It's only that cheap if you live like a student. I suppose it must be possible to live that cheap in almost any western country, how else would students survive on <1000$ per month income?
Anyway, I think Joepie is forgetting that he will have to pay 30% income tax over that $17.000, and possibly 21% VAT also (depends on whether this would be seen as payment for service I think, he should contact an accountant).
@Joepie: Consider contacting organizations such as NLnet (http://nlnet.nl/) for advice or support in these matters if you are in need of it. They support free software makers - the Unhosted (https://unhosted.org/) project comes to mind.
Anyway, I think Joepie is forgetting that he will have to pay 30% income tax over that $17.000, and possibly 21% VAT also (depends on whether this would be seen as payment for service I think, he should contact an accountant).