A client of mine wants to buy one of my properties but he wants to pay in US dollars into one of my offshore accounts...he wants to find a use for these dollars that are sitting in a bank account overseas earning 1% interest.
Can I sell the property to him at half price in Rands and take the rest of the payment overseas?
There isn't much for me to gain by doing this but this guy has helped me in the past and I'd like to do what I can. Obviously I would like everything to be above board before doing a deal like this so I was just wondering what your thoughts are on the legalities. Will SARS step in to wonder why the property was sold at such a low price?