Why are many South Africans making this tiny island their new home?
The Isle of Man, a tiny island off the UK coast has seen an influx of South African expats in recent years.
The island is seeking skilled professionals in finance, insurance, technology and gaming to help strengthen its economy and increase the population, according to TechCentral.
WHAT IS THE ATTRACTION?
Bloomberg identified a few factors that make this an attractive location for South Africans to relocate to. The island’s offshore economy is a luring factor. The economy of the Isle of Man is a low-tax economy. Even though it is within the British Isles, it does not form part of the UK and 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.
Another strong attraction is the availability of jobs. Yash Naidoo, a SA professional who moved to this island in the middle of the Irish Sea, said that unemployment is not a problem and that there is a big demand in general.
Positive aspects especially for families, are the secure environment, excellent education, and the healthcare system.
OVER 1 000 SA RESIDENTS
South Africans made up 1 218 of the residents in the 2021 census, reported Business Tech. Despite a very windy and rainy climate, South Africans are the Isle of Man’s “largest overseas population outside of the British Isles,” said Alfred Cannan, the island’s chief minister. Breytenbachs Immigration Consultants reported that South Africans are in popular demand on the island to fill the gaps in the labour market.
The Isle of Man Today reported that according to the police, the Isle of Man remains one of the safest places in which to live in the British Isles.
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