Sell gold abroad and transfer funds back to UK

BtcAcc

New Member
Hello all,

I've been a visitor to these forums for a few weeks now so thought best to say hi.

After reading a thread here about buying and storing gold abroad after buying it with BTC, I took the plunge and started.

My question is, what sort of issues could I run into when I come to sell the gold in the future and have the funds wired directly to my UK HSBC account?

I'm led to believe that gold companies in Singapore, such as Bullionstar, won't routinely speak with anyone, including HMRC, unless ordered by a court. Can this be used to my advantage to bring my funds home. Will my bank simply accept my explanation that I bought the gold with cash savings, converted to BTC?

Thanks.
 

inty

Active Member
spread it across different bank accounts, and as long as you pay your taxes on it, there's no issues at all.
 

BtcAcc

New Member
Thanks for your reply.

I'm thinking that if I invest in CGT-free gold, like the Sovereign or Britannia, and sell in Singapore, once the money is transferred back to the UK would there be any issues? Would HSBC or HMRC want to see my transaction history with the foreign gold company and how I paid for the gold in the first place?
 

inty

Active Member
HSBC UK needs to fullfill their needs - documented source of funds and legality of your transactions - if you have that, you're all set. Of course don't put all your eggs in the HSBC basket. Spread it.

HMRC is interested in collecting your taxes, pay them and be their best friend.

This is basic advice based on generalizations. Your case is always unique to your own circumstances.

However, if it is ML that you're scared about, if you trigger an investigation and you're suspected of ML, it'll be up to you to provide all the necessary proof. You'll be guilty until proven otherwise.

All ML works in the short term, it's your future that is problematic.

Most important information is: how much are you cashing out?
 

BtcAcc

New Member
Thanks for your reply.

It will be approximately £5k/month, not a huge amount in comparison to other forum members, but certainly for me.

Would this amount trigger any alarm bells? It's certainly more than my salary.
 

BtcAcc

New Member
For info, the cash is not illegal. I've always been a cash saver, and prefer to use cash whenever possible. I lend it to friends and family all the time, making no profit, and receive it back in cash. Recently I've been converting it to BTC and in turn buying gold in an attempt to be able to return my money back to my account so that I can purchase property.
 

inty

Active Member
nice story but lacks the papertrail that authorities would ask for.
your money your choice. but if i were you i'd invest and bank out of home country.
 

Admin

Forum Moderator
Staff member
My question is, what sort of issues could I run into when I come to sell the gold in the future and have the funds wired directly to my UK HSBC account?
You never want to wire that money to anywhere! Cash and BTC is the key.
 

BtcAcc

New Member
I would normally agree, however what if you need the liquidity of bank funds for a large purchase, such as property?

Having documentation for the gold is no issue, the problem would be documentation for the crypto that was used for the initial gold purchase.
 
Top