Does zakat become obligatory on money located in another country that cannot be received at present?

The jurists differed regarding the zakat on money that its owner cannot utilize, such as lost or stolen money (mal al-dhimar).

The Hanafis are of the opinion that there is no zakat on it, citing the saying of Ali (may Allah be pleased with him): "There is no zakat on mal al-dhimar." As for the Malikis, they hold that it is subject to zakat for one year upon its recovery, even if it was absent for years. The Shafi'is and Hanbalis went further, asserting the obligation of paying zakat on it for all past years after its retrieval.

The more plausible opinion – and Allah knows best – is what the Malikis have gone with, which is to beautify the money for one year only after its retrieval.