Whilst the introduction of the foreign stamp duty surcharge in SA has reduced the number of foreign buyers, we have noticed that they still remain active in the market and also noticed that both foreign buyers and agents alike require prompt assistance in how to secure sale contracts with foreign buyers and then obtain FIRB approval.
Essentially the law requires foreign buyers to first obtain approval from the Foreign Investment Review Board (FIRB) before they sign a contract. However this is not practical, especially considering they must pay a substantial application fee.
The work-around is that the sale contract be entered into subject to the foreign buyer first obtaining FIRB approval. Unfortunately this does not help foreign buyers wishing to buy at auction.
Commercial & Legal have setup a streamlined and cost-efficient service ($450 + GST) to assist agents and their foreign buyers to answer initial queries (including when it comes to drafting of conditions in the contract), and then to process and lodge the FIRB application fast for approval. With processing times taking between 7 to 30 days, applications should be accurate and monitored to avoid delayed settlements.
If required, Commercial & Legal also have a Chinese and other multilingual staff members on hand to deal with those foreign buyers that need further help.
Should you be interested in receiving further information from us FIRB, please contact any of our team members at firstname.lastname@example.org or call 08 8206 8444.
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