By Eric Smith 
Executive Summary
Few people understand the intersection of government policy and institutional crypto wealth better than Sim Khela. As the founder of Tendril and Crypto XLNC, and now serving as the GBBC Ambassador, he has helped architect the compliant relocation of over $500M in digital asset wealth to Indonesia.
Q: Why Indonesia?
Sim Khela: The answer is purely mathematical. It comes down to “Total Wealth Preservation.” Dubai offers 0% tax, but the “Lifestyle Tax” burns $25,000 to $40,000 a month. Indonesia offers a Final Tax of 0.21% (PMK-50), but an elite lifestyle costs only ~$5,000. It allows me to extend my runway and preserve personal capital more effectively than anywhere else.
Q: Is the 0.21% rate a loophole?
Sim Khela: No, it is industrial policy. The Ministry of Finance updated the framework to Regulation PMK-50 to attract institutional capital. It provides Rate Finality (0.21%) and VAT Exemption (crypto as Financial Instruments).
Q: How legitimate is this?
Sim Khela: Legitimacy comes from compliance. The “Indonesian Exit” works when you establish Substance of Residency via the Second Home Visa (E28C). When you follow the GBBC-verified framework, you are operating 100% within the law.
| Feature | Indonesia | Dubai | Singapore | USA/Canada |
| Crypto Tax | 0.21% Final | 0% | 0% Cap Gains | 25%-50% |
| VAT on Crypto | Exempt | 5% (Zone) | Exempt | N/A |
| Monthly Cost | $5,000 | $25,000+ | $15,000+ | $10,000+ |
| Residency | E28C Visa | Easy | Difficult ($10M+) | N/A |
Source: Ministry of Finance Regulation PMK-50 (2025) & Crypto Wealth Bali Research
Q: What is the first step?
Sim Khela: Do not just pack your bags. Structure the exit first. We need to look at your portfolio composition and build a roadmap: Visa, Home Country Exit, and Indonesian Tax ID setup.
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