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Inheritance across the borders


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Old 18-11-2005, 01:52 AM   #1
emma
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Inheritance across the borders

Can someone tell me if there is a restriction on inheritance money (amount)taken out from SA and being transfered to another country?
(Not sure if this is the correct forum...)
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Old 18-11-2005, 08:38 AM   #2
mcamp999
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Exchange Control Guidelines - Legacies





There are two types of estates that foreign exchange controls apply to:

Estates of persons regarded as permanent residents of the Republic of South Africa at the time of death
Estates of persons resident outside South Africa (including emigrants) at the time of death


Estates of persons regarded as permanent residents of the Republic of South Africa at the time of death

Legacy transfers

Cash bequests and the cash proceeds of legacies and distributions from such estates due to beneficiaries permanently resident outside South Africa, including emigrants, may be remitted abroad.

Export of jewellery

FNB is able to assist in the attestation of Forms NEP covering the export of jewellery, including articles of gold jewellery, inherited by non-residents, including emigrants, from deceased estates in the Republic, provided documentary evidence is produced to show that the articles to be exported were bequeathed to the beneficiary in terms of the deceased's will or in terms of the Liquidation and Distribution Account approved by the Master of the Supreme Court.

Export of personal effects

Provided FNB is satisfied that the items to be exported were inherited on the basis indicated in the preceding paragraph, we are able to attest a Form NEP covering the export of effects of a purely personal nature, such as clothing and household effects.

Export of other assets

In order to export other assets it is necessary to apply to the Exchange Control authorities, which would in normal circumstances and provided the values are reasonable, permit the export of such goods.

Note: Emigrants will only be entitled to receive their inheritance abroad if they have been formally designated as non-residents prior to the death of the party concerned. If residential designation took place after the party's death, the inheritance is blocked and regarded as "emigrants blocked assets".

Any distribution due to a non-resident derived from a Life Policy or similar will require approval from the Exchange Control authorities before it may be remitted abroad, since policies do not normally appear on the final liquidation and distribution account.

South African estates of persons, including emigrants, domiciled outside South Africa at the time of death

Legacy transfers

Cash bequests and the full cash proceeds of legacies and distributions from such estates due to beneficiaries who are permanently resident outside South Africa (including emigrants) may be remitted abroad.

Export of jewellery and personal effects

The export to non-resident beneficiaries of jewellery and personal effects may be dealt with on the same basis as indicated under distributions from estates of persons who at the time of death were regarded as permanent residents of South Africa.

Note: Any distribution due to a non-resident derived from a Life Policy or similar will/would require prior approval from the Exchange Control authorities before it may be remitted abroad, since policies do not normally appear on the final liquidation and distribution account
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Old 18-11-2005, 03:06 PM   #3
emma
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Thanks. Appreciate it.
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Old 19-11-2005, 10:42 AM   #4
alwayssmilin
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Money transferred

Very interesting, another question, a SA friend of mine had some money transferred to the UK by her uncle. Apparently this is money she inherited quite a bit as I can make out, the Receiver of revenue have now sent her forms to fill in within 7 days. Not sure what this is all about, she has been living here for 7 years and no longer resident in S.A. What to do now is this the norm.
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Old 19-11-2005, 11:01 AM   #5
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Quote:
Originally Posted by alwayssmilin
Very interesting, another question, a SA friend of mine had some money transferred to the UK by her uncle. Apparently this is money she inherited quite a bit as I can make out, the Receiver of revenue have now sent her forms to fill in within 7 days. Not sure what this is all about, she has been living here for 7 years and no longer resident in S.A. What to do now is this the norm.
Inheritance tax is usually paid in the country of ones birth or ones fathers birth. It is a technical term called domiciled or deemed domiciled. Therefore it is very possible that tax might still have to be paid on the money anyway. I suggest she take advice about this before filling in the forms.

I might be able to assist if given more details about the money, i.e. was it a gift and how long ago was the gift made.

Some info here http://www.hmrc.gov.uk/leaflets/iht18.pdf
http://www.btimes.co.za/97/0706/btmoney/money8.htm
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