[imagesource:pexels]

It’s not surprising that  the quaint capital of the Isle of Man, a place called Douglas, has emerged as the go-to emigration destination for many South Africans. It’s lekker by die see, after all!

Driven by the allure of its offshore economy and despite the foul weather, an increasing number of Saffas have flocked to this diminutive Crown Dependency nestled within the expanse of the Irish Sea.

The Isle of Man, a territory known for its distinctive tailless cats and adrenaline-pumping motorbike races, has pivoted its gaze towards skilled professionals in finance, insurance, technology, and gaming.

This concerted effort is part of a grand vision aimed at elevating its population to 100 000 by 2027, doubling its economy to a staggering £10 billion (R240 billion!), and generating 5 000 jobs by 2032.

While there are smatterings of historical evidence showing a relationship between the Isle of Man and South Africa, the bond has clearly grown stronger, with South Africans constituting a large amount of the island’s residents.

A remarkable 1,218 South Africans were counted in the Isle’s 2021 census, positioning them as the “largest overseas population outside of the British Isles,” as noted by Alfred Cannan, the island’s Chief Minister.

Why this little island in particular though?

Well, while expats’ experience will differ, I’ve got a feeling a lot of the appeal has to do with rock-bottom tax rates, strategic proximity to European markets, and client demands for funds that ensure international diversification and safeguard against rand depreciation.

It’s a tax oasis where capital gains tax, withholding taxes, and wealth taxes are nonexistent, and most businesses pay a mere 0% tax on profit. No wonder people like Yash Naidoo, the International Business Development Manager at Johannesburg-based Nedbank Group Ltd., who made the move in January 2022, decide to call Douglas their new home.

“There isn’t an unemployment issue here,” Naidoo simply put it.

Another expat resident, Niall Jacobs, is a firm Isle of Man local now, celebrating 22 years of living on the island. While he has big love for his home country, Jacobs has sympathy for those who make the move.

“Leaving South Africa is very difficult for most people because of the lifestyle, the weather … But unfortunately because of the political landscape and the crime, it’s quite an easy decision if given the opportunity to move.”

While emigrating from South Africa is a divisive topic, you have to admit that these expats make the Isle of Man sound like the next big European hub for SA business.

Personally, I want to meet the cats.

[source:news24]