In the article they linked about i being illegal to bypass regional restrictions they have the following scenarios:
1. License holder (studios) starts a civil case against you for copyright infringement (license fee per movie or series watched)
2. Platform (Netflix) suspends your service due to breach of terms (no penalty)
3. Local providers (Multichoice etc.) take legal action for copyright infringement (Same penalty as 1)
Now they way I see it, and a lot of this has been mentioned in that article:
1. Highly unlikely that any studio will try and lodge a civil suit against someone in a different country for a few thousnd bucks.
2. Netflix don't really care as long as you pay (They haven't really tried hard to block unotelly and hola etc.)
3. According to the article this is most likely. However, how will they know you've been watching netflix? According to SA law (ECA or some act, can't remember) it is illegal to monitor someone's online activity without their consent. This point was also raised when "SA's first online pirate" was caught. It is illegal for them to monitor your internet traffic to determine what you are downloading or streaming.
So there really is nothing anybody can do to you for streaming content from overseas.