Earning in a foreign currency is thought to provide prospective income tax benefits. Teachers may be excluded from paying tax based on the number of days spent outside of South Africa during the tax year and the nature of their job overseas. Picture: Pexels
Earning money in a foreign currency has been the preferred approach for South Africans seeking to offset inflation and the rising cost of living.
Leveraging the exchange rate can help new graduates entering the labour market with current financial commitments.
Teaching English as a Foreign Language (TEFL) is a tried-and-true strategy for finding work that pays in dollars, won, or dirhams, with the added bonus of traversing the world.
Managing director at the TEFL Academy, Rhyan O’Sullivan, said that the youth faced tremendous pressure to reconcile economic and personal ambitions with financial and household responsibilities.
“This is especially true for South Africa’s young people,” O’Sullivan said.
“Teaching English abroad allows them to generate additional income, which they can use to channel funds back to their families, build savings, and tackle student loan repayments — all while enjoying the freedom to work from home or experiencing new destinations.”
Earning in a foreign currency is thought to provide prospective income tax benefits. Teachers may be excluded from paying tax based on the number of days spent outside of South Africa during the tax year and the nature of their job overseas.
Another supposed advantage is that South Africa has engaged into double taxation treaties with countries such as China, the United Arab Emirates, and Singapore to avoid double taxes, and certain Middle Eastern nations even enable you to generate tax-free income.
Qualified teachers may expect to earn between R190 and R560 per hour, depending on their degree of expertise and the exchange rate in the target country.
This hourly salary is higher than that of most entry-level positions in South Africa.
“In general, teaching salaries are good enough to cover the cost of living in your chosen destination, and sometimes come with additional perks such as airfare, medical insurance, visas and furnished accommodation,” said O’Sullivan.
“Opting for online teaching from home could mean earning in a stronger currency, which allows you to stretch your income further and enjoy an overall higher standard of living.”
Countries in Asia, such as South Korea and Japan, as well as Middle Eastern countries like Saudi Arabia, Kuwait, and Qatar, typically provide comprehensive employment packages.
“Whether you’re looking to immerse yourself in the trendy South Korean culture, explore tropical rainforests or live it up in the sleek cityscape of Dubai, TEFL gives you a chance to gain an authentic experience of living in a different country, while saving enough money to go beyond making ends meet.”
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