10 February 2021 at 14:37
I have a relative that has unfortunately passed on and I am the dependent that will receive all the savings from this relative- these savings are coming from an international bank account, in Norway. This would be my first time having to claim this and making sure that I do it correctly. What I would like to find out is, what would I need to do on my side to ensure that I am safe and clear with SARS and the laws of the country?
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10 February 2021 at 14:51
Please do note that Foreign Inheritances are not taxable, what you would need to do is to disclose this on your tax return, right under amounts considered non-taxable on your tax return. However, you would need to show the Reserve Bank the origin of the money - so the distribution from the attorney or anything similar. If the money receives interest overseas then there will be a tax liability on that interest.