inheritance and trust income

If you are the beneficiary of inheritance or trust distribution from a South African source you must comply with exchange control regulations to transfer the funds overseas. Non-compliance could be deemed a criminal offence and may result in financial penalties.

Typically you’ll find yourself in one of three situations, and for each we have the solution:

1. You’re a South African resident temporarily abroad, i.e. you live overseas but have not completed the financial emigration process in South Africa:

Use your annual exchange control allowances to transfer up to R11m abroad in any given calendar year. You must hold a South African barcoded ID required and will require a tax clearance certificate for amounts in excess of R1m.

Follow the financial emigration route; this process changes your exchange control and tax status to financial non-resident, where after you’re free to transfer funds abroad.

2. You’re financial non-resident of South Africa, i.e. you live overseas and have completed the financial emigration process in South Africa:

Upon verification of your “emigrant” status you are free to transfer funds offshore via a “blocked account” with the bank that facilitated your emigration process. In the case of inheritance transfer your emigration must pre-date the testator’s’ death.

3. You have never been a South African resident:
Funds can be transferred offshore via an authorised dealer once you satisfy the South African authorities of your non-resident status.

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I recently had a great experience with CashKows and the transfer of my SA retirement annuities to Ireland. CashKows also offered to submit a closing tax return to SARS.

Mike Louw

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