Inheritance allowance

You may have been living overseas for several years and now you are the beneficiary of a deceased estate and have an inheritance due to you and the executor contacts you to make payment and asks you some complicated questions about when you left and your status in terms of exchange control and you don’t know where to start.

We can help:

In terms of South African exchange control, if you’re living overseas and you have received an inheritance from a South African estate you will fall into one of 3 categories:

1. South African Resident Temporarily abroad – most people fall into this category and your options are to:

  • Transfer funds using your R10 million foreign investment allowance which will require tax clearance and a green bar coded SA ID book.
  • Place your emigration on record with SARB – this is a very straight forward emigration application which we can assist you with.

2. You have already emigrated in terms of exchange control (financially emigrated) and are therefore classified as a non-resident.

  • Funds can be transferred to you provided you can provide proof or confirmation of your emigration – this involves providing a South African Reserve Bank reference number or approval which you would have received when you originally emigrated. This process is quite straight forward.

3. Non-resident – you were never a South African citizen

  • This is straight forward process of providing evidence of your non-residence status and transferring funds overseas.

Whatever the scenario, FX Capital will find the solution and make sure funds are transferred promptly and at excellent exchange rates and low bank fees and where emigration is required provide the lowest fees in town.

Contact FX Capital

Durban:  031 5368844
Cape Town:  021 6572153