“foreign investment entity” means any person other than a natural person-

(a)     that is not incorporated, established or formed in the Republic;

(b)     the assets of which consist solely of a portfolio of one or more of the following:

(i)      amounts in cash or that constitute cash equivalents;

 

(ii)     financial instruments that-

 

(aa)   are issued by a listed company or by the government of the Republic in the national, provincial or local sphere; or

 

(bb)   if not issued by a listed company or by the government of the Republic in the national, provincial or local sphere, are traded by members of the general public and a market for that trade exists;

 

(iii)    financial instruments, the values of which are determined with reference to financial instruments contemplated in subparagraph (ii); or

 

(iv)    rights to receive any asset contemplated in subparagraph (i), (ii) or (iii),

 

which amounts, financial instruments and rights are held by that person for investment purposes;

(c)     where no more than 10 per cent of the shares, units or other form of participatory interest in that person are directly or indirectly held by persons that are residents; and

(d)     where that person has no employees and has no directors or trustees that are engaged in the management of that person on a full-time basis;