I just moved to Dubai from the US 6 months ago. I was 6 months into my iPhone contract with At&t. I called them and explained the situation to them. After suggesting a few alternatives (All of which would have been too expensive to bear), they did allow me out of my contract with no penalty and there are no remarks on my credit report. (I do check it once every month).
This is a little different situation in which you will be purchasing it with the intention of canceling the contract and paying a penalty. My concern is whether you will pay the penalty and be asked to return the phone or pay back the subsidized price.