-->>Hallo,
>musste mich gerade mit dem Thema bschäftigen.
>Anscheinend dürfen Investitionen (Häuser u.a.) die älter als 5 Jahre sind, zwar gewandelt werden, aber das Geld darf nicht mehr ausser Landes gebracht werden.
>Ist man noch nicht so lange"an-" gebunden, kann man seine Finger noch raus ziehen.
>Mit wohlstandsförderndem Gruß


hallo

... gewandelt....??

Was soll das heissen?

Gruß
arvito

-->

mehr als fünf Jahre im Besitze, oder
mehr als fünf Jahre alte Häuser, oder
sonst irgend etwas?


Ich weile ab 15. Januar 2006 in Südafrika und könnte allenfalls von Realestate-
Fritzen Genaueres erfahren, falls es drängt gleich jetzt am Telefon?

Emerald.

-->Regarding blocked funds. As you probably have heard, it would seem that by 2007 all foreign exchange restrictions on movement of funds will be lifted.

With this in mind preventing funds from the sale of property from leaving the country makes no sense.

Your friends might well be confused with draft legislation which has been released for public comment regarding income tax.

This legislation, as mentioned, at this stage only for public comment, might be put in place to prevent overseas money from leaving the country before normal taxes - if any - are paid.

The legislation states that if your home in Paarl is sold, 5% of the sale price will be held back until the state is of the opinion that any South African income tax due by you has been paid.

In your case of course you are not liable for South African tax so the amount would be paid over almost immediately.

The reason for this draft proposal is that in some cases overseas people have been making huge business profits in this country, investing the proceeds in property, then selling the property and moving the money out, in this way without paying taxes.

Personally I would feel the management of such a new law would not be worth the income derived. In fact I would be surprised if the law would be passed in Parliament.

Regards

John Phillips