Cross-border inheritance: what you need to know
Exchange control requirements must be fulfilled before the money is cleared
We’ve all heard that the only two certainties in life are death and taxes. While we may or may not have come to terms with the former, the latter can be ruinous if we don’t plan ahead. This is particularly important if you have children or heirs that have made a new life overseas. If you want to leave all or a part of your estate to them, you must familiarise yourself, and them, with the rules of cross-border inheritance and tax. Anthea Stephens, senior associate at Maitland Family Office, says you need to be aware of the exchange control requirements that must be fulfilled before a South African living abroad can receive an inheritance from SA. The executor of a deceased estate must provide either an emigration reference number or a tax clearance certificate before transferring an account into the name of a beneficiary who is no longer resident in SA, she explains. Stephens says that if your adult child has formally emigrated, and gone through all the official procedures, they can ...
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