reported<\/strong><\/a> City AM. <\/p>\n\n\n\nWith the UK government planning sweeping changes to tax regulations, Wierzycka is exploring her options, though a return to South Africa remains out of the question.<\/p>\n\n\n\n
Beginning at Southern Life as a development actuary, Wierzycka quickly shifted to investment management, where her talent began to shine. <\/p>\n\n\n\n
At Coronation Fund Managers, a then-nascent asset management firm, she played a pivotal role in its growth, overseeing a fivefold increase in institutional assets. <\/p>\n\n\n\n
Later, she co-founded Sygnia, a firm that grew under her leadership into one of South Africa’s leading financial services companies, managing assets worth over R318 billion. <\/p>\n\n\n\n
Her vision and expertise cemented her status as a trailblazer in the financial sector, earning her recognition as one of Africa’s 50 Most Powerful Women by Forbes<\/em> in 2020.<\/p>\n\n\n\nDespite her accomplishments, Wierzycka has never shied away from speaking out against corruption and unethical practices, particularly in South Africa. <\/p>\n\n\n\n
Her outspoken stance against the Gupta family’s influence and former President Jacob Zuma’s administration put her in the crosshairs of political hostility. <\/p>\n\n\n\n
Fearing for her safety amid threats and state surveillance, she relocated to London five years ago. <\/p>\n\n\n\n
In the UK, she could live without the constant anxiety of a security detail or political retribution, allowing her to focus on her ventures, including Braavos Investment Advisers, a private equity firm she co-founded.<\/p>\n\n\n\n
However, the UK no longer offers the haven it once did. <\/p>\n\n\n\n
The Labour government’s proposed abolition of the “non-dom” tax regime\u2014a provision allowing wealthy foreigners to pay tax on overseas income in their home countries rather than in the UK\u2014has left Wierzycka at a crossroads. <\/p>\n\n\n\n
The new rules, set to take effect in April next year, would significantly increase her tax obligations, including on dividends from Sygnia. <\/p>\n\n\n\n
Coupled with changes to inheritance tax laws, the financial impact has forced her to reconsider her future in the UK.<\/p>\n\n\n\n
While South Africa might seem like a natural alternative, Wierzycka has ruled it out due to safety concerns and restrictive financial regulations. <\/strong><\/p>\n\n\n\nHer vocal opposition to corruption makes her a target in a volatile political climate, and her experiences of surveillance and threats remain vivid. <\/p>\n\n\n\n
Additionally, South Africa’s exchange controls and estate duty laws complicate the transfer of wealth, making it an unattractive option for someone with global assets.<\/p>\n\n\n\n
For instance, transferring significant funds out of South Africa requires approval from the South African Revenue Service, a process Wierzycka described as fraught with difficulty. <\/p>\n\n\n\n
“They\u2019ll want that money for themselves,” she remarked, highlighting her mistrust of the system.<\/p>\n\n\n\n
Instead, Wierzycka is exploring other countries with favourable tax regimes for foreign nationals, including Greece, Italy, and Switzerland. <\/p>\n\n\n\n
These nations offer policies reminiscent of the UK’s former “non-dom” system, aligning better with her financial and lifestyle needs. <\/p>\n\n\n\n
However, relocating again presents its own challenges. <\/p>\n\n\n\n
Wierzycka has invested heavily in her UK life, employing local staff and contributing to the economy. <\/p>\n\n\n\n
The uncertainty surrounding her potential departure has already impacted her UK-based investments, putting further pressure on her decision.<\/p>\n\n\n\n
\n\n\n\nRead: Major emigration shift for South Africans<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Magda Wierzycka, one of South Africa’s most successful businesswomen, is reconsidering where she calls home. <\/p>\n","protected":false},"author":92,"featured_media":800730,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9876],"tags":[15792,853,11885,9788],"class_list":["post-800725","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","tag-magda-wierzycka","tag-south-africa","tag-sygnia","tag-uk"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/800725","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=800725"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/800725\/revisions"}],"predecessor-version":[{"id":800928,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/800725\/revisions\/800928"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/800730"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=800725"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=800725"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=800725"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}