Brett

Dual Citizenship

Recommended Posts

Jules
On 3/30/2018 at 3:17 PM, Nelline said:

Turkey is (or was?) another

Never been a fan of turkey  - even over Thanksgiving. 

;-)

  • Like 1
  • Haha 1

Share this post


Link to post
Share on other sites
Helanie

Hey everyone, Just a question on this, I know this might be random and I don't even want to think about this... :(  BUT what if you inherit money in SA and now you are a Canadian citizen (you do not have dual citizenship & have only taken on Canadian citizenship which by default, you loose your SA citizenship). Will this have any effect to your entitlement to the money / taking the money out of the country? We are in 2 minds about retaining our SA citizenship and don't really see any benefit HOWEVER we are just stuck on this point... Any info would be appreciated.  

Share this post


Link to post
Share on other sites
MaryJane
10 hours ago, Helanie said:

Hey everyone, Just a question on this, I know this might be random and I don't even want to think about this... :(  BUT what if you inherit money in SA and now you are a Canadian citizen (you do not have dual citizenship & have only taken on Canadian citizenship which by default, you loose your SA citizenship). Will this have any effect to your entitlement to the money / taking the money out of the country? We are in 2 minds about retaining our SA citizenship and don't really see any benefit HOWEVER we are just stuck on this point... Any info would be appreciated.  

Hi Helanie

My 2c...

It seems to get inheritances out (at a later stage if any) would mean that you have to get your "financial emigration" done. The way I see it: You leave SA, somewhere in between you financially emigrate and become a Canadian, choosing to drop being a South African. And then even further down the line, you get an inheritance. If you have your financial emigration, I don't see why you can't get the inheritance out whether by this stage, you are still a South African or already a Canadian.

I may be wrong in my thinking. If one had the foresight (to financially emigrate beforehand), I can't see how a change in citizenship would alter that fact. I know that there are tax implications with regards receiving monies as a resident and non-resident. But I think this situation becomes more complex and may need an expert help then.

This is interesting and I suppose if there is anyone out there who've gone through it before, it may be a good experience to share.

  • Like 1

Share this post


Link to post
Share on other sites
Chris Sampson

My Experience. When we left SA we did not financially emigrate and as such still have SA bank accounts etc so inheritance would be no difficulty since any moneys could be paid into local bank account. I thought we had our bases covered! However we ran into a speed bump which we had not expected. My step-daughter who has since received Canadian citizenship and made no attempt to retain South African, inherited a small sum from her grandfather. Trying to get that sum to her was very difficult since she no longer has SA citizenship and has no way of showing that she even emigrated since she last left SA on her Swiss passport as a minor. Lawyers would not pay sum into my local bank account since differing surname etc. 

Share this post


Link to post
Share on other sites
OutOfSa

She needs to open a non resident account. Bidwest seem to be the people. SA lawyers should have no issue paying into that (her)  account, from which she can transfer.

I'm no accountant - just seems logical to me as that appears to be the only way to move tied money when you no longer have any SA accounts.

I had issues with pps.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now