Offshore basing rumors have crept up from time to time; however, the higher brass has reiterated that it is not going to happen.
Some believe that the company would be exposed to the laws of "normal" countries, when pilots decided to sue them for one reason or another. Apparently, there are some fiscal and tax issues that would have to be resolved in favor of Emirates, of course.
Then again, it could happen in the future, because many things have changed in the past few years. The crazy expansion program is putting a lot of pressure on them, as far as attracting qualified labor is concerned, in general. Therefore, I would not be surprised if basing pilots overseas would be one more perk to be offered by the company.
My opinion, anyway.