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The short answer
Estate money from Nigeria can only move once the estate is administered there: an executor or administrator with probate or letters of administration collects the assets, pays debts and distributes. When your share arrives, your SA bank reports it under BoP category 409 Inheritances and will want the grant and a distribution statement. Whether any South African tax applies is a separate question to settle with SARS or a tax practitioner, and income the money earns after you receive it is taxable as usual for an SA resident.
Step one happens in Nigeria
Nothing can be paid out of a deceased person's Nigerian accounts, shares or pension until someone has legal authority over the estate. That authority comes from the High Court's probate registry in the relevant state: probate where there is a will, letters of administration where there is not. See getting letters of administration from abroad and a late relative's bank account.
- Bank accounts: the bank pays the executor or administrator, not the heirs directly.
- RSA pension: PenCom's FAQ says the RSA balance of a deceased person is paid to the executors of the will or the administrator appointed by the probate registry.
- Shares: transmitted through the registrar to the heirs; see inherited Nigerian shares.
- Land: often held jointly or sold by agreement between siblings; see selling co-owned inherited property.
Getting your share out of Nigeria
Once distributed, your share is usually naira in your Nigerian account or the estate's account. Converting it and sending it abroad is a matter for your Nigerian bank. Under the CBN framework for non-resident accounts summarised by Lexworth, naira in a Non-Resident Nigerian Investment Account is repatriable on evidence of prior foreign inflows; an inheritance is not a prior inflow, so ask the bank which route it will accept and what it needs. Expect at least:
- the grant of probate or letters of administration;
- the executor's or administrator's letter confirming your share;
- the death certificate;
- your own ID and account details.
Receiving it in South Africa
When the money arrives, your SA bank needs to report it. On the SARB inward category list the code is 409 Inheritances. Give the forex desk the grant, the distribution letter and the SWIFT confirmation. A large, one-off credit from Nigeria will almost certainly be reviewed, so tell the bank before it is sent. See why SA banks hold inward payments.
Worked example
Example only: an estate in Enugu distributes ₦45,000,000 among three children. Chika, who lives in Pretoria, receives ₦15,000,000. She leaves ₦3,000,000 in Nigeria towards the family house and has ₦12,000,000 converted. At an illustrative ₦85 to the rand, that is about R141,176 before transfer charges and the conversion margin. Her SA bank books it as 409.
The tax questions
| Question | What we found |
|---|---|
| Nigerian tax on the estate | Settle with the executor or administrator; it is paid before distribution |
| SA tax on receiving an inheritance from a foreign estate | We did not find a SARS page on this; ask SARS or a registered tax practitioner |
| SA tax on what the money earns afterwards | SA residents are taxed on worldwide income (Budget 2026 Tax Guide); interest, dividends and rent are taxable as usual |
| Selling inherited Nigerian assets yourself | Capital gains rules apply; PwC gives a 40% inclusion rate and R50,000 annual exclusion for individuals |
| Moving the money out of SA again later | SARS lists inheritance documents (a liquidation and distribution account stamped by the Master and a statement) among proofs of source of funds for international transfers |
The last point matters if you might later invest it abroad from South Africa: keep the Nigerian grant and distribution letter, because they are your proof of where the money came from. For the wider picture see inheriting from Nigeria and tax abroad. This is general information, not tax or legal advice.
What to check first
- Who the executor or administrator is, and whether a grant has been issued.
- Which assets need transmission (shares, pension, land) and which are cash.
- Whether the family wants to keep part of the estate in Nigeria.
- Which Nigerian account the share will be paid into, and whether that bank will convert and transfer it.
- That your SA bank expects the payment and has the documents.
Timing and family arrangements
Estates in Nigeria can take a long time to settle, especially where land is involved or relatives disagree. Some families agree that one sibling in Nigeria handles the paperwork under a power of attorney from those abroad; see notarising a power of attorney in South Africa. Whatever you agree, put it in writing, and ask the administrator to pay each heir's share directly to an account in that heir's own name. Money that passes through a relative's account first is harder to explain to your SA bank and to SARS, because the paper trail no longer links the estate to you. Ask each heir to keep their own copy of the grant and distribution letter.
Where Pryme fits
A Pryme account opened from South Africa gives you naira account details in your own name that an administrator can pay into, with dollars, pounds and euros alongside. The money stays in naira until you choose to convert with Swap, which shows the rate and fee before you approve. Naira deposits are held by a licensed Nigerian microfinance bank.
Questions people ask
What BoP code is an inheritance from Nigeria?
409 Inheritances on the SARB inward category list.
What documents does my SA bank need for an inheritance?
Usually the grant of probate or letters of administration, the executor's distribution letter and the SWIFT confirmation.
Is an inheritance from Nigeria taxed in South Africa?
We found no SARS page on receiving a foreign inheritance. Ask SARS or a tax practitioner. Income the money earns after you receive it is taxable for SA residents.
Can heirs abroad receive a Nigerian RSA pension?
PenCom says a deceased person's RSA balance is paid to the executors or administrator, who then distribute it.
Sources
- RMB Private Bank: SARB BoP codes for inward transactions · accessed Oct 2026
- PenCom: Frequently asked questions (2023) · accessed Oct 2026
- Mondaq (Lexworth): CBN framework for Non-Resident Nigerian Ordinary and Investment Accounts (22 May 2025) · accessed Oct 2026
- National Treasury / SARS: Budget 2026 Tax Guide · accessed Oct 2026
- PwC Worldwide Tax Summaries: South Africa, individual income determination (reviewed 29 May 2026) · accessed Oct 2026
- SARS: Supporting documents for Approval of International Transfers (updated 22 Oct 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.