Hout Bay to host World Cup Qulaifier Show jumping event
From November 19 to 22 Glenellen farm will host this prestigious event which will feature the top national riders competing in the final leg of the South African League of The World Cup Show Jumping Championship.
Anyone can own property in Hout Bay, South Africa. Although there has been some discussion at Government level about limiting the rights of foreigners to purchase and own immovable property in the Republic of South Africa no steps have yet been taken in this regard and foreigners are therefore still freely allowed to purchase immovable property. If and when the Government does create legislation limiting the rights of foreigners the legislation cannot deprive the foreigners who already own property of their property rights. Foreigners are permitted at any time to sell their property and repatriate the original capital expended plus their profit. When a foreigner wants to repatriate funds he will be required to establish that the funds initially utilized for purchasing the property were brought into the Republic at the time of purchase from abroad. The purpose of this rule relates to the exchange controls which apply to South African residents/citizens and is designed to ensure that the transaction does not amount to an effort on the part of a South African to unlawfully expatriate his funds. This is best achieved by opening a special "non-resident" bank account with a South African commercial institution and ensuring that all funds expended for purposes of the property investment, travel through that account. The opening of this account is however not a prerequisite to the purchase of the property. The funds can be remitted directly to the conveyancing attorneys appointed to attend to the registration of the transfer of ownership of the property purchased who will, if requested, cause the title deed issued to the foreign investor to be endorsed by the attorneys' own bankers, and thereby facilitate the repatriation of the funds when required. This "endorsement" will serve as proof that the purchase price of the property was paid with imported funds. Foreigners are furthermore permitted to borrow funds from a South African financial institution and permitted to register a mortgage over the property purchased as security for such loan. The South African laws however restrict the capacity of foreigners to borrow more than a maximum of 50% of the proposed purchase price of the property.
