Are you a foreign buyer or non-resident looking to purchase property in South Africa?
Here is some information on buying a property in South Africa as a foreign buyer or non-resident.
South Africa follows a system of land registration where every piece of land is reflected on a diagram and ownership recorded in one of the regionally located Deeds Registries where documents are available for public viewing. South Africa is reputed to have one of the best deeds registration systems worldwide with an exceptional degree of accuracy and of tenure being granted. Property can be owned individually, jointly in undivided shares or by an entity such as a company, close corporation or trust or a similar entity registered outside South Africa.
Foreigners are referred to 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. There are certain restrictions on property ownership by non-residents and illegal aliens are prohibited from owning immovable property within South Africa.
There are also certain procedures and requirements which must be complied with in certain circumstances, such as the local registration of entities registered outside of South Africa where it purchases a property in South Africa as well as the appointment of a South African resident public officer on behalf of a local company whose shares are owned by a non-resident.
This section has been broken up to give you insight into various questions and procedures with regards to foreigner bond registration for purchasing property in South Africa as a non-resident. Contact us to find out more about property investment in South Africa.