buying a house as temp resident

[Soniah 5]

Has anyone bought a house as temporary resident in SA?

I've just read about temporary residents being classed as foreign investors and therefore needing to pay 7% extra stamp duty and apply for FIRB permission - is this correct?

Feel it's really unfair if we are to be classed as a foreign investor when working and living here and paying tax 

 

 

[Marisawright 5,212]

It’s probably more than 7%. In most states you’ll pay about three times the usual rate, plus the fee for FIRB. Probably not a good idea to buy as you’re not guaranteed to get PR and you won’t recoup those extra costs if you have to sell

[Samson 62]

I’m in the same boat. I’m renting again because it would cost me around 50k in additional fees for a 400k house.
 

Sucks Bigtime 

[Marisawright 5,212]

8 hours ago, Samson said:

I’m in the same boat. I’m renting again because it would cost me around 50k in additional fees for a 400k house.
 

Sucks Bigtime 

It does, but on a short term visa, you would be unwise to buy a house anyway