Why South Africans expats are flocking to 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 53km-long Crown Dependency in the middle of the Irish Sea in recent years.
Jobs are one attraction. “There isn’t an unemployment issue here,” says Yash Naidoo, a South African professional who moved in January 2022. There’s “huge demand” in general. Alberts moved to the island in 2017 with his family after previously working for Old Mutual in South Africa, Namibia, Zimbabwe and Kenya. Capital International is headquartered in the Isle of Man, with offices in South Africa, and provides corporate finance and investment management for individuals and clients.
While the Isle of Man is cheaper than the other Crown Dependencies of Jersey and Guernsey, the price of housing may still come as a shock to incoming South Africans. The average purchase price for a home in South Africa was R1.4-million rand in the last three months of 2022, according to ooba Home Loans. That compares to £386 955 in the Isle of Man at the end of 2022, according to a May government report.
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