How Do You Store Gold Overseas?
Gold and other precious metals must be stored somewhere, which means for many investors this means storing it off-shore.
Why would someone want to do that? There can be several advantages. For instance, in cases of political or economic unrest within their home nation, it may be easier for them to transfer their gold overseas than leaving it behind in an unstable location.
1. Travelling with Gold
If you plan on taking gold investments with you on an international trip, it is wise to follow all applicable regulations regarding this process. That way, your precious metals won’t be confiscated at airport security or customs inspection.
For example, when traveling to Canada or Mexico with gold as luggage, inform your airline so you won’t have to declare it and pay duties or taxes upon returning home. This way you’ll avoid declaring it as baggage and incurring charges when returning back home from their country of destination.
Similarly, when making an international move it’s wise to consult a licensed customs broker who can guide the process of moving gold overseas. They can assist with determining what items can be brought with you as well as help get them through customs into their new homes safely. They may even recommend trusted shipping companies.
2. Buying Gold
In order to purchase gold bullion abroad, it is imperative that you work with an internationally acclaimed precious metals dealer. This ensures that when selling it back when the time comes, its design and weight can easily be recognized allowing you to do so successfully.
Switzerland and Liechtenstein provide an ideal option for buying and storing gold bullion. Both countries have long had an established track record of protecting foreign assets – something particularly attractive to investors from countries where such protection is unavailable.
When choosing where and how to store your gold, be sure to choose a company with an excellent track record and consider all legalities surrounding its acquisition and storage. As each country has different laws regarding property succession and asset ownership, consulting an attorney would likely be beneficial in making the best choice. Furthermore, be sure to plan how it will be distributed after your death by creating a will enforceable across multiple jurisdictions.
3. Investing in Gold
Gold has long been considered an ancient and reliable store of wealth. When the economy suffers, it serves as a safe haven against inflation by acting as an inflation-proof hedge and acting as a store of value.
There are various methods of investing in gold, from purchasing bullion coins or bars directly through a dealer to investing in mining stocks or ETFs; however, none provide the security or liquidity of owning physical gold, which is why so many investors prefer buying coins or bars instead. Coins/bars range in sizes from quarter-ounce wafers up to 400-ounce bricks; their pricing depends on metal content plus premium.
Owning physical gold has the additional advantage of offering convenient storage alongside other valuable items in a safe or bank safe deposit box, or overseas at locations such as Switzerland and Liechtenstein that provide secure high-security storage with guaranteed privacy.
4. Selling Gold
If you need to sell gold overseas, make sure that you deal with a reliable dealer. When seeking advice or making deals overseas, always inquire for recommendations and check with the Better Business Bureau for any complaints against prospective buyers. Also remember to weigh your gold before taking it in; using either a kitchen or postal scale can give a good indication of its weight.
Store your precious metals abroad in countries with strong bank secrecy laws like Austria, Hong Kong or Singapore that value bank secrecy and financial privacy to protect them from confiscation in case of severe economic collapse. In many of these nations there are laws in place which enable you to transfer ownership of assets via will – making this option safe and secure for anyone looking for offshore storage for their gold.
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