JAKARTA - Indonesia has entered the race to attract wealthy global citizens for long-term stays in bolstering the growth of Southeast Asia’s largest economy with a focus on Bali, Bloomberg reported.

A new “second home visa” of five years and 10 years are eligible for those possessing at least US$130,000 in their bank accounts, according to a new regulation issued on Tuesday. The policy takes effect on Christmas, or 60 days after the issuance of the new rule.

“This a non-fiscal incentive for certain foreigners to make a positive contribution to the Indonesian economy,” said Acting Director General for Immigration Widodo Ekatjahjana during a launch ceremony in the resort island.

Indonesia adds to a list of countries from Costa Rica to Mexico offering long-term stays to lure professionals, retirees and other affluent people.

Indonesia floated plans for a digital nomad visa in 2021, focused on attracting visitors to Bali, the nation’s top destination for international holidaymakers and a major source of foreign exchange earnings.

The timing of the launch coincides with the sharp rebound in foreign tourist arrivals to Indonesia as airlines like Garuda Indonesia resume international flights, and the upcoming G-20 Summit in Bali in November, which is expected to put the international spotlight on the island on top of bringing in tens of thousands of delegates.