SBP eases rules for overseas heirs to transfer inherited assets abroad
Key takeaways
- Add ARY News on Google AAResize State Bank of Pakistan (SBP) has revised its foreign exchange regulations to simplify the process for non-resident legal heirs seeking to transfer inherited assets outside Pakistan.
- According to the SBP, the changes are intended to facilitate overseas beneficiaries inheriting assets from estates of deceased individuals located in Pakistan.
- Applicants will be required to provide details including the deceased person’s name, nationality, place of residence at the time of death and, where applicable, the duration of residence in Pakistan.
Why this matters: local context for readers following news across Pakistan and the region.
Add ARY News on Google AAResize State Bank of Pakistan (SBP) has revised its foreign exchange regulations to simplify the process for non-resident legal heirs seeking to transfer inherited assets outside Pakistan.
Under the updated framework, Succession Certificates and Letters of Administration issued by National Database and Registration Authority (NADRA) will now be officially accepted alongside court-issued documents as valid proof for remitting inherited funds abroad.
The revised instructions were issued through a circular addressed to the presidents and chief executives of all authorised foreign exchange dealers and involve amendments to Paragraph 3 of Chapter 16 of the Foreign Exchange Manual.