There aren’t a lot of economies that are friendly for safekeeping precious metals in. The United States, for example, charges a 28% tax on sales of precious metals, while India’s recently raised its gold import taxes to 12.5%. Most countries charge really high capital gains taxes of up to 40% on certain transactions. Despite these high prices, there’s really no question about whether anyone should invest in gold as a way to hedge their risk across their portfolios. The consistently high values of gold and other precious metals in global markets only highlight their importance as investment options.
In the face of these unfair taxation policies at the hands of the state, which really hinder the efficiency and reduces the gains from your portfolio, you should go offshore with your vaults. There are plenty of places across the world where you can stash your gold and silver, to enjoy numerous tax and financial benefits. Some of the advantages of taking your gold to offshore vaults include:
Avoiding Excessive Tax Burdens
Gold and other precious metals are usually taxed under two different headings—capital gains tax on the sale of gold or sales tax when you purchase it. There are plenty of countries around the world where you can store your precious metals to avoid paying these taxes. Panama comes to light as one of the best places where you can save your tax, with no capital gains taxes and very low-income taxes compared to other economies. The second most popular destination among precious metals investors is Belize, where you won’t be charged income or capital gains taxes.
Accessing Global Gold Markets
Some of these places which offer little to no tax burdens on gold investments also generally serve as hubs of global trade and commerce. Panama is known as one of the centers of international trade, where companies from across the world pass through to enter the rest of the world. Placing your precious metal investments in a place like Panama puts you in close quarters of global markets.
The Fort Kobbe Depository in Panama, for example, offers an extensive package of precious metals investment and storage services. These people keep your gold in some of the most secure vaults in the world and will also help you buy or sell your gold. If you’re considering playing around in the gold market, Panama is perhaps the best playground across the world.
Avoiding Paying Duties On Gold
Some countries like Hong Kong and free ports like Panama, don’t charge any taxes or duties on any gold you bring in. Hong Kong is part of numerous trade duties to reduce instances of double taxation, so is Panama—letting you bring in any amount of gold bullion without any financial penalties. This lets you keep the full value of your gold and then accessing specialist asset protection services that are fairly common in either of the two countries.
Access To Special Financial Services
Countries that don’t charge high taxes are also often the centers of robust financial markets. Since there are very few barriers to entry into these industries, there’s greater competition and higher efficiency between the various agents. This efficiency reduces the cost of operations but also elevates the technical knowledge of the participants in the sector.
This is why places like Singapore and Panama have grown into hubs of commerce and offer far better financial consultancy services than any other country in the world. If you move your assets to these countries, including but not restricted to precious metals, you can significantly enhance the potential of your financial growth.
One of the defining features of a good offshore precious metal storage service is the emphasis on financial privacy. Any precious metal storage service, worth its salt, will go to the very end of the world to make sure that your financial information isn’t disclosed to an investigative authority. Whether you want to avoid confiscation, or you just don’t want to disclose your financial information, you can always rely on these services to look out for you. Remember, a private gold vault is not a bank and does not fall under the same laws as banks do.
The people at Fort Kobbe offer specialized precious metal vault services while making sure that you never have to worry about someone snooping around your holdings. You can rest assured that your holdings will always be protected.
Here is a great article, Storing Your Precious Metals And What You Consider Before Picking A Storage Vault
Here is probably the most extensive article on Everything You Ever Wanted To Know About Eliminating Your Taxes, Protecting Your Assets And Regaining Privacy Over Your Life And Investments. It is called The Ultimate Guide To Going Offshore. You can download this epic post for your personal library.
Part of living like a Perpetual Traveler is making sure that your finances stay safe from encroachment from the state. There is no scenario where state intervention bodes well for those who have made a fair bit of money for themselves. For these reasons, you should consider going offshore with your funds and know for a fact that no one can touch it.
About The Author
Mikkel Thorup is the host of The Expat Money Show podcast and Director of Content at Escape Artist. He is also the author of #1 Best-Selling book Expat Secrets on Amazon. He has spent nearly 20 years in continual travel around the world, visiting more than 100 countries including Colombia, North Korea, Zimbabwe, and Iran. His goal is to help people just like you to generate additional streams of income, eliminate your tax bill, and take advantage of offshore structures so you can travel the world freely and never have to worry about money again. For more information on his legal (but creative) tax strategies for Expats watch this free video.
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