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Thread: NZ Inheritance query

  1. #1
    Join Date
    Jan 2011
    Location
    Sheffield, England
    Posts
    198

    Default NZ Inheritance query

    After living in the UK for the past 30 years, Im hoping to return to New Zealand in the next 12 – 18 months.

    Over the next few months I will inherit some money from a family trust in New Zealand. At a guess it may be somewhere between $5,000 - $20,000.
    Im trying to work out the best option for where to put the money. I am NOT trying to avoid paying tax, and hoping someone can share some wisdom.

    Option 1 – have the money paid into my sisters bank account ( in NZ) for her to transfer to me when we get there
    Option 2 – have the money transferred into our UK bank account ( which will incur a transfer fee)
    Option 3 – try and open a NZ bank account (from the UK) and get the money paid into it. Not sure how this would work if we don’t ‘activate’ the account for 12 – 18 months and how this would work with regards to NZ tax.

    Any input would be most helpful.
    Thanks

  2. #2
    Join Date
    Feb 2008
    Posts
    37,120

    Default

    About 3), here https://www.google.com/search?client...nt+from+abroad are some old threads about opening NZ bank accounts while still overseas. I suggest you look on the various banks' websites to see what their current policy is, and you could contact them to ask your question about not being able to activate the account in person for quite some time. (I can't see why any bank is likely to object to holding money, now I come to think about it!)

    See here https://wise.com/gb/blog/new-zealand...nheritance-tax also. It seems you will not be liable for any tax on your inheritance under NZ law. And looking here https://moneytothemasses.com/tax/rea...ed-from-abroad, it seems you would not be liable for UK tax on the money, either, only for any interest you earn on it if you invest in some way - which, although the first website doesn't spell it out, I imagine would be the same in NZ also.

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