As our world becomes increasingly connected through virtual means, living in certain areas or countries dictated by your employer is quickly becoming a past practice.
With the wealthy moving out of San Francisco and New York, other employees are seeking jobs abroad.
Companies “across the pond” are eagerly hiring westerners to provide a new look and influence into their industries, and they are paying well. Also, many of the tax rates of countries abroad are significantly lower than jobs based in the United States.
Internal Revenue Service tax breaks
Specifically, the Internal Revenue Service (IRS) offers a foreign earned income exclusion to employees who earn income overseas. For the 2020 tax year, the maximum exclusion is $107,600 per person or $215,200 as married individuals filing jointly.
Also, the IRS offers a foreign housing exclusion, which offers additional tax benefits for the money spent on housing overseas.
Companies abroad are increasingly enticing workers to make the drastic jump of moving and working in a foreign country to take advantage of financial benefits and opportunities. The younger generation of workers may also be willing to make a significant change in their lives in exchange for rare travel opportunities and life experiences working abroad.
While companies overseas are increasing employee compensation to lure workers from the United States, many local companies that will pay you to travel and work abroad.
Here are some of the highest paying jobs abroad right now
While not an overly exhaustive list, some of these jobs may be the perfect opportunity for you to pursue during the pandemic.
1. Management Consultant
Annual income – $78,000 to $130,000
If you have management consultant experience here in the United States, the institutional knowledge you can bring to organizations abroad may be worth more than you realize.
The consulting industry is filled with travel and opportunities to not only provide a comfortable living but also see the world.
2. Oil Rig Worker / Petroleum Engineer
Annual Income – $75,511 – $250,000
Depending on your level of experience, working on an oil rig can be an exceptionally lucrative opportunity. While the United States employs oil rig workers, many companies abroad are willing to pay even more depending on your expertise.
3. International Journalist
Annual Income – $75,000 – $120,000
As a foreign correspondent, workers must cover a myriad of stories, which can range from being embedded with a military unit in a war zone to investigative economic documentaries.
This career field is highly competitive but offers unique opportunities not available to those unwilling to travel.
4. English as a second language
Monthly Income – $2,500 – $6,000
While many companies offer online instruction in English as a second language, there is still a strong demand for in-person native-speaking English teachers. If you speak more than one language, there are opportunities to teach English all over the world.
Teachers must obtain a Teaching English as a Foreign Language Certificate, commonly referred to as a TEFL certificate.
5. Civilian Contractor
Annual Income – $70,000 – $350,000
Civilian contractors are usually employed by an organization, such as a government, to offer their services as a worker or a teacher in various industries. Usually in a war zone, these employment opportunities can be dangerous but very lucrative.
Some of the more highly sought after civilian contractors specialize in:
- Health care
Is working abroad right for you?
Making a major move to an overseas job opportunity brings many new opportunities, but it can also bring a fair share of unknowns.
While the grass is not always greener on the other side, change can lead to new adventures you may never get the chance to experience again.