Storing PM's overseas

Discussion in 'General Precious Metals Discussion' started by Caput Lupinum, Feb 24, 2014.

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  1. Caput Lupinum

    Caput Lupinum Well-Known Member Silver Stacker

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    Just curious to know of anyone who has experience or at least looked into storing their PMs overseas and the logitisical aspect of moving physical bullion to an overseas storage facility? Toying with the idea of moving at least some of my metals to Singapore with these guys https://www.silverbullion.com.sg/ sometime in the future if I believe it's necessary.
     
    Caput Lupinum, Feb 24, 2014
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  2. motorbikez

    motorbikez Member Silver Stacker

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    What makes you think Singapore is going to be any safer than Australia if the government goes for your Pms. Personally I wouldn't trust a single government anywhere in the world. At least in Aussie you have plenty of space to hide your stash if needs must :)
     
    motorbikez, Feb 24, 2014
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  3. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    @ Caput Lupinum it makes absolute sense to me to hold some offshore. You have 5 choices as i see it:

    1. Store PM's in your home - nearly everyone here jumps up and down down saying you shouldn't do it.

    2. Store Pm's in a private vault - not quite everyone here jumps up and down saying "If you don't hold it you don't own it".

    3. Bury PM's in the wilderness - most probably every sane member here would jump up and down saying you are a dickhead if you give consideration to that.

    4. Store PM's in a vault offshore - not quite everyone here jumps up and down saying "If you don't hold it you don't own it"

    5. If you listened to everyone here you wouldn't store your PM's anywhere. And sunken boats don't count.

    CL, for every opinion on this forum, there are 3 retards who just like to bang on regardless - I wonder whether we've reached the quota yet?

    Give some consideration to offshore storage, I think it's a valid strategy.
     
    mmm....shiney!, Feb 24, 2014
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  4. Court Jester

    Court Jester Well-Known Member Silver Stacker

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    melt bars into un assuming objects / shapes. e.g. door stop
     
    Court Jester, Feb 24, 2014
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  5. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Surely we've reached the quota now? :p
     
    mmm....shiney!, Feb 24, 2014
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  6. Eureka Moments

    Eureka Moments Well-Known Member Silver Stacker

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    Did when you posted. :lol:
     
    Eureka Moments, Feb 24, 2014
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  7. Caput Lupinum

    Caput Lupinum Well-Known Member Silver Stacker

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    tbh I was looking for opinions specifically about the logisitical aspect of moving bullion to overseas vaults, not whether it's a good idea or not. I don't intend on living in Australia forever and want to be able to sell it in a country that has no CGT when I need to.
     
    Caput Lupinum, Feb 24, 2014
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  8. whinfell

    whinfell Well-Known Member Silver Stacker

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    CL, I think you'd also need to consider your tax position - just because you might move overseas in future, doesn't necessarily mean you're free of Australian tax obligations (consult a tax lawyer, yada yada)

    As far as logistics, can't help, other than to suggest you might need to engage a specialist bullion logistics company to do it for you, e.g. Brinks, ViaMat.
     
    whinfell, Feb 24, 2014
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  9. Caput Lupinum

    Caput Lupinum Well-Known Member Silver Stacker

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    I've looked into the tax and so long as I meet certain criteria in relation to non Australia residency for tax purposes and have no place of abode or other finanical ties to Australia it shouldn't be an issue unless you know different?
     
    Caput Lupinum, Feb 24, 2014
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  10. whinfell

    whinfell Well-Known Member Silver Stacker

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    No different to what you said there - non-residency for tax purposes, etc, was what I was thinking of.
     
    whinfell, Feb 24, 2014
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  11. Maxwell

    Maxwell New Member

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    Depends on how long you have to move your stack, and how big it is.

    A hand full of change in your computer bag, with 6 x 1 oz coins apparently goes straight through the X-ray.

    Drop off 6 coins... repeat?

    Suppose it depends on the size of the stack, and the amount of times you travel to your chosen destination?
     
    Maxwell, Feb 26, 2014
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  12. Caput Lupinum

    Caput Lupinum Well-Known Member Silver Stacker

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    Would take too long. The cost of going back and forth to and from Singapore would cost more than using a logisitics company like Brinks. If I were to leave Australia I would be living in a 3rd country and only be doing my banking and investing through Singapore.
     
    Caput Lupinum, Feb 26, 2014
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  13. Cimexus

    Cimexus Member

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    You can leave Australia with far more than 6 coins with no issues. I moved from Australia to the US last year and took my entire stack with me on the plane, carry on luggage. My stack isn't huge but it did occupy a medium-size carry on bag (with nothing in it except silver and gold ... bloody heavy!)

    Went through Xray/customs in Sydney and Dallas no problems, no questions asked.

    The stack is 90% coins, which probably helped. For two reasons: 1. looks less unusual on X-ray (they are used to seeing coins); 2. Because the coins are legal tender currency, you can use the face value on the coins in determining whether you are under the $10,000 limit for taking out undeclared currency.

    But yeah, there's no need to sneak it out a bit at a time - you're not doing anything illegal by doing so. I had all the receipts (at least for the items I bought from a dealer rather than F2F) just in case, but didn't end up needing them.

    Though I will say, if you're silver heavy, it is logistically difficult. Heavy and bulky. Gold is great - you could easily slip out hundreds of thousands of dollars worth without it looking like anything special on the Xray at all - a couple of wallets worth of coins.
     
    Cimexus, Feb 26, 2014
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  14. Caput Lupinum

    Caput Lupinum Well-Known Member Silver Stacker

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    I don't really know how to say this without sounding like a wanker but I would have trouble moving my stack that way. It would be well over any carry on baggage weight limit of a plane.
     
    Caput Lupinum, Feb 26, 2014
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  15. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    Sell your silver , buy gold
    And post it to yourself :)
     
    spannermonkey, Feb 26, 2014
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  16. Caput Lupinum

    Caput Lupinum Well-Known Member Silver Stacker

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    Post it where? I wouldn't have a mailing address in Singapore
     
    Caput Lupinum, Feb 26, 2014
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  17. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    Well I would have "assumed :rolleyes: " you would have done a trip there already & set that up
    But as usual me assuming things :|
     
    spannermonkey, Feb 26, 2014
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  18. Caput Lupinum

    Caput Lupinum Well-Known Member Silver Stacker

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    I'm going over there in July for other reasons and while there intend on speaking with a couple of storage facilities but as far as I know there's no drop box type postage facility for foreign residents in Singapore. The storage facilities don't offer this. It seems to be that your stack is small enough to take over in person, you sell it and buy through the storage facility or you use a logisitics company to move your stack to the storage facility.
     
    Caput Lupinum, Feb 26, 2014
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  19. Altima

    Altima Well-Known Member Silver Stacker

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    Not sure if there's such a drop box type of facility but silverbullion.com.sg is one of the more established dealers here. Perhaps you can visit them to consider your options. Otherwise there is also BullionStar (relatively new) who provides storage options as well. To be honest I would avoid Singapore precious metals exchange cos I feel they have some issues to iron out first.
     
    Altima, Feb 26, 2014
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  20. Caput Lupinum

    Caput Lupinum Well-Known Member Silver Stacker

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    Yeah silverbullion was the one I was thinking of going with but another member suggsted SPMX and they use the same storage facility Certis CISCO as silverbullion. Have you had any personal dealings with these companies? What issues does SPMX have?
     
    Caput Lupinum, Feb 27, 2014
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