Visa Investor (E28A)
A stay permit for a foreign shareholder who also sits on the board of the Indonesian company they invested in, and one of the few Indonesian permits that converts to permanent residence.
Most people arrive at this page holding the wrong number. The E28A is not a “deploy USD 50,000 and get a KITAS” route. It requires IDR 10,000,000,000 of shares held in your own name, which is about USD 555,000 at IDR 18,000, roughly eleven times the USD 50,000 figure that circulates among founders. The confusion exists because three different capital tests in Indonesian investment law all get shortened to the same phrase.
Programme snapshot
| Item | Current rule |
|---|---|
| Main audience | Foreign shareholders holding a board seat in their Indonesian PT PMA |
| Route family | Investment |
| Validity | 1 year or 2 years |
| Stay per entry | Matches the permit term |
| Threshold | IDR 10,000,000,000 of personally held shares, about USD 555,000, 2026 |
| Renewal | Extendable online by the sponsor, no published cap |
| Settlement | Discretionary. 3 years then KITAP with a ministry recommendation |
| PR clock | 3 consecutive years on this ITAS |
| Citizenship clock | 5 years continuous residence, and Indonesia does not permit dual citizenship |
| Family | Yes, spouse and children on E31B or E31E |
| Local employment | Yes, as director or commissioner of the invested company. Any other paid role needs a work ITAS |
| Tax headline | Resident after 183 days, worldwide income to 35 percent; personal and corporate structures are audited together in practice |
| Processing | 5 working days after payment |
Application flow
- Confirm the PT PMA is registered with BKPM and that your shares are in your own name at IDR 10bn or above.
- Confirm you hold a director or commissioner seat. If your shareholding is below the floor but you hold the seat, immigration requires a work ITAS instead.
- Obtain two months of company current account statements. A newly incorporated company must supply them within 90 days of ITAS issue.
- Apply online through the immigration portal and pay the fee.
- Receive the ITAS and register with the local immigration office.
- Keep quarterly LKPM investment reports filed. Lapse and the company stops supporting a future conversion.
- At year 3, apply for KITAP with a ministry recommendation.
Good fit
A founder who genuinely holds USD 550,000 of equity in an Indonesian company, sits on the board, and wants a two year permit with a real path to permanent residence. Also an existing investor who has been renewing annually and did not realise the three year KITAP clock had been running.
Poor fit
The founder with USD 50,000 to deploy. This route is roughly eleven times too expensive for them, and no agent discount changes the shareholding test. Also anyone holding shares through a nominee or a holding company, since only personal shareholding counts.
Watchpoints
- IDR 10bn is a shareholding test, not paid-up capital. Since BKPM Regulation 5/2025 the PT PMA paid-up floor is IDR 2,500,000,000 and the total investment plan must still exceed IDR 10bn, which is why agents quote 2.5, 5 and 10 billion for the same visa. Only the 10bn personal shareholding figure satisfies immigration. The BKPM figures here come from a consultancy summary of the regulation rather than the regulation text, so treat them as indicative.
- Nominee and holding company shares do not count. Immigration reads the shareholder register, and a structure two layers up is not you.
- The company must be alive at conversion. KITAP after three years is not automatic. It needs a ministry recommendation and a compliant company with current LKPM reports.
- A company registered last week cannot show two months of statements. The application needs two months of company current account history. A newly incorporated PT PMA must supply them within 90 days of ITAS issue, so the permit can be issued before the evidence exists, but not indefinitely.
- Board seat, not employment. The permit covers director or commissioner duties. A salaried operations role needs a separate work ITAS.
- The 3 year clock needs continuity. Gaps between permits reset the count, and the KITAP file must be lodged at least 30 days before the ITAS expires.
Sources
- Directorate General of Immigration, E28A visa page, https://www.imigrasi.go.id/wna/daftar-visa-indonesia/E28A, opened 2026-10-22
- UU 6/2011 on Immigration, article 54, conversion categories
- BKPM Regulation 5/2025, minimum paid-up capital and investment plan