Camper Posted April 25, 2007 Report Share Posted April 25, 2007 I know this has been discussed before. We stand to inheriate quite a bit when both our folks pass on. What happens with the inhertince if;a) immigrated relocatedWhich is the better route to go. We would rather make the best choice now than hassel in the future.Any info would be appreciated.ThanksCamper Quote Link to comment Share on other sites More sharing options...
Cindylou Posted April 25, 2007 Report Share Posted April 25, 2007 Hi Camper The question is not whether or not you have emigrated, but are you considered a resident or non resident of South Africa at the time of the estate being wound up. See this link for the SARS definition. Also look at the SARB website - the section regarding bequests is Legacies and distribution from estates. Depending on how your parents assets are structured you might want to look at the Inter Vivo Trust section as well.I would advise you to read up as much as possible from both the SARS and the SARB websites.RegardsCindyPS also look at this post on the SACanada forum Quote Link to comment Share on other sites More sharing options...
Pixi Posted April 26, 2007 Report Share Posted April 26, 2007 Cindy, Please help with how you understand. I read on the second link about the bequests that one may 'remit' to non-residents. Do you perhaps know if this 'remittance'' will form part of your R2m allowance or say if Camper himself takes out his full allowance, then after being a non -resident he inherents say R3m, will he be able to take out the inheritance of R3m. So in total he took out R5m. Somewhere I read that if you emigrated, and then you inherit , you can take out all the inheritances, but on this non residential thing I am confused. Thnx Pixie Quote Link to comment Share on other sites More sharing options...
Cindylou Posted April 26, 2007 Report Share Posted April 26, 2007 A non resident can remit any inheritance regardless of how much one has previously taken out when previously a resident. Regardless of whether you immigrate or relocate at the outset, sooner or later you will become a non resident. (with the usual things like blocked rand accounts etc.) BUT any money you inherit as a non res will be paid to you overseas SO LONG AS you are now designated as a Non Res.Where the beneficiary is an emigrant, it would be encumbent upon Authorised Dealers to ensure that the emigrant has been formally redisgnated as a non-resident, before effecting transfers in terms of the aforegoing.I think the confusion comes from the fact that the difference between Resident and Non Resident is not determined by your initial choice to emigrate or relocate. We're talking apples and pears here.Thanks for the question, PixiCamper, you should also read this post on SAAus. Cindy Quote Link to comment Share on other sites More sharing options...
Pixi Posted April 26, 2007 Report Share Posted April 26, 2007 Thnks Cindy - much appreciated Quote Link to comment Share on other sites More sharing options...
Camper Posted April 26, 2007 Author Report Share Posted April 26, 2007 Thanks CindyI think we will go the immigration route. Don't want any problems later.ThanksCamper Quote Link to comment Share on other sites More sharing options...
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