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Right Area
Buying Guide for buying property in South Africa
Basic
Facts - Buying
Process - Costs
Visa
/ Residency - Health
Population: 44 million
Capital: Pretoria / Tshwane
Native Language:English and 10 others, including
Afrikaans
Currency: rand (ZAR)
Dialling Code: +27
Emergency Services: 112
Embassy: www.southafricahouse.com
- There are no restrictions to foreigners purchasing in South Africa. Purchasers can buy as individuals or as a Company.
- Once a property has been found purchaser must make a written offer to purchase or sign a deed of sale. Both documents are legally binding and outline all conditions of sale and completion date. Deposit of 10% is required.
- The outstanding balance just before completion date, at this stage title is transferred to new owner.
- Before signing on completion date make sure of the state of the property. There is a clause (the voetstoerts) that states the property is sold as seen, any fault that is later found is the responsibility of the purchaser.
- Transfer tax: up to 8%
- If buying through a company, a flat rate of 10% transfer tax applies
- Agents fees: 5%
- Legal fees: 1% to 2%
- Capital gains tax is levied at 25% for individuals and 50% for Company purchases. The first R 1 million (L87,000) is exempt if the property is a main residence.
No visa required for UK citizen spending up to 90 days in South Africa.
After this time a number of different visas are available. The process is lengthy but once the correct visa is chosen it is quite straightforward.
It is advisable to takeout private healthcare in South Africa as the national health service is over used.