International Buyers 2017-11-30T12:44:30+00:00

International Buyers

Cape Town has been voted Travel Destination of the Year so often that locals now take it for granted. Looking at some of the city’s other international awards such as Luxury City Destination of the Year, Golf Destination of the Year and Best Overseas City for Restaurants and Bars, it’s no surprise that locals love Cape Town as much as tourists do.

With plenty of sunshine all year round, blue flag beaches, world-class wine and dining experiences and one of the seven wonders of the world – Table Mountain, of course – there are more than enough attractions to keep you adequately sated, outdoors and entertained.

Under the Democratic Alliance’s (DA) administration, Cape Town is broadly regarded as the best-run city in South Africa and also the only metro in the country to get a clean audit. Current Western Cape Premier and former leader of the official opposition party, Helen Zille notably won the 2008 World Mayor Prize when she was Mayor of Cape Town. This prestigious accolade is awarded by City Mayors, an international urban affairs think tank that recognises the achievements of outstanding mayors from around the world.

Upper Kenilworth is one of the most central suburbs in Cape Town. Only 15 minutes from the city and 20 minutes from the nearest beach, Kenilworth lies comfortably between Cape Town’s 2 major highways – the M3 and the M5. While the exquisite Constantia wine-route is a mere 10 minute drive away, top quality local eateries remove the urgency of travelling to the city for every dining experience. Kenilworth’s larger properties mean less ambient noise and a lower population density. Under the shelter of the mountain, Kenilworth tends to receive more rain and less wind than other areas of the Cape.

There are no restrictions for foreign ownership of property in South Africa. The country has enjoyed significant foreign investment in residential property since the mid-1990s with the Western Cape and Kwa-Zulu Natal’s coastal region the most popular areas.

Non-resident investors are liable for Capital Gains Tax once they sell their properties. Under the present rules the purchaser of the property will be required to deduct a percentage from the proceeds of the sale and remit it directly to the South African Revenue Service before paying the balance to the seller.

South Africa’s purchasing process is simple. A preliminary contract is entered into by the buyer and seller. A deposit negotiated between the parties is put down on the property and the conditions upon which the deposit may be returned are outlined specifically in the preliminary contract. Following the execution of the preliminary contract, the buyer seeks financing. While there are plenty of South African mortgage lenders that deal regularly with foreign investors it is also possible for a foreign national to finance the property from his or her own country of origin.

Once all of the requirements of the initial agreement have been satisfied, a final agreement of sale and transfer of immovable property is executed between the parties. When the agreement is duly executed, ownership is transferred from the seller to the buyer and a new title to the real estate is registered immediately with the government authorities.

Passports, Travel and Living Abroad – advice for UK citizens: