000 percent compared to the same time in 2021.

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The announcement of the new visa, which came weeks before Bali is set to host the G-20 summit, is the latest from a destination seeking to appeal to long-term visitors. According to a report by the Migration Policy Institute, more than 25 countries and territories were offering visa programs for so-called digital nomads as of June.

Portugal introduced a new visa aimed at remote workers earlier this month; it is available starting Sunday. Rio de Janeiro’s digital nomad visa initiative launched last year, and Costa Rica’s program went into effect earlier this year.