NON RESIDENTS AND THE ACQUISITION OF IMMOVABLE PROPERTY

When investing in immovable property ("property") in South Africa , non residents are concerned with, firstly, whether it is possible and, secondly, whether there are any specific procedures to comply with.
In summary property maybe acquired by foreign nationals whether juristic or natural.

1. NATURAL PERSONS
   Foreign Nationals are entitled to have property registered in their names and no special procedures are required to be followed. It must be noted that dates of birth will be required for the registration procedure and the Conveyancer attending to the transfer will require a statement to the effect that no South African identity document has been issued and that the transferee is not a prohibited person as defined in the Aliens Control Act.
   
   
2. JURISTIC PERSONS
   There is no impediment for a foreign national to hold a members interest in a Close Corporation to be a Shareholder of a Private Company, should the Close Corporation or Private Company be the property holding vehicle. However, the Close Corporation or Private Company must be registered in South Africa and accordingly the registration process of a Close Corporation and a Company is to be followed. Should a foreign Company wish to acquire property in South Africa, that Company will also have to be registered in South Africa.

Should you require any further information contact Lorenzo Bruttomesso of CB Niland & Partners by e-mail at cbn@iafrica.com.