Comments on: Four jurisdictions to store gold overseas

By: Angelo

Angelo — Fri, 19 Feb 2010 02:12:49 +0000

What about Perth Mint Certificates as a means of owning off-shore gold. Any information along those lines?

By: Nathan

Nathan — Sun, 31 Jan 2010 02:07:28 +0000

If Australia charges 10% GST for bringing in Krugerrands, how much is that exactly, since Krugerrands are not marked with any dollar value? Does customs just take the spot price of gold divided by 10 and charge you that per coin or something? How horrible if that were the case.
I need to bring about $200,000 worth of precious metals into Australia in a couple months and I’d really like to not get a tenth of it stolen by the government upon entry.

By: Bron Suchecki

Bron Suchecki — Thu, 28 Jan 2010 00:23:45 +0000

There are no restrictions or taxes on moving precious metals in/out of Australia, but it does need to meet the definition of investment metal under Australia’s 10% GST (ie VAT) law – namely purity 99.5%+ for gold, 99.9% for silver, recognised mark internationally traded. Well known bars and coins will be OK, but not Krugerrands because they are 22ct and will get hit with 10% GST on import.

No reporting requirements. Note that for residents gold is just like any other investment and thus attracts capital gains tax, I am not knowledgeable re non-residents, best to get advice.

By: happyRancher

happyRancher — Mon, 11 Jan 2010 02:16:09 +0000

Another approach to storing wealth and avoiding exchange and currency controls is to buy gold coins or bullion in your home country and then store them in a safe, or bury in your garden, or hide them in your home. Safe deposit boxes in banks don’t look so safe to me any more, so I wouldn’t recommend that. But this approach also puts you in a position of having wealth that is not visible in the system (somewhat vampire-squid proof!).

By: Stefan

Stefan — Fri, 08 Jan 2010 18:13:43 +0000

Has anybody considered storing gold in Australia and know about reporting, taxes etc?

By: Stefan

Stefan — Fri, 08 Jan 2010 18:12:25 +0000

Singapore taxes you 7% VAT on gold you bring in. I still could not figure out what they do when you want to get it out.
Does anybody know about HGK?

By: Tim

Tim — Thu, 07 Jan 2010 19:42:58 +0000

Hi Simon, Will you please address moving gold from say Das Safe or Austria to Best Safety Boxes in Panama? Is it safe to just use a shipper like DHL with full value insurance? I want to thank you up front for your writing. I have learned a great deal. Tim

By: b

Thu, 07 Jan 2010 18:29:19 +0000

Great service you’re providing, when you present your report “moving and storing gold overseas” or in future reports on this topic can you also elaborate on the entry and exit taxes that some of these jurisdictions may impose? For example I think Singapore has no restrictions or fees for bringing gold into the country but levies a tax if you were to take gold out of the country.

Thank you for your work.

By: Dave

Dave — Thu, 07 Jan 2010 18:01:42 +0000

I am leaving the US and heading to Europe in 3 weeks. Do you have a recommendation for getting a overseas LLC and bank account soon? When I get there I’d like to pay for some of your time.

By: Jason

Jason — Thu, 07 Jan 2010 17:40:28 +0000

Before considering Best Safety, I’d certainly like to see/hear the concerns mentioned the last time you posted this info by “Bruce” as follows:

During the course of my due diligence on the facility, I came up with something interesting that I thought I’d pass along.

I googled “Hilt Tatum” and came across an article in a poker magazine about a scandal that accured two years ago at one of the largest online poker portals, Absolute Poker, based in Costa Rica. I’m familiar with the story as I was playing at Absolute when this went down, and am familiar with the bookmaking industry in CR and Panama.

In a nutshell, the owners and some associates created their own accounts and were playing online themselves, but they were able to see opponents hole cards. They cashed out millions.

Allegedly, a gentleman by the name of Oscar Hilt Tatum was/is Absolute’s CFO and involved in the scam. The article mentions:

“It’s unclear where he lives at the moment, but Panama has granted him and his dad residence permits.”

http://www.railbirds.com/blog/116808/absolutely-a-scandal.html

Listening to the interview with Simon, a couple things match up with the article, namely the timeline.

I’ve done business with Mr O’neill, on Simons recommendation and he is top notch. I just wanted to put this out there as there are some more questions that need to be answered before I commit. It may be just a coincidence, but Hilt Tatum is not the most common name in the world.