How can you safely store your gold overseas?

Gold Investing Strategies

How can you safely store your gold overseas?

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If you don’t have much faith in the future of the dollar, you’ve probably bought some gold. If you’re concerned about your government confiscating your gold at some point, then you’ve surely been thinking about storing your gold in another country.

Where to store your gold overseas

You’ll want to select a stable country with little corruption. It doesn’t do you much good to get your gold out of one country, only to have it confiscated in the country you moved it.

You have two basic options: either a safe deposit box at a bank, or a private safe deposit facility.

Most banks require you to have an account if you want to have a safe deposit box with them. That can be a problem. Some banks will only let you open an account if you are a resident in their country. You may also need to report your bank account back to your home government, which is part of what you’re trying to avoid by moving your gold offshore.

What you can find in some countries are private safe deposit box facilities. They are outside of the banking system, which gives you an added layer of privacy.

You may find that some of the money changing companies offer this service. Or, they may be available with a company that does nothing but provide safe deposit boxes.

One good choice is Das Safe, in Vienna, Austria. It’s a stable country and a good facility. You have the option of anonymous or non-anonymous safes, which are safely tucked behind 1000 tons of reinforced concrete.

How to move your gold overseas

Once you find a place to store your gold, how are you going to get it there?

If you carry it yourself, you’ll need to find out about the relevant customs regulations and laws.

For a US citizen, you’ll need to file a report with Customs if you take out gold coins with a face value of more than US$ 10,000. If you carry bullions or nuggets worth more than $2500, you need to fill out a Census Bureau form.

Once you land, you’ll need to make the proper declarations in the country where you arrive. If you are going to carry your gold with you, it’s highly suggested that you take a direct flight to your destination country. You don’t want to worry about problems in countries you are only going through in transit.

The surest way to get your gold to your destination country is to hire experts. Companies like ViaMat and Brinks know every form that needs to be filled out and can safely get your gold to its destination. Of course, they charge a fee, and you need to have decent amount of gold for this to make sense.

If neither of those alternatives sounds good, you can always sell your gold, wire the money to the country where you want to store your gold, and go there to buy a new batch of gold to be stored. You may need to worry about paying capital gains taxes on the sale of the gold, and wiring money overseas has its own set of difficulties. However, it does eliminate any concerns that some Customs agent may grab your gold.

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Tags: • physical gold • overseas • offshore • how to • gold coins • us citizen • bank account • capital gains • customs agent • stable country • banking system • safe deposit box • customs regulations •

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