When it comes to claiming a foreign inheritance bequeathed to you abroad from a South African Estate, irrespective of whether you are living in South Africa or not, there are some important facts you should be aware of.
During the 2022 Budget Review, the Minister of Finance announced some changes to the Exchange Control Rulings. One of which relates to the retention of foreign gifts and other authorised foreign assets abroad.
Resident individuals may now retain foreign assets inherited from a South African estate, where the finalisation date of the Liquidation and Distribution Account is on or after 22 February 2022.
These assets or funds may now be transferred to an offshore account in your name without you being obligated to declare the funds to the South African Reserve Bank (SARB) or repatriate the funds back to South Africa.
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However, should the finalisation date of the Liquidation and Distribution Account be before 22 February 2022, the previous ruling still applies in order to retain the asset or funds abroad.
To get expert advice on this matter, talk to the experts.
Published by Currency Partners
Last updated 7 March 2023.