We believe congratulations are in order! It seems you’ve come into some money and want to know how to transfer your trust money from South Africa overseas?
Well, the question is… who are you? No, we’re not referring to an existential self-examination to explain the meaning of life. Rather, we need you to ask yourself three simple questions:
- Am I a South African resident who’s temporarily abroad?
- Am I a financial non-resident of South Africa?
- Am I a South African resident at all?
The steps you need to take to transfer your inheritance to your new residence depend on your answers to these questions.
Steps to transfer your inheritance or trust money
South African resident temporarily abroad
The quick and simple answer is to utilise your annual exchange control allowances. You can transfer up to R10 million abroad per year. You’ll need a tax clearance certificate as well as your barcoded SA ID for this.
Want to follow the financial emigration route? This process is a bit more complex, but if you want our advice, read more about the process here.
Financial emigrant (financial non-resident of SA)
Once your emigrant status has been verified, you’re free to transfer your funds offshore via your blocked account. In the case of inheritance transfer, however, your emigration must pre-date your testator’s death.
Not a South African at all
You’re a foreign national? Well then you’re free to transfer your inheritance proceeds offshore – provided you’ve confirmed your nationality.
If you need help with financial emigration, let us call you.