Visa programmes offered in other countries have seen varying results.
Before Thailand’s Long-Term Resident visa was introduced, the Thailand Elite project – costing holders between US$17,400 to US$58,000 – was set up to attract foreign talent. According to Fulcrum, the project attracted only about 15,000 visa holders in its 18-year run.
Meanwhile, the Top Talent Pass Scheme in Hong Kong, a programme for those earning more than 2.5 million Hong Kong dollars (US$320,600) a year and for those graduating from the world’s top 100 universities, has fared better.
The scheme saw 49,000 applications approved just five months after its launch in Dec 2022, exceeding the initial target of 35,000. However, nearly 95 per cent of applicants were from mainland China.
Meanwhile, Singapore’s ONE Pass program has received “very positive responses” since its announcement last August, Singapore’s Economic Development Board (EDB) managing director Jacqueline Poh was quoted as saying by Nikkei Asia in January.
Experts have pointed out that beyond the offer of a long-term stay, a well-rounded package would do well to attract foreign talents, noting that lifestyle choices play a role in influencing foreigners’ decision to take up a special visa.
Dr Dennis Hew, a senior research fellow at the Lee Kuan Yew School of Public Policy, told CNA that countries have to realise that foreign talents are pulled by a “total package” and not just a long-term visa.
“This includes good international schools (for their children), good infrastructure (especially digital infrastructure) and access to highly skilled workers (close proximity to world-class universities),” said Dr Hew.
“Having a good legal and financial infrastructure will be important as well to attract foreign companies to invest.”
He added that having a large English-speaking population would help as it is still the international language of business.
“Indonesia should draw lessons – and failures – from other countries that have similar visa policies,” he said.
Source: CNA
