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Bringing gold back home?

Ben K

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Jan 21, 2018
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Hey

i m planning to relocate to malta or portugal soon. It seems like i can buy gold with crypto before i move there.

After i relocate, is it okay to receive the wire to my bank account from selling those gold? It seems like bullionstar does wire transfer if i sell the gold.

i ve read that malta doesnt tax if i could prove existing assets when i move there. My original plan was to relocate to portugal to sell btc taxfree, but i m thinking of different options. Thanks!
 
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to buy gold for bitcoins is a great idea also discussed here already. How you want to get the Gold through the airport I don't know.

You need to sell the gold again AFTER you got a resident of Malta not before!

Better is to relocate 100% to Malta, wait some time, then buy the Gold for your coins and sell it again to get money to your bank account in Malta.
 
actually a good idea, you could rent a anonymous box in some bank in Switzerland, UAE or wherever it is possible and keep your physical gold there.

Wonder if such thing as a anonymous bank box excists.
Switzerland it’s just a myth, regarding privacy and anonymity, unless you’re a UHNWI client.

If anyone would want to privately and securely store gold they should look into Liechtenstein or Luxembourg, several private vaults facilities that even allow trading the assets in house, storing a security deposit box starting for as little as 790 CHF/year.
 
i'd like to eventually invest in stocks, so I want to sell those gold and get money into my bank account. So I was just wondering if it's okay to receive the wire from gold seller (wire transfer, swift internationally) into my personal bank account (in malta or portugal? or other EU country, I m trying to get citizenship in EU). It will be 500k~1M USD, but not at once I assume. Any idea?
 
i'd like to eventually invest in stocks, so I want to sell those gold and get money into my bank account. So I was just wondering if it's okay to receive the wire from gold seller (wire transfer, swift internationally) into my personal bank account (in malta or portugal? or other EU country, I m trying to get citizenship in EU). It will be 500k~1M USD, but not at once I assume. Any idea?
I can't see any reason why it would be a problem, as long as you have a good paper trail. They will want to see that you bought and sold the gold through licensed reputable dealers, and to be on the safe side make sure you have proof of where the funds came from to buy the gold in the first place. You said that is crypto, so keep details of the wallets, trading accounts etc
 
After i relocate, is it okay to receive the wire to my bank account from selling those gold? It seems like bullionstar does wire transfer if i sell the gold.

Gold is considered high risk by banks. This is a great way to lose a bank account real quick. Check carefully in banks terms and conditions whether precious metal transactions are permitted.

So I was just wondering if it's okay to receive the wire from gold seller (wire transfer, swift internationally) into my personal bank account (in malta or portugal? or other EU country, I m trying to get citizenship in EU). It will be 500k~1M USD, but not at once I assume. Any idea?

Kiss goodbye to your account if you do that amount to bank in Malta. High risk activity and source of funds was crypto? eek¤%&

....No way.....better of telling them money was from opium farming in Afghanistan.
 
Gold is considered high risk by banks. This is a great way to lose a bank account real quick. Check carefully in banks terms and conditions whether precious metal transactions are permitted.



Kiss goodbye to your account if you do that amount to bank in Malta. High risk activity and source of funds was crypto? eek¤%&

....No way.....better of telling them money was from opium farming in Afghanistan.
Gold is not a good option, then :(
 
i'd like to eventually invest in stocks, so I want to sell those gold and get money into my bank account. So I was just wondering if it's okay to receive the wire from gold seller (wire transfer, swift internationally) into my personal bank account (in malta or portugal? or other EU country, I m trying to get citizenship in EU). It will be 500k~1M USD, but not at once I assume. Any idea?
Why you want eu citizenship? I and many from this forum try hard to move as far away as I can from eu and you wanna spend 1M for getting in? ;)

You maybe have it easier to start a nationalizing process by living there. You can move lower amounts and do a small business which is easier than funding the 1M for the malta program. In 5 years you should get it done and you have strong basis as you live there and pay tax as good eu citizens do.
 
Why you want eu citizenship? I and many from this forum try hard to move as far away as I can from eu and you wanna spend 1M for getting in? ;)

You maybe have it easier to start a nationalizing process by living there. You can move lower amounts and do a small business which is easier than funding the 1M for the malta program. In 5 years you should get it done and you have strong basis as you live there and pay tax as good eu citizens do.
That's what I m gonna do. Also just trying to sell crypto taxfree legally.
 
That's what I m gonna do. Also just trying to sell crypto taxfree legally.
Why you want to move to eu? With 1M I would basically go everywhere but eu.
You know about lockdowns? the vaxx passport they are doing? the hostile climate in general and towards small millionaires in particular? eu love tax and so should you.

You would need 1Bn then you might could struck a deal with the borg there and be left alone.
 
I m trying to get citizenship in EU)

I guess your from a country where the EU looks like paradise maybe ns2. @JackAlabama is right with 1m you have so much choice outside the EU.

Why do you want to go to EU is there a family reason or something?
 
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I guess your from a country where the EU looks like paradise maybe ns2. @JackAlabama is right with 1m you have so much choice outside the EU.

Why do you want to go to EU is there a family reason or something?
well, no gift/inheritance tax, countries like Malta and Cyprus, no foreign tax or dividend tax, good international schools for my kids, etc.

Where else do you suggest?
 
well, no gift/inheritance tax, countries like Malta and Cyprus, no foreign tax or dividend tax, good international schools for my kids, etc.

So your looking at the Mediterranean rather than western or central Europe. Have you actually been to those two Islands to check them out?

Where else do you suggest?

Where are you from firstly?
 
I am from Asia. Some asian countries with territorial tax system are also in my options.

I would explore this option first. The benefits some of these EU island nations enjoy will probably be eroded at some point with future EU rules designed to create a level playing field across the block.
 
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I think you guys are being hard on Ben. The whole point of having money is to enjoy it and have the freedom to choose. If Ben likes Malta as a place to live, who cares about EU? There should be a way to mitigate any negative effects of the EU. If the tax advantage of Malta gets eroded in future (maybe by the time his kids get through school there and he has citizenship) the he will already have his capital tax-free and can move on to somewhere else with a new passport in his collection.

One thing I learned in life is that nothing is forever. Countries change, and our requirements and wishes change as we go through life.

I also don't think it is too hard to sit down with a private banker and say "I invested in gold, but now want to liquidate my gold holdings and wire 1 million into your bank." Many private banks actually offer gold custody and trading themselves. And the great thing about EU/EEA is if you are resident in one country (like Malta) you can easily bank elsewhere in the EU/EEA (including Switzerland).
 

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