Earning tax-free Abroad

NoQuarter

Hi all

If I move abroad to Dubai or offshore, for example and am then paying a nominal rate of income tax and building up savings, is there any tax penalties if I decide to come back to Ireland after a year or two?

Can I work over there and get paid into an Irish bank account or how does it work?

I have an opportunity to work abroad and pay an attractive rate of income tax but I dont want to end up owing a huge tax bill if I try come back to Ireland!

Marcusm

You need to google "split year treatment" as the Revenue statement will contain all the info you need. If you are Irish domicile do then going abroad for less than a tax year will likely mean you remain taxable in Ireland. Conversely if you go abroad with the intention of being away for a few years, you could be outside Irish tax on your foreign employment income from the date of departure to the date of return.

NoQuarter

Yes I would be away for at least a one year contract and possibly extend depending on how I like it abroad!