Why retiring and living in Bali is easier than you think ?
Baby-boomers and retirees are increasingly dipping into their super and using their age pension to bankroll lives of luxury for a fraction of the cost in Bali.
Grandmother Marie Stephens from the Gold Coast has been living in a three-bedroom villa in Bali’s Legian district for a year now, and hasn’t looked back.
“In Australia, it’d be at least six times the price of what it is here,” Marie told A Current Affair.
“The restaurants are amazing, and you might pay from $4 AUD to $15 AUD for stunning food,” she said.
Marie estimates she lives off less than $300 a week, and that’s including rent, food, and even house staff.
Australian residents can’t technically own property
Australians have to lease property in Bali, it’s only Indonesians who can buy a home outright.
“They have leases from a year to 25 years,” Marie told ACA,
The longer period you take and the more years you pay, the better price you’re going to pay per year. So if you pay something for a year, you might pay $20,000 AUD, but if it’s over a 20 year period, you might be paying as little as $10,000 a year.” Rental potential
Sixty-one-year-old Rob Burnham is making a small fortune after swapping the suburbs of Melbourne, for the trendy Bali district of Seminyak.
“It’s a great lifestyle,” he told ACA.
The grandfather rents out his home in Caroline Springs, and purchased a lease on a stunning villa in Bali for $110,000 AUD.
He and his wife have renovated the home, and rent it out on AirBnB to travellers, while they see the sights of south-east Asia.
“The peak season from December to late January, we could make in the vicinity of maybe $8,000 AUD or $9,000 AUD.”
Visa requirements and health care
Director of moving assistance company Retire to Asia, Andrew Leeson, says Australians need to be sponsored for a retirement visa if they plan on spending their golden years in Bali.
“We can provide the introduction to a registered reputable agency that helps you with the paperwork and also provides sponsorship for you,” he told ACA.
Australians planning to make the move should also take out international private health cover.
“Bali offers very good quality healthcare, and you would expect that around major centres through south-east Asia,” Andrew said
Right now, it’s estimated more than 80,000 Australians receive the age pension while living overseas, and that figure is looking to “increase substantially,” according to Andrew.
“Retirees are becoming a lot more adventurous, and it doesn’t need to be as challenging as many people think,” he said.
You need to apply for the age pension before leaving Australia, and if you do reach age pension age when you’re overseas, who have to move back to the country for two years over the period in which you apply.
Do you wish to have Retirement dream home in bali ?
Source : www.nine.co.au