Buying property in SA as a Non-resident
When a non-resident uses funds transferred directly from a foreign source to purchase a property, it is important for the buyer to keep the below documents in paper form for as long as the property is owned. Without these documents, it will be challenging to repatriate the funds out of South Africa:
- MT103 'Deal Receipt' - this is prima facie proof that the foreign funds were introduced into South Africa from abroad when the funds are paid into the STBB trust account.
- Copy of the Final Statement of Account
- Proof of Interest paid to the buyer
- Offer to Purchase
Author Annetjie Coetsee, STBB