The State Bank of Pakistan (SBP) has revised procedures governing the transfer of inheritance funds abroad by non-resident legal heirs, easing documentation requirements and expanding acceptable proof of succession.
According to a notification issued by the central bank, applications for remitting inherited funds overseas can now be supported through a Succession Certificate in addition to Probate and Letters of Administration. The earlier framework relied primarily on court-issued probate documentation.
Under the updated rules, the requirement for submitting bank account statements of legal heirs has been removed. Applicants are now required to provide only a comprehensive statement of the deceased’s assets located in Pakistan, replacing the earlier condition that included submission of two years of bank account records.
The revised framework also simplifies authentication procedures. Documentation relating to wills no longer requires multiple attestations by authorities such as a Notary Public, judge, or magistrate, streamlining the legal process for heirs.
The central bank has further modernized the system by recognizing succession documents issued through National Database and Registration Authority, broadening the range of acceptable inheritance documentation.
SBP said that any inherited amounts not immediately eligible for foreign remittance may be credited to a blocked account opened in the name of the executor or administrator with a bank operating in Pakistan.
Where securities, shares, or real estate assets have been specifically bequeathed to beneficiaries residing abroad, applications must include complete details of such assets to facilitate processing.
The revisions are aimed at reducing procedural hurdles, improving transparency, and making inheritance transfers smoother for overseas beneficiaries while maintaining regulatory oversight.
solving problems to create more problems.