A USUFRUCT can be described as a legal right which is given by an owner or prospective owner of property to someone else (known as the “usufructuary”) who is not the owner or prospective owner of that same property.
It is a Tax levied on the value of any property acquired by any person by way of a transaction or in any other way in the Republic of South Africa.
As many countries have imposed travel restrictions due to COVID-19, many Sellers and Purchasers of immovable property now find themselves abroad during the transfer or bond registration process.
Although it may seem like an all-inclusive investment to transfer immovable property to your minor child, the property remains separate from your estate and is regarded as an asset in the minor’s estate.
