Non-doms: South Africa’s richest woman is fighting to stay in the UK
South Africa’s richest woman, Magda Wierzycka, is reconsidering her UK residency after the government’s recent Budget reforms scrapped the long-standing non-dom tax regime. The billionaire entrepreneur, who fled South Africa for safety and established a London-based venture capital firm, warns the changes could trigger an exodus of wealth and investment from the UK.
The reforms tighten inheritance tax rules on foreign-held assets and reduce tax benefits for non-doms, applying full UK taxation to foreign income after just four years. Wierzycka, whose South African assets are already taxed heavily, says the changes make it financially untenable to stay, jeopardizing her investments, staff, and millions of pounds in potential UK ventures.
While reluctant to leave, Wierzycka is pausing new UK investments and exploring relocation options to tax-friendly nations like Switzerland and Greece. "The UK risks losing billions in investment from people like me," she says, as more non-doms choose to move their wealth elsewhere.
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