Inheritance, and Emmigration

[atomcrusher]

Both my sons (my only offspring) now live in Ireland, and have homes & families (my 3 grandchildren ) there.

They have good stable jobs, earn good money, and can afford to fly, with their families, back to SA once each year, so that I can see my grandkids, and them.

They have no intention to return to SA permanently. They were both born in SA, and both hold current RSA, & UK passorts.

When I die, whatever $$ I have not managed to spend on Loose women & booze, plus the proceeds from the sale of my properties, plus proceeds from life assurance policies, will be left to them (my wife died back in 2001 so my 2 sons are my only family still alive)

They recently contacted me about a problem they would have in receiving whatever assets (cash, life insurance, proceeds from sale of my assets in SA, etc) due to the fact that they have not "formally emigrated" from SA to another country.

They have been in contact with a couple of companies based in SA that claim to specialise in expediting & "managing" the transfer of my liquidated assets (cash) to them in Ireland after my death. For that service they want an up-front payment of around R20K per person ... so that's R40K for both my sons :erm:

Does anyone know of the processes involved in getting any and all required clearances (I would guess this would involve SARS, and the Reserve Bank) to export the cash proceeds of all my assets from SA to my sons overseas?

 

[desiganp]

Seeing that they are SA citizens they can inherit the assets in SA i.e. they should come down and sort the paperwork or appoint an attorney to wind up the estate and transfer the proceeds to them in SA.

They receive the assets in SA and then make arrangements to move it to Ireland. There is a limit on the amount of assets you can take abroad if still a citizen but that can be negated by you splitting the inheritance between yours sons and grandsons.

 

[noxibox]

They could also consider relinquishing their South African citizenship. Once you're gone will they have any reason to retain it?

They have been in contact with a couple of companies based in SA that claim to specialise in expediting & "managing" the transfer of my liquidated assets (cash) to them in Ireland after my death. For that service they want an up-front payment of around R20K per person ... so that's R40K for both my sons :erm:

I wouldn't trust them.

 

[SauRoNZA]

Or even keep the money here invested and have only the profits paid out into their Irish accounts which would amount to a regular cash flow.

The just take out as much as is allowed every month from the capital plus profits.

I'm sure someone like Investec would gladly manage such a deal for you and not charge anything up front.

 

[chrisc]

The second poster gave you the correct answer. Officially emigrating to receive an inheritance is a time-consuming and often arduous task, since both SARS, Home Affairs and the S A Reserve Bank are involved

A friend in similar circumstances to you has been waiting for 4 years for HA to get organised. No-one there is willing to make decision

Provide them with power of attorney to a South African bank account which will not be closed upon your demise. A trust account will provide such a vehicle

 

[Venomous]

Let them wind up the estate in SA.

then I suggest:
they take the max they can legally take
anually they take what they can
then they make sure that they each have a bank account here with a cheque card linked to their name(each so noone complains the one gets more, funds can be evenly split). Then they can swipe their SA card for bigger purchases(fees are a bit high so not worth it on small spends) in Ireland. Then they can maybe save their pounds earned while eating away at your money.
Eventually there will be no money left in SA.