There are no restrictions on property ownership by non-SA residents, apart from a prohibition on illegal aliens owning immovable property in South Africa. There are procedures and requirements which must be complied with in certain circumstances. In the event of a non-resident purchasing property in the country with the intention of residing here for longer periods, permanent residency will have to be applied for.

Non-residents are natural persons or legal entities whose normal place of residence, domicile or registration is outside South Africa. Where the non-resident pays cash for a property, the transaction can be processed without intervention from the SA Reserve Bank. Non-residents wishing to purchase fixed property in SA may borrow up to a maximum of 50% of the purchase price. The other 50% of the funds must be brought into the country by the purchaser and transferred from a foreign bank to a bank within South Africa.

The process for purchasing is identical to that of a SA resident, however, the non-resident must open an account at a SA commercial bank to facilitate their loan / mortgage repayments.

Exchange control is currently undergoing a deregulation process to make is easier for non-residents to invest in South Africa. To ensure you are provided with the most up-to-date information we strongly advise you to consult a solicitor or an accountant for financial advice.

Start looking for a home to buy....click here.