Transfer your South African inheritance overseas with confidence

Generally, you don't pay South African income tax simply because you receive an inheritance. Estate duty is generally dealt with by the deceased estate before assets are distributed to beneficiaries, so the inheritance you receive is not normally treated as taxable income in your hands.

However, your South African tax residency status and the tax rules in the country where you live may affect your overall tax position. It's also important to distinguish between the inheritance itself and any income or gains it may generate after you receive it.

The process depends on your South African tax residency status and the value of the inheritance. If you remain a South African tax resident, you can generally use your annual Single Discretionary Allowance to transfer up to R2 million offshore, while larger transfers may require SARS approval through an AIT application.

If you have formally ceased your South African tax residency, you are generally treated as a non-resident for South African tax purposes. Different exchange control and SARS requirements then apply to transferring your inheritance overseas. Depending on the value of the inheritance and your circumstances, you may not need the same SARS approval required by a current tax resident.

Our specialists can help confirm your residency status, determine which requirements apply and assist with the SARS and exchange control process. Once everything is in place, we’ll transfer your inheritance securely to your overseas bank account.

Future Forex regularly assists clients with:

Whether you're the executor of an estate or an overseas beneficiary, our experienced forex specialists will help ensure your inheritance is transferred securely, efficiently and in accordance with South African regulations.

We regularly facilitate inheritance transfers to destinations, including but not limited to:

If your destination isn't listed, you can get in touch with one of our forex specialists to confirm whether we can assist.

Requirements vary depending on the estate and your personal circumstances, but typically include the will, Letters of Executorship issued by the Master of the High Court, an estate distribution account, and proof that the funds are being paid from the estate. Our forex specialists will confirm exactly what's needed and guide you through the process at no extra cost.

Deceased estate administration in South Africa typically takes between six months and a year, though it can take longer for more complex or cross-border estates. The process includes registering the estate with the Master of the High Court, preparing the liquidation and distribution account, and a statutory public inspection period before funds can be distributed.

Once the estate has been finalised and your inheritance is available for transfer, Future Forex can complete the international payment within one to three business days.

Our personalised forex service is designed for international transfers of R100,000 or more, allowing us to provide dedicated support and competitive pricing for larger transactions.