I agree 100%. Especially with the second sentence. [Just don't expect that the experience you have obtained abroad will be appreciated when / if you return to IE.]Living overseas in a low tax/ no tax territory is a great way to build up wealth fast assuming you have a skill that is in demand.
Immediate financial aspects aside you can expect to grow personally, professionally and have some more prestigous/ differentiating lines on your resume.
Emigration is often painted as a choice of last resort and of drudgery. Not the case in my experience.
a female relation of mine did it and it worked with her reward being equivalent of a good lotto win (non jackpot).
You didn't earn the money in Ireland so you don't pay Irish income tax.Does working abroad in a low/zero tax territory not negate itself when you repatriate the money earned back to Ireland?
Or is this a case of 'in practice' and 'in reality' being two very different things from a Revenue standpoint?
But surely you pay the tax when the money earned abroad is repatriated to Ireland, for example to put a deposit on a house?You didn't earn the money in Ireland so you don't pay Irish income tax.
No, you pay tax on income in the country you earn it in, as long as you are living there for that tax year. If you live and work and pay your taxes in the UK for 20 years and then move to Ireland you aren't retrospectively liable for the taxes you would have paid if you'd been living in Ireland.But surely you pay the tax when the money earned abroad is repatriated to Ireland, for example to put a deposit on a house?
OP, whatever you do, do not do this. This is the opposite of a quick way to earn/save money!I have no personal experience of this, but I'm handier than I look and a female relation of mine did it and it worked with her reward being equivalent of a good lotto win (non jackpot).
1. Buy a house in need of repair and upgrading.
2. Do most of the upgrade work where you can; employ tradesmen to do the rest.
3. Paint the property externally and internally yourself. Make the garden(s) presentable.
4. Ensure you know the minimum profit you want from the deal before you put it up for resale. Any gain ahead of this amount is in bonus territory.
5. The whole process isn't easy, but it can work.
So one person did this and made a profit, so someone else can do as well?
Not many builders do this and they have all the skills to do it.
What happens is that, in general, house prices rise. So most people who own a building and hold onto it for a year before selling it, will make a profit. In general, the money spent on refurbishment makes no difference.
This is a very risky project and if house prices fall during your ownership, you will lose money.
Brendan
Is this still possible. 25 years ago salaries in London/The US were much higher than in Ireland. Working abroad for a few years and coming home with some capital was possible. I'm not sure it is realistic these days. Of course I am not as well informed on these things as I was.This is a bit random, but I was wondering - what are the "quick" ways to earn and save a lot of money and reach your financial goals faster.
I am thinking along the lines of emigrating for a couple of years and earning a tax-free salary.
Has anyone ever worked in Dubai, Switzerland or the Cayman Islands?
What did you do, how long did you stay for and how much money did you save?
Were there any particular downsides? Would you do it again? Did you save as much as you expected?
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