Originally Posted by
990Convair
I wouldn't take the "buy my house" move package, but as I read the LOA, the company will give you $10K up front and $2700/month for an apartment over there. I am just saying if you are in the top 10% you could easily work a 16 on/28 off schedule, staggered with vacation every 4 months. Basically you would be looking at 7 round trips on AA coach to HKG at $1200/RT. What you do on your days off is nobody's biz. The LOA doesn't say I have to live there 30 days a month, just live there. Not too bad when you think about it.
Now, as far as the tax situation, I think you still get the first $130K tax free, just the rest is taxed as though you are in the states. Correct me if I am wrong but if you have an address over there, you are still an EXPAT working abroad, LOA or not.
Chime in here, let's have some info flowing so those that may bid this upcoming HKG can learn BEFORE living it!
As previously stated, the LOA gave away any chance of one earning "EXPAT" tax status/benefits under IRS rules --- however, I believe the IRS also requires you to spend at least 335 days outside the US every 12 months to qualify for EXPAT status (....this may be prorated across consecutive tax years).
Thus, one couldn't "commute" to an FDA and then return to the US on their days off and expect to qualify for EXPAT tax status like other US citizens who actually work and reside abroad.