Spartacan gets it! Keep good records and cover your ass at all times. Remember that you can always find another employer, but not another licence.
Hmmm I thought that Fraggle Rock was tax-free, but from the government website it appears that you can pay 18% tax. Better than the UK, but not exactly tax-free.
Still, in the end it comes down to the quality (or otherwise) of the pilot management. That is the "X" factor as far as I am concerned.