Job Discussion Forums

[Phanindra]

Hi all

I have an opportunity to move to Oman as an analyst in the Fund Management and Investment Banking domain. I know this is a teacher's domain, but I saw some kind souls who help others also. I have very basic questions for which I need urgent answers:

1. How much money is required for a average lifestyle in Muscat,Oman ?
I am single male, 25,vegetarian, non-boozer. I would be happy with a decent 1 bedroom apartment and a car to drive around on weekends. Also, do I need to buy a separate medical insurance policy in my home country ?

2. Since there are no personal income taxes in Oman, do I have to pay tax in my home country when I take back my earnings there ?

3. Is 40,000 USD a good number, when seen in light of question 1 ?

Thanks a ton in advance,

Regards
Phanindra

[veiledsentiments]

Let's see here... you're asking English teachers who would be THRILLED with the equivalent of US$30,000 whether US40,000 is a good number!!

You should be able to rent a decent one bedroom for between US$ 350-500 a month depending on location. But, this is unfurnished - so you will need money up front - normally flats have nothing but plumbing, basic electric, and kitchen cabinets. You will also need to buy ACs. New cars are cheaper than North America, plenty of used cars of varying quality, or you can rent/lease. Check out what you need or want. 4WDs are expensive, but if you enjoy the outdoors and camping, you will want one. Once you have a work visa, a loan can usually be arranged though a bank.

I am assuming that you are getting no other benefits. ?? What about medical care there? Normally employers provide it for their expat workers to some extent. Ask them about it. As to your home country - which I assume must be the US as you are asking this - a US policy covering the US and the world would be very expensive. I always bought a short-term travel policy (available through all travel agencies in Oman) for my travels back to the US. I'm not sure how this works for Canadians.

The tax situation depends on what country you are from. Canadian law is different from US. If you follow the IRS guidelines, you don't pay taxes at home. I never paid a penny of US tax on any of my overseas income. The first year is a bit complicated, but from there on, it is just a matter of adding another form. This information is available online for the US and probably most other countries.

Good Luck

VS

[sprightly]

nice website.

canadian--you can apply for non-residency. if you get it, you declare your income but don't pay it.

if they decide you are a resident, you pay canadian taxes on your income, minus any taxes you paid to your work country.

this sucks in a big way, because you lose your medicare, but still have to pay taxes. this is when you start exploring ways to reduce your taxable income.

[veiledsentiments]

[Wander]

Regarding overseas status for Canadians, see:

http://www.cra-arc.gc.ca/tax/nonresidents/individuals/leaving-e.html

[EnglishBrian]

My family nearly emigrated to Canada when I was a baby. Every time I see one of these tax questions I feel so relieved they didn't.

[Gordon]

Once you are a non-resident, things are not so bad. This is the second time being a non-resident, and it is not a lot of fun cutting off your ties from your country.

[sprightly]

VS--if you click on his profile, which i did to see what country he was in, he has no info, but a link.

it's a page of hard core porn links, if anyone's bored, or wanting to test the filter at their workplace...