JAKARTA (Reuters) - Indonesia is introducing a golden visa scheme to attract foreign individual and corporate investors in an attempt to boost its national economy, a statement from the ministry of law and human rights distributed on Sunday said.

“The golden visa is granting a residence permit for an extended period of five to 10 years," director general of immigration, Silmy Karim said in the statement.

The five-year visa requires individual investors to set up a company worth $2.5 million, while for the 10 years visa, a $5 million investment is required.

Other countries around the world including the U.S., Ireland, New Zealand and Spain have introduced similar golden visas for investors, seeking to attract capital and entrepreneurial residents.

Meanwhile, corporate investors are required to invest $25 million to get five-year visas for directors and commissioners. They need to invest double, or $50 million, to gain a 10 year visa.

Different provisions apply to individual foreign investors who do not want to establish a company in the Southeast Asian country.

The requirements range from $350,000 to $700,000 in funds that can be used to purchase the Indonesian government bonds.

“Once they arrive in Indonesia, golden visa holders no longer need to apply for permit,” Silmy Karim said.