Banking in Dubai- 0% Income tax
While Dubai boasts a 0% income tax that seems to be a big draw for many young bankers, don't expatriate Americans still have to pay taxes back at home? Or are you exempt as a resident of UAE. Basically the question is, how do income tax laws work over in the Gulf States.
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if you are an american
uncle sam requires that you pay federal tax back home (exempt/fully refunded state taxes).
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Basically the question is, how do income tax laws work over in the US.
Ok MMmonkey, however you
Ok MMmonkey, however you want to word it. Anyway, it sucks that you have to pay fed tax even though you aren't a resident...seems like it would be fairly easy to avoid it (not that I am suggesting any unethical tax evasion!), but either way, no state tax is nice, what percentage is that for poor NYC bankers?
sorry, brah
Ok MMmonkey, however you want to word it. Anyway, it sucks that you have to pay fed tax even though you aren't a resident...seems like it would be fairly easy to avoid it (not that I am suggesting any unethical tax evasion!), but either way, no state tax is nice, what percentage is that for poor NYC bankers?
Wasn't trying to be a prick. Just saying that, as a US citizen, your US income taxes are going to be driven by your status as a US citizen. I don't know Dubai related specifics, but just trying to help point you in the right way.
No state tax is nice. This is why I'm jealous of my friend going into energy banking in Houston.
ha
Ok MMmonkey, however you want to word it. Anyway, it sucks that you have to pay fed tax even though you aren't a resident...seems like it would be fairly easy to avoid it (not that I am suggesting any unethical tax evasion!), but either way, no state tax is nice, what percentage is that for poor NYC bankers?
Tax evasion is illegal, not unethical.
Haha yeah, and thanks for
Haha yeah, and thanks for the responses MMmonkey, it sounds like life outside of NYC could be pretty sweet in terms of banking.
There might be tradeoffs to
There might be tradeoffs to the no-taxes thing though- fewere opportunities for advancement?
I don't know, it seems a lot
I don't know, it seems a lot of B-schools like the whole "I worked abroad thing," and if you work GS Dubai, you could certainly come back and go to an M7 biz school and you'll be set getting a job from there.
I agree with JohnnyHoward, I
I agree with JohnnyHoward, I figure b-schools would like to see someone working at a big firm in Dubai... plus Dubai seems to have a pretty absurd amount of money to spend these days. Anyone know how is the banking industry doing there?
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wouldn't it be smart then to
wouldn't it be smart then to change your citizenship to dubai? then you don't get income taxed if you aren't working on the US (i.e. you are a expatriate)
I mean thats kind of a big
I mean thats kind of a big deal, giving up US citizenship...I don't think most people want to live there forever/raise a family in a place like Dubai. Plus, there are people all around the world who literally kill for US citizenship, thats not something I'm giving up anytime soon. I guess if money is that important to you, go for it. I was just doing some research on this subject, it seems the first 80-100k you make is completely tax free if living abroad, so you wouldn't pay tax on your base as an analyst but someone needs to clarify bonus tax laws.