By Estate Planning Specialist Shirley Tascone
“It’s important for South African expats to emigrate in order to protect their South African inheritance”… is the advice of Estate Planning Specialist Shirley Tascone.
Many South Africans leave the country under the guise of ‘relocating’ to Australia, for a number of reasons.
The cost of emigration is the primary reason for choosing to relocate rather, as it can be very expensive for a family to formally emigrate from South Africa.
A lesser reason is the knowledge the doors to South Africa are still open and a person can return to South Africa if they do not settle in their new country.
“While the decision to relocate may be a cheaper option in the short term, it can have unfortunate implications in the longer term when a person inherits from family that still live in South Africa.”
According to the South African Revenue Service (SARS) if a person leaves the country without formally emigrating and they receive an inheritance (from the death of a parent or family member in South Africa), the funds from the inheritance may be considered as blocked for exchange control purposes.
“If the event a South African expat has relocated and is likely to receive an inheritance, then it is advisable that they get advice from qualified accountants, tax advisors, and estate planning specialists in South Africa.”
South African expats living in Western Australia seeking will and estate-planning advice can contact Mrs Tascone on firstname.lastname@example.org for more information.
About Shirley Tascone: she hails from South Africa; a qualified commercial lawyer, she’s lived and worked in Perth, Australia for the past 14 years where she manages her own law practice, SBT Legal and specialises in all types of wills and estate Planning.