Financial experts from South Africa are being drawn to a small island in the Irish Sea.
Douglas, the tiny capital of the Isle of Man, might seem an unlikely destination for South African expats. But the pull of its offshore economy and the push of South Africa’s struggles means hundreds have headed to the 33-mile-long Crown Dependency in the middle of the Irish Sea in recent years.
South Africans are the Isle of Man’s “largest overseas population outside of the British Isles now,” according to Alfred Cannan, the island’s chief minister. That’s despite a climate as windy and rainy as South Africa is sunny. As a crown dependency, its taxation system is entirely separate from that of the UK. There’s no capital gains tax, withholding taxes or wealth taxes, and most businesses pay 0% tax on profit.
As part of its pitch, the Isle of Man is hosting trade shows in major South African cities. On frequent display: the centre’s potential to structure investments into Europe and its tax advantages. Thando Lamula, a 36-year-old chartered tax adviser who has previously worked for the South African revenue service as well as PwC, visited the Isle of Man in July and plans to relocate by next year.
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