Question:
I have inherited money from a family member who lived in Europe. I have brought some of that money back and some of it I’ve invested in a bank account in Europe. Do I have to pay tax on any of it or declare it to SARS?
Marc Sevits of TaxTim says:
There is no tax on inheritance, but you will be taxed on any income earned from investing the inheritance going forward. SARS will require you to disclose this inheritance, although you will not be taxed. It would be best to inform the reserve bank of the amounts kept offshore”