Hubby shall be applying for his British citizenship (well will do as soon as home affairs can find his vault copy birth certificate :walled
. He is first generation SA so might as well.
So we're thinking about buying part ownership in a property out north as my sister and SO may be heading there and could benefit from the cash injection when applying for a bond (naturalised citizen/permanent resident). They will just pay us a small rent on our share.
Now problem is this - Although we don't need to be residents (or even citizens) to buy into the property, you do need to be a resident to open a bank account. So how do we keep the rental income there... legally and in our name. Bonds? stock? Policy? and how does the tax work? As hubby will be a citizen by then we don't mind registering for tax if it then qualifies him for old age benefits (does it?). We don't need access to the money, at least not in the short term.
I'll get proper advice if and when it happens as law may change by then... so right now just fishing.
So... anybody got a plan?
. He is first generation SA so might as well. So we're thinking about buying part ownership in a property out north as my sister and SO may be heading there and could benefit from the cash injection when applying for a bond (naturalised citizen/permanent resident). They will just pay us a small rent on our share.
Now problem is this - Although we don't need to be residents (or even citizens) to buy into the property, you do need to be a resident to open a bank account. So how do we keep the rental income there... legally and in our name. Bonds? stock? Policy? and how does the tax work? As hubby will be a citizen by then we don't mind registering for tax if it then qualifies him for old age benefits
(does it?). We don't need access to the money, at least not in the short term. I'll get proper advice if and when it happens as law may change by then... so right now just fishing.
So... anybody got a plan?
