Citizenship Invest: Dual Citizenship Policy Can Improve Indonesia’s Competitiveness in the World

Citizenship Invest: Dual Citizenship Policy Can Improve Indonesia’s Competitiveness in the World

5th May 2024

JAKARTA, investor.id – The Indonesian government announced a discourse on the introduction of dual citizenship to attract highly competent workers and support the government’s ambition to become a developed country by 2045.

The proposed policy is seen as a strategic step in harnessing talent in the global landscape and driving economic innovation.

Veronica Cotdemiey, CEO of Citizenship Invest welcomed the initiative. According to her, the introduction of the dual citizenship system will be the beginning of a positive transformation for Indonesia.

“Not only making Indonesia an attractive destination for international talents, Indonesians abroad can also maintain emotional bonds and contribute to their homeland without sacrificing their global mobility,” Veronica said in a written statement in Jakarta, Sunday (5/5/2024).

Citizenship Invest is a Dubai-based company that specialises in citizenship and residency through investments from high-net-worth individuals around the world.

Indonesia, Southeast Asia’s largest economy, has lost many high-quality human resources who left and settled abroad – a phenomenon called brain drain.

This is due to a citizenship law from 2006, which does not allow dual citizenship for Indonesian citizens. As a result, many Indonesian human resources, especially professionals and academics, have renounced their Indonesian citizenship in order to get better opportunities abroad.

According to the Directorate General of Immigration, there were nearly 4,000 Indonesians who changed nationality to Singapore in 2019-2022. This figure is a reflection of similar migration trends to other developed countries.

The departure of high-quality human resources is very unfortunate, especially because Indonesia is a developing country with great growth potential. The World Bank estimates that Indonesia’s GDP can increase even more rapidly if Indonesia can retain and attract global talent effectively.

By legalizing dual citizenship, Indonesia can take advantage of diaspora networks working in crucial sectors such as technology, engineering, and finance, where they can contribute to the country’s economic development and technological progress.

The benefits of dual citizenship have been felt by many other countries. One of them is India, which has an Overseas Citizenship scheme, where diasporas can contribute back to India through investment, philanthropic activities, and knowledge transfer, without the need to renounce their new citizenship.

The policy also helps improve economic relations and foster bilateral relations optimally.

The emergence of dual citizenship discourse has occurred since 2016, where President Joko Widodo dismissed Arcandra Tahar from his position as Minister of Energy and Mines because he had citizenship in Indonesia and the United States. The incident sparked a national discussion about the need for citizenship law reforms that fit global needs and realities.

“Dual citizenship can be a new breakthrough for Indonesia, especially in utilizing its global network and expertise. This policy offers a more inclusive national development framework, which embraces and engages diverse capabilities of communities, both from within and outside the country,” Cotdemiey added.

The economic impact of dual citizenship is not just limited to the scale of individuals. Licensing dual citizenship could boost Indonesia’s attractiveness as a global investment destination.

The Indonesian diaspora living abroad can hoist foreign direct investment, mainly because they will prefer to invest in their home country if they can maintain legal ties.

“The existence of dual citizenship allows Indonesian expatriates to maintain their origins and connect Indonesia with the global market. Investment and expertise from the diaspora will play an important role in shaping a strong and rapidly growing economic landscape for Indonesians,” he concluded.

Citizenship Invest is a leading advisory firm specializing in Citizenship by Investment (CBI) and Residency by Investment (RBI) solutions. With more than 16 years of experience, Citizenship Invest has successfully assisted more than 20,000 clients from 85 countries navigate the complexities of CBI and RBI programs.

Licensed by several governments to process CBI programs, the company is committed to providing customized services to meet the unique needs of each client. With global operations and a deep understanding of its intricacies, Citizenship Invest offers comprehensive support throughout the investment process.

Translated from Indonesian to English.

Source - Investor Daily