I have an unhealthy obsession with Indonesia and wear it like a badge of honor. This is where my wife is from, and we have plans to move there soon to start our super-aggressive retirement savings plan. But I digress.
Indonesia is not only one of the cheapest countries in the world to live in; it’s also one of the fastest-growing economies in Asia. Living on $2,871 per month is 855 percent more than the average Indonesian worker makes, so your money will stretch further than ever possible in the U.S.
Renting a nice three-bedroom apartment in a big city, like Jakarta, costs less than $600 per month. If you’re willing to move outside the city, rent plummets to just north of $300 per month. This would leave you between $2,271 and $2,571 per month to cover utilities, food and some fun stuff.
Retirees can get a one-year retirement visa to Indonesia with relative ease, and they can renew it up to five times. After four years, retirees can apply for a KITAP, which is a permanent-residency status that can be renewed every five years.
To get the retirement visa you must be at least 55 years old, earn at least $18,000 a year in retirement income, sign a lease on a rental property and have an employment contract with at least one household staff, which is typically a maid, nanny or chef. Because you likely can only meet the last two requirements while in Indonesia, you may need to come on a tourist visa first to secure a place and staff, then apply for the retirement visa.