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I am trying to find out what the process is for transferring an inheritance from SA to the UK. I am the main beneficiary in my grandfather's will and I have read that the process can be quite complicated.

I moved from SA to the UK in 2000. I was never employed as a tax payer in SA - only as a casual worker. I have read that in order to make the process easier, you need to emigrate with the Reserve Bank. Is this something I need to do considering I've never paid tax there?

I don't have a SA bank account (I had a savings account there but when I went back about 10 years ago, it had been closed). I am now on a British passport but I have never given up my South African one (although it has expired).

Any assistance or advice would be greatly appreciated.
 

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I am trying to find out what the process is for transferring an inheritance from SA to the UK. I am the main beneficiary in my grandfather's will and I have read that the process can be quite complicated.

I moved from SA to the UK in 2000. I was never employed as a tax payer in SA - only as a casual worker. I have read that in order to make the process easier, you need to emigrate with the Reserve Bank. Is this something I need to do considering I've never paid tax there?

I don't have a SA bank account (I had a savings account there but when I went back about 10 years ago, it had been closed). I am now on a British passport but I have never given up my South African one (although it has expired).

Any assistance or advice would be greatly appreciated.
Have a look at the following.
Inheritance & Trust services from cashkows.com for South Africans abroad - services including inheritances & trusts for South African expats
 

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Taking money out of South Africa will require financial emmigration. This process requires getting tax clearance from South Africa inernal revenue services. You have to open a RSA bank account with a bank like ABSA that have an international section where you have to lodge a document that the bank will submit to the Reserve Bank. The account will be changed to a 'blocked account', meaning that you cant deposit or withdraw money from it in RSA. In this form you have to fill in a lot of details of the monies you want to transfer. You also need to provide details of your new place of residence, which includes a letter from the UK IRS that certifies that you are a UK tax payer. You will need your South African ID number as all the documentation is based around the ID number. Contact a South African bank international division for advice - I found ABSA to be very helpful.
Be prepared to wait a looooooooong time to get the process completed. I had some glitches in the process which took 4 years to complete in the end.

Note: There are people that offer to do this as a service, but they are a waste of time as you still have to complete all the forms yourself; all they do is provide the forms and the sequence in the process, which an RSA bank will help you with for free(they take the commossion on the transfer).
Good luck.
 

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Taking money out of South Africa will require financial emmigration. This process requires getting tax clearance from South Africa inernal revenue services. You have to open a RSA bank account with a bank like ABSA that have an international section where you have to lodge a document that the bank will submit to the Reserve Bank. The account will be changed to a 'blocked account', meaning that you cant deposit or withdraw money from it in RSA. In this form you have to fill in a lot of details of the monies you want to transfer. You also need to provide details of your new place of residence, which includes a letter from the UK IRS that certifies that you are a UK tax payer. You will need your South African ID number as all the documentation is based around the ID number. Contact a South African bank international division for advice - I found ABSA to be very helpful.
Be prepared to wait a looooooooong time to get the process completed. I had some glitches in the process which took 4 years to complete in the end.

Note: There are people that offer to do this as a service, but they are a waste of time as you still have to complete all the forms yourself; all they do is provide the forms and the sequence in the process, which an RSA bank will help you with for free(they take the commossion on the transfer).
Good luck.
Thanks for your reply!
 

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Attached the process (roughly) for releasing pensions if you live abroad. The process for releasing any cash should be similar, excepting the bit of dealing with the pension company.
Hope it helps.
shumifan, what about the inheritance OP asked about?

:fingerscrossed: Hope you can help!
 

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It will depend on what is inherited: if it is cash, the bank account that it is deposited into will have to be converted to a 'blocked account' by completeing financial emmigration as for transferring pensions.
If the inhertitance is an insurance policy then it pretty much follows the same process as pensions through the insurance company.

The process of financial emmigration primarily ensures that all tax obligations have been met( which will include death duties) and that the Reserve Bank knows about the monies going out of the country( There might be limits involved).

If the amount is below the annual foreign allowance, the money could be taken out as travel money.

Insurance companies can only pay into the account of the beneficiary, so if you live abroad it means the whole process, as per the previous attachment,to create a blocked account.

I dealt with Rina Sinden at Absa in Horison branch - she was brilliant and very helpful.
 
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