As the South African Revenue Service (SARS) intensifies its focus on the tax compliance of high net-worth individuals (HNWI), a self-governing island nation located in the Irish Sea has steadily emerged as an appealing emigration destination for prospective South African expatriates.
The uptick in interest in emigration to the Isle of Man follows intensified tax scrutiny on the country’s wealthy and the establishment of SARS’ HNWI Unit in 2021, said Sthembile Mkhize, expatriate tax specialist at Tax Consulting SA.
Among the proposals are that provisional taxpayers with assets exceeding R50 million be required to declare specific assets and liabilities at market value in their 2023 tax returns, said Mkhize. “HNWIs should not underestimate SARS’ commitment, particularly if your lifestyle is incompatible with your declared tax information. This could result in dire consequences in accordance with Section 234 of the Tax Administration Act No 28 of 2011 or even in criminal prosecution,” said Mkhize.
The island has a customs arrangement with the UK that aids in commerce but ensures legal independence from both the United Kingdom and the EU.
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