When money is tight and the job promotion prospects on a scale of 1 to 10 stand at something less than zero, maybe it’s time to look at pastures new for that next all-important corporate leg-up. After all, you’ve got the degree, the business skills and the experience to match. Why not make the most of them in the United Arab Emirates (UAE)?
Could be the move you’ve been waiting for, the opportunity to kick-start the stalled career. But if lack of cash is likely to hold you back, you can always apply for an HSBC personal loan to tide you over – assuming, of course, you bank with HSBC in the first place. If not, there are a number of other equally familiar multinationals operating both in the US and the UAE who may be able to offer you a bank loan. Go check them out.
Salary, a subject worth talking about, or not. Read on. Sales manager job in the USA typically pays around $25,000 a year. Same sort of job in the UAE pays an average of $60,000 a year. Big, big difference! But here’s the disclaimer. The salary figures quoted are purely for illustrative purposes only and not meant to represent a definitive statement of fact – or words to that effect. Hopefully, you get the drift. Comparing jobs and salaries in different countries is a bit like comparing apples, oranges and hot dogs. Kind of pointless!
However, one thing very much worth talking about is tax, personal tax, or the lack of it. Personal taxes in the UAE don’t amount to a tin of beans. Yep, you read it right, not a tin of beans, nada, zilch, zero. Wow!
But – sorry to burst the proverbial bubble – US citizens and resident aliens are taxed on their worldwide income. So says the IRS. However, some taxpayers may qualify for the foreign earned income exclusion and foreign housing exclusion, or foreign housing deduction, if:
- Their tax home is in a foreign country.
- They are US citizens who are a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year. They are US resident aliens who are a citizen or national of a country with which the United States has an income tax treaty with a non-discrimination article in effect and who is a bona fide resident of a foreign country or countries for an uninterrupted period that includes an entire tax year.
- They are US citizens and resident aliens who are physically present in a foreign country or countries for at least 330 full days during any period of 12 consecutive months.
Got all of that? You might even be able to deduct away from home expenses for the likes of travel, meals and lodging. However, big suggestion coming up.
Check everything out beforehand with a financial adviser in order to save you a headache or two further down the road. Let’s face it, no one likes to talk about tax. But falling foul of the tax authorities is no walk in the park. You don’t want you and the career you cherish so much to end up behind bars!
