The State Bank of Pakistan eased SBP inheritance remittance rules for non-resident legal heirs. Now, it allows NADRA-issued Succession Certificates and Letters of Administration as proof for transferring inherited assets abroad.
The central bank issued the instructions through a circular to presidents and chief executives of all authorised foreign exchange dealers. Additionally, it amended Paragraph 3 of Chapter 16 of the Foreign Exchange Manual.
SBP said the revised framework would facilitate overseas beneficiaries who inherit assets from estates of deceased individuals in Pakistan.
Applicants seeking remittance of inherited wealth and estate distributions must still submit their requests to SBP. They must also include the specified supporting documents.
They must provide the deceased person’s name, nationality, and place of residence at the time of death. Where applicable, they should also state the duration of residence in Pakistan.
SBP said applicants must include relevant sections of a probated will. Otherwise, if no will exists, they must provide a Letter of Administration or Succession Certificate from NADRA or a court.
The issuing authority must authenticate the documents in Pakistan or in the country where the deceased person lived. This authority can be a notary public, judge or magistrate.
Applicants must also attach a complete statement of the deceased person’s assets in Pakistan.
SBP said Pakistani banks would place any amount not approved for remittance in a blocked account under the executor or administrator’s name. Moreover, the central bank directed authorised dealers to comply with the revised rules.
