Latest news with #Wierzycka
IOL News
16 hours ago
- Business
- IOL News
This is why South African billionaire Magda Wierzycka wants to come back home
South African billionaire Magda Wierzycka reveals her plans may hinge on new tax laws in the UK, potentially forcing her to return home and reshape the financial landscape for expatriates. Image: Facebook/Magda Wierzycka South African billionaire and Sygnia CEO Magda Wierzycka has hinted at a potential return to her homeland, citing recent tax changes in the UK as a significant factor in her decision. New rules, including a tax on overseas assets for residents with foreign ties, have raised concerns about her financial future in London. Wierzycka, known for her forthright stance against corruption, left South Africa several years ago, declaring that she would never return due to safety concerns. With an estimated net worth of $250 million, she ranks among the wealthiest women in South Africa, with her publicly traded shares in Sygnia valued at approximately R2 billion, in addition to substantial private investments. The shifting tax landscape in the UK, however, has thrown her plans into disarray. In an interview with SKY News, she explained the implications of these proposed changes. 'In my situation, let's assume I die right now, my estate and the assets that I have in my trust would be subject to inheritance tax here immediately,' she stated, highlighting the uncertainty this creates for her financial legacy. Wierzycka also expressed her frustrations with South Africa's foreign exchange controls, which complicate any potential relocation. 'South Africa has these kinds of restrictions on the free movement of cash out of the country. So, you know, it's a situation where my estate might, my children might not be able to settle the bill in the UK,' she said. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad loading These developments come at a time when Wierzycka is actively seeking funding for her investment ventures. 'I was raising a fourth fund to invest solely in the UK... The message to my investors is we'll be deploying the capital around the world. We are not coming to the UK," she noted, signalling a potential pivot away from British investments as she reevaluates her options. The repercussions of these changing policies could reshape not only Wierzycka's future but also impact the broader financial landscape for South African expatriates in the UK, prompting a need for ongoing discussion about the implications of such taxation reforms. IOL
The South African
a day ago
- Business
- The South African
Here's why South Africa's richest woman may return home
South African billionaire and Sygnia CEO Magda Wierzycka has revealed she may return to Mzansi, citing controversial tax changes proposed by the United Kingdom government that threaten the financial security of high-net-worth individuals. Wierzycka, 56, one of South Africa's wealthiest women with an estimated net worth of $250 million (R4.5 billion), has warned that new UK tax policies targeting non-domiciled residents could impact her estate planning and investment strategies – possibly prompting her relocation back to her home country. 'In my situation, let's assume I die right now, my estate and the assets that I have in my trust would be subject to inheritance tax here immediately,' Wierzycka said in an interview with Sky News . The UK government's proposed reforms include subjecting foreign-owned assets to inheritance tax, even when held in trusts or offshore structures. These measures are part of a broader strategy to end favourable tax treatment for wealthy individuals who do not formally claim permanent residency in the UK – known as 'non-doms.' Wierzycka, who relocated to London several years ago amid rising safety concerns and her public anti-corruption stance in South Africa, said the changes drastically affect how she manages her global wealth. The tax implications, she says, are severe enough to make continued residence in the UK 'unviable', especially with South Africa's foreign exchange controls adding a layer of complexity. 'South Africa has restrictions on the free movement of cash out of the country,' she explained. 'So it's a situation where my children might not be able to settle the [UK inheritance tax] bill.' Wierzycka, also known for her vocal criticism of state capture during the Zuma years, hinted that the tax policy shift would also redirect investment strategies for her firm, Sygnia Asset Management. 'I was in the midst of raising a fourth fund to invest solely into the UK,' she told Sky News. 'The message to my investors is: we'll be deploying the capital around the world. We are not coming to the UK.' The remarks mark a significant policy shift for Sygnia, which had previously prioritised UK-based investment opportunities. Although Wierzycka had previously vowed never to return to South Africa due to security risks and political instability, she now acknowledges that the evolving UK tax landscape may leave her with few alternatives. A potential return would likely reignite debates about South Africa's tax system, capital controls, and security climate, as the country continues to navigate its own economic and political transition following a coalition government formed after the ANC lost its majority in 2024. No formal timeline has been announced for Wierzycka's potential move, but the situation underscores growing concerns among global investors over rising tax nationalism in the UK and beyond. Wierzycka, who was born in Poland, emigrated to South Africa when she was 13. She attended Pretoria High School for Girls. She then attended the University of Cape Town where she graduated with a Bachelor of Business Science and a Postgraduate diploma in actuarial science in 1993. She has two sons with husband Simon Peile. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
IOL News
3 days ago
- Business
- IOL News
South Africa's richest woman Magda Wierzycka considers returning due to UK tax changes
South African billionaire and Sygnia CEO Magda Wierzycka says she may be forced to return to South Africa Image: X / Magda Wierzycka South African billionaire and Sygnia CEO Magda Wierzycka says she may be forced to return to South Africa because of tax changes proposed by the UK government. Magda Wierzycka left South Africa several years ago, citing safety concerns linked to her outspoken fight against corruption. At the time, she claimed she would never return to the country.. Wierzycka is estimated to be worth $250 million, making her one of South Africa's richest women. While her publicly traded shares in Sygnia are said to be valued at around USD 114 million (R 2 billion), her total wealth includes private assets and investments. However, the UK's recent tax changes targeting non-domiciled residents, including the introduction of inheritance tax on overseas assets, have put her future in London in doubt. Wierzycka has said that these policies could force her to relocate back to South Africa. 'In my situation, let's assume I die right now, my estate and the assets that I have in my trust would be subject to inheritance tax here immediately,' she said in an interview with SKY News. She added that South Africa's foreign exchange controls complicate matters further. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ 'South Africa has these kinds of restrictions on the free movement of cash out of the country. So, you know, it's a situation where my estate might, my children might not be able to settle the bill in the UK. 'I was in the midst of raising a fourth fund to invest solely into the UK... The message to my investors is we'll be deploying the capital around the world. We are not coming to the UK". IOL Business Get your news on the go, click here to join the IOL News WhatsApp channel
