To attract more expatriates looking to retire in the picturesque archipelago, Indonesia has announced a significant overhaul of its Retirement KITAS (Kartu Izin Tinggal Terbatas) policy. This new development is set to provide numerous benefits, making Indonesia an even more attractive retirement destination for those aged 60 and above.
One of the key highlights of the revised policy is the amendment to Article 61, as the retirees can now stay in Indonesia for up to 5 years without sponsors. The 55 years is still eligible for the 1 year Retirement KITAS, and 60 years only apply for the 5 year one. Another significant change comes with Article 62 of the new policy. Expatriates who meet the minimum age requirement and wish to obtain a Retirement ITAS can now enjoy a 5-year visa validity without needing a sponsor. This change eliminates the burden of finding a local sponsor for retirees, streamlining the application process and making it more accessible to potential expatriate retirees.
This amendment is a strategic move to ensure that retirees have ample financial resources and the capacity to enjoy their retirement years in the country. It also aligns with the government’s broader goals of attracting retirees who can invest and participate in various socio-economic activities.
To be eligible for this 5-year Retirement ITAS, retirees provide a Statement of Bank Funds that validates your monthly income of 3,000 USD/month into a designated Indonesian bank account. This financial commitment ensures that retirees have the means to support themselves during their stay, contributing to their overall well-being and the economy.
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The policy change is expected to significantly boost Indonesia’s appeal as a retirement destination, particularly among retirees from countries with a higher cost of living. This financial flexibility allows retirees to enjoy their time in Indonesia comfortably, explore its diverse landscapes, and experience its rich culture.
The new policy is anticipated to impact Indonesia’s tourism sector and local economy positively. It is expected to attract a wave of retirees seeking to enjoy their golden years in a tropical paradise with a lower cost of living, stunning landscapes, and a rich cultural heritage. This influx of expatriate retirees will likely stimulate local businesses, from hospitality and healthcare services to the real estate market.
Moreover, it presents an opportunity for retirees to immerse themselves in the local culture and contribute to community development projects, potentially forging stronger ties between expatriates and local communities.
With the revised Retirement KITAS policy, Indonesia is positioning itself as a more attractive destination for retirees, with enhanced benefits and greater accessibility. The availability of a 5-year Retirement ITAS without the need for a sponsor, is expected to draw retirees worldwide. This move benefits retirees and promises economic growth and cultural enrichment for Indonesia.
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