Beware Of Offshore Probate - It Costs!

Problematic winding up of a deceased estate is always due to the deceased not having his or her affairs in order. The main reason for this is that the deceased did not get professional advice with estate planning or when making investments.

In our experience a problem often arises with funds invested offshore. The most important consideration in investing offshore insofar as untimely death is concerned is that of having your foreign investments wound up separately in that foreign jurisdiction. This is known as Offshore Probate. Offshore probate must be avoided at all costs as it requires that your offshore assets be wound up as a separate estate. This adds to delays and costs in winding up your South African estate.

Will Probate Apply To Your Offshore Investments?

The first question to ask when investing offshore is whether offshore probate will apply on death. For example, foreign companies such as Standard Bank Offshore, Ashburton, Investec Offshore, Sarasin and GinsGlobal require offshore probate.

Offshore Probate Can Be Avoided!

Often existing investments in these companies can be simply transferred overseas to a South African registered administrator without any capital gains tax consequences and then offshore probate will not apply.

We welcome you to contact Silke Financial Services in order to clarify whether offshore probate is applicable to your offshore investments. Silke Financial Services has access to the best skills in advising clients on offshore investments, wills and trusts.