Question Gold Storage Solutions

[Vor]

Hello everyone, I have been thinking recently of investing more into some gold since as an American citizen many offshore banks do not want me as a client however I have noticed many safety deposit/vault storage institutions do not care one bit. I also like the anonymity factor you can achieve with gold unlike banked assets today due to CRS, FATCA, and the alphabet soup.

Is there any particular gold storage companies you guys would recommend that are safe in terms of jurisdiction for privacy and the companies reputable to not run off with your deposited items. I have looked into storage in Singapore and Switzerland so far. I am wondering if it’s better to store gold with the companies who are advertising their storage tailored to it or maybe a more generic safety box company etc? Any recommendations?

 

[LoveMyLife]

Hello everyone, I have been thinking recently of investing more into some gold since as an American citizen many offshore banks do not want me as a client however I have noticed many safety deposit/vault storage institutions do not care one bit. I also like the anonymity factor you can achieve with gold unlike banked assets today due to CRS, FATCA, and the alphabet soup.

Is there any particular gold storage companies you guys would recommend that are safe in terms of jurisdiction for privacy and the companies reputable to not run off with your deposited items. I have looked into storage in Singapore and Switzerland so far. I am wondering if it’s better to store gold with the companies who are advertising their storage tailored to it or maybe a more generic safety box company etc? Any recommendations?

There are many. But let talk a little bit about gold.

Gold is not investment. It is something what hold a purchase value of money which you used for purchase. The most of the world gambles with fiat currencies. Once this party will be over, the only thing what will be accepted by everyone in a world as base of future currency will be gold. Can you imagine that situation? What do you think - what will happen with all that "serious" storage companies? They will just "close" their doors. Of goverment will seize everything in their safeboxes.

The best way to store gold is to biuld your own small unknown private vault. It is not as expensive as it can look like. To buy some good underground space in a country where no one cares who you are: 50 K, rebuild it to be totaly secure: 5K, 2 pieces of Grade 4 of vaults: 10K. Travelling costs, hotels, transfers for time till having everything ready: 10 K. Total investment: 75K.
You can say, it is too much, but:

This valuls space which you create is not something where you just spend money. If you do not need it any more in a future, you can sell it for at least the sam amount as you invested, or much more.

You do not have to pay a rental fees to anyone else. So you save few thousand K per year.

And you are absolutely sure about privacy and safety of your stored gold.

 

[Vor]

There are many. But let talk a little bit about gold.

Gold is not investment. It is something what hold a purchase value of money which you used for purchase. The most of the world gambles with fiat currencies. Once this party will be over, the only thing what will be accepted by everyone in a world as base of future currency will be gold. Can you imagine that situation? What do you think - what will happen with all that "serious" storage companies? They will just "close" their doors. Of goverment will seize everything in their safeboxes.

The best way to store gold is to biuld your own small unknown private vault. It is not as expensive as it can look like. To buy some good underground space in a country where no one cares who you are: 50 K, rebuild it to be totaly secure: 5K, 2 pieces of Grade 4 of vaults: 10K. Travelling costs, hotels, transfers for time till having everything ready: 10 K. Total investment: 75K.
You can say, it is too much, but:

This valuls space which you create is not something where you just spend money. If you do not need it any more in a future, you can sell it for at least the sam amount as you invested, or much more.

You do not have to pay a rental fees to anyone else. So you save few thousand K per year.

And you are absolutely sure about privacy and safety of your stored gold.

This is my worry of these companies is in that nightmare scenario why not take all your depositors stuff and run off to some island and disappear. Any recommendations for what country to bury it in?

 

[LoveMyLife]

This is my worry of these companies is in that nightmare scenario why not take all your depositors stuff and run off to some island and disappear. Any recommendations for what country to bury it in?

It have to be a country where:

A. Real estate registry is not showing UBO
B. Real estate can be owned by foreign company without any extra DD
C. Good political stability
D. Acceptable level of privacy - no one cares about you
E. You have to be able to transport gold and other valuables without noticing anyone and without being worry about your safety
F. You have to be able import gold into the country without paying any customs duties and VAT or any other taxes
G. Price of underground objects are in acceptable amount
H. You have to be able to move gold to other country without any problems in case of anything wrong happens there
I. Country has a stable legal system, which guarantees a private ownership

And let investigate some countries>

USA:
A. Yes
B. No
C. Let say Yes, but we can discuss it
D. No
E. Partialy
F. Yes
G. No
H. No
I. Partialy

Singapore:
A. Yes
B. Yes
C. Yes
D. Yes
E. Yes
F. Yes
G. No
H. No
I. Yes

Switzerland:
A. Yes
B. Yes
C. Yes
D. Yes
E. Yes
F. Yes
G. No
H. Yes
I. Yes

Liechtenstein:
A. Yes
B. Yes
C. Yes
D. Yes
E. Yes
F. Yes
G. No
H. Yes
I. Yes

Hong Kong:
A. Yes
B. Yes
C. No
D. Yes
E. Yes
F. Yes
G. No
H. No
I. Yes

Austria:
A. Yes
B. Yes
C. Yes
D. Yes
E. Yes
F. Yes
G. Partialy
H. Yes
I. Yes

There are some unknown countries, where you can store gold and which are fulfilling all conditions. I thing, if you want to build a private vault, the best is Czech republic.

 

[Martin Everson]

This is my worry of these companies is in that nightmare scenario why not take all your depositors stuff and run off to some island and disappear.

Happened in the Netherlands - see below link. You cannot trust a thirdparty company with gold.

https://www.offshorecorptalk.com/th...ty-deposit-boxes-theft-millions-stolen.28977/

 

[Vor]

Happened in the Netherlands - see below link. You cannot trust a thirdparty company with gold.

https://www.offshorecorptalk.com/th...ty-deposit-boxes-theft-millions-stolen.28977/

Ironic I am in the Netherlands haha. I had filled out the intake form for a deposit box company but never sent them my gold since I just had this kind of fear and I also feel like these non bank deposit storage companies at some point are gonna be a target for law enforcement and the tax authorities since their so easy to open and lax on due dillegence.

 

[troubled soul]

Every Bank offer safety Locker. Why do not you try ?
It is the best solution.
In today world , You can not trust any people .


Or You can buy gold back crypto If you trust them .
Here is the pertmint Token
https://pmgt.perthmint.com/

 

[JackAlabama]

Every Bank offer safety Locker. Why do not you try ?
It is the best solution.
In today world , You can not trust any people .


Or You can buy gold back crypto If you trust them .
Here is the pertmint Token
https://pmgt.perthmint.com/

Banks record access to your lockerbox and also that you have one.
they can scan for cash / accounts move and you accessing your box. Some thoughts to think about
someday it might be reported with crs.

If you run with private comapnies, crs might come one day too but at least they do not see your account moves and what can be suspicious moves.

 

[Vor]

Banks record access to your lockerbox and also that you have one.
they can scan for cash / accounts move and you accessing your box. Some thoughts to think about
someday it might be reported with crs.

If you run with private comapnies, crs might come one day too but at least they do not see your account moves and what can be suspicious moves.

My only real concern about a bank deposit box would be their FBAR reportable and in which case I need to tell the IRS about it if it’s a bank deposit box. Private companies this isn’t the case but of course a private company is less trustworthy than a reputable bank.

 

[JackAlabama]

My only real concern about a bank deposit box would be their FBAR reportable and in which case I need to tell the IRS about it if it’s a bank deposit box. Private companies this isn’t the case but of course a private company is less trustworthy than a reputable bank.

I second that given the banks are stooges who snitch on you.
The facility and country is of course very important. I would only pick 3 countries in this world to consider doing that anyway. Never had any issue except the travel bans.

 

[Vor]

I second that given the banks are stooges who snitch on you.
The facility and country is of course very important. I would only pick 3 countries in this world to consider doing that anyway. Never had any issue except the travel bans.

It’s just a matter of can you trust these storage companies, id think it be better to go with a more generic deposit/vault company than one that specifically advertises that they store/sell precious metals. For example perhaps something like: Safe Deposit Box

I saw someone mention them in another thread awhile ago. Their just a generic storage company rather than one tailored to gold from the looks of it, for all they know your storing documents. Risks in everything even burying your own gold god forbid someone follows you, or you have loose lips and trust the wrong person with any kind of information about it..

Bank deposit box is for sure safest from an inside job theft perspective but you for sure risk the looting of the deposit boxes like has happened in the past at bank failures.

safest thing is for sure to keep your own gold in your own possession but it’s for sure the least practical, who wants tens of thousands or hundreds of thousands of dollars under their mattress

 

[Martin Everson]

Banks record access to your lockerbox and also that you have one.
they can scan for cash / accounts move and you accessing your box. Some thoughts to think about
someday it might be reported with crs.

Reporting of safety deposit boxes under AMLD5 which came into force last year is already here. Not long before this is added to CRS also along with crypto and precious metals .

This requires EU member states to set up a national register of beneficial ownership information on businesses, including trusts and holders of safe-deposit boxes, to share with other members. Records must include information on those with a 25 per cent stake or more in the company, in case an individual may be using a business they partly or wholly own for illegal activities. This information will also be available to the public.

 

[Vor]

Reporting of safety deposit boxes under AMLD5 which came into force last year is already here. Not long before this is added to CRS also along with crypto and precious metals .

Indeed today you’d wanna use a box outside the EU, but long term their gonna try to kill secrecy everywhere no doubt.

 

[Martin Everson]

I think at some point the EU will stop its cat and mouse game and start with taxation based on having an EU passport. It maybe similar to what US has. In that sense you will still be forced to file a tax return in your EU country no matter where you live in the world. The reason I say this is that it will be on the only way to keep track of future capital gains owed. Unless they can tax you on the way out like Spain has done since 2015 for those with more than 4m euros in investment assets .

 

[Vor]

I think at some point the EU will stop its cat and mouse game and start with taxation based on having an EU passport. It maybe similar to what US has. In that sense you will still be forced to file a tax return in your EU country no matter where you live in the world. The reason I say this is that it will be on the only way to keep track of future capital gains owed. Unless they can tax you on the way out like Spain has done since 2015 for those with more than 4m euros in investment assets .

Probably correct but seems like a mess for certain things like what if someone moves from Belgium to Netherlands? Both EU countries etc they will have a lot more people track. US only has like 9M overseas Americans and few are tax compliant lol the amount of American overseas doesn’t match up with the IRS number of reported international returns. EU would have an even bigger mess.

 

[Liberta]

Even with EU will not live long enough to do that. it was suggested in France to tax their overseas citizen but it did pass not yet.
EU = USSR 2.0 .

 

[Martin Everson]

it was suggested in France to tax their overseas citizen but it did pass not yet.

Well if that is the case then its a strong enough reason to get a second passport. For EU taxation by citizenship is the end solution once people start to run. Covid has pushed more people to work remotely and from anywhere in the world.

P.S Get out of EU while you still can.

 

[Liberta]

I am very tempted about the Panama residency for Europeans.

 

[Liberta]

I agree with you. I am very tempted about the Panama residency for Europeans.

The weight of public service on France GDP is about 60 % and I believe that the only way out for the gov is to make more public jobs to pay the social peace until it blow out.

 

[Vor]

Well if that is the case then its a strong enough reason to get a second passport. For EU taxation by citizenship is the end solution once people start to run. Covid has pushed more people to work remotely and from anywhere in the world.

P.S Get out of EU while you still can.

EU will probably head towards the US style citizenship based taxation system. The issue is once EU has done it like the US then its gonna start becoming the "standard" Canada will follow, AU, NZ, etc your only options will be 2nd and 3rd tier countries. UAE kind of has a passport option now i remember hearing?? They will probably get bullied though to implement taxes and same will go for the islands. if were lucky in 15 years will be hoping they give a massive tax cut globally down to 40% from 56% lol