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Can I Purchasing Property In South Africa As A Foreigner?
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Purchasing Property In South Africa As A Foreigner
Property of any kind in South Africa is normally purchased through a broker or real estate agent who should be registered as a member of the Estate Agents Board.
The South African Reserve Bank refers to foreigners as NON-RESIDENTS whether they be natural persons or legal entities, whose normal place of residence, domicile or registration is outside the common monetary area of South Africa.
Should the non-resident be paying cash for the property, the transaction can be processed without intervention from the South African Reserve Bank.
Non-residents purchasing a property in South Africa may borrow up to a maximum of 50% of the purchase price in South Africa; the other 50% of the funds must be brought into the country by the purchaser and transferred from a recognised foreign bank to a bank in South Africa. The total amount that may be borrowed is at the discretion of the commercial bank offering the loan and Pam Golding International can assist in this regard using our in-house Mortgage consultants.
Non-residents who are in possession of a valid South African work permit are considered to be residents for the duration of their work permit and are therefore not subject to borrowing restrictions placed on non-residents without work permits. |
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