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Buyers Guide - South Africa |
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There is no restriction on non- residents purchasing property in the Republic of South Africa provided they pay the purchase price in cash, which can be freely imported from overseas destinations. The funds are placed in a "non resident transferable account" on receipt and are paid to the seller on registration of transfer of the property into the name of the purchaser. Should the property be subsequently sold, these funds can be remitted back overseas without restriction. An overseas purchaser who is in possession of a South African temporary or permanent residence permit may obtain loan finance to purchase a property. However an overseas purchaser who is not in possession of such permits must import 50% of the purchase price and transfer and bond costs, but may obtain loan finance for the balance, provided the purchaser has a banking account in the Republic of South Africa. Through our partner companies in Cape Town we can provide you with all the necessary paper work and local lawyers. Transfer and legal fees when purchasing a property in South Africa are usually 8% of the property value. |
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