• The Kaplan Team

THOUGHT OF THE WEEK Non-resident property buyers

Updated: Apr 7, 2020

Transferring title in immovable property into the name of non-residents generally follows the same processes as are required in respect of South African property purchasers. In both instances, our land registration system offers new owners security of tenure. However, additional permutations apply in respect of non-resident transactions, making legal advice crucial prior to entering into the transaction.

Questions arising include:

  • Can foreign funds be brought into SA for property acquisition?

  • Can non-residents borrow money locally to purchase?

  • May the conveyancing documents be signed overseas and, if so, what is the procedure?

  • May the proceeds be taken out of the country when the property is sold?

  • Are non-resident owners liable for SA income tax on disposal?

  • Is estate duty payable here in the event of the non-resident owner’s death?



4 views0 comments

DISCLAIMER:

This article is not intended to constitute legal advice and is produced for information purposes only and to provide a general understanding of the legal position relating to the topic. It is recommended that advice relating to the specific circumstances of your situation be sought from our attorneys before acting upon the content of this article. This article was written at a particular point in time and accordingly may not always reflect the most recent legal developments, if any, applicable to the relevant topic. Kaplan Blumberg and its partners and/or employees, are not responsible for any consequences which may follow upon any decision taken to act upon the information provided in this article.