Gold Storage Solutions
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The answer will be "move to the Chernobyl exclusion zone, where law enforcement does not exist."
But, as always, banking will still be difficult. awe¤""%
But, as always, banking will still be difficult. awe¤""%
I've looked into this. For example; if you buy gold from the Perth Mint or Bullion Star in Singapore and have them store it for you that's reportable. If you fly to Perth, purchase gold from the Perth Mint then take it to a local Australian bank and put︀ it into a deposit box (with you being the only person with a key) then︁ that's NOT reportable. You could also fly to Australia with gold you purchased (anonymously) in︂ the USA, (Australia has no import duty or sales tax on 99.5% gold) put it︃ into a local bank deposit box...that's also NOT reportable. The KEY is, pardon the pun,︄ for the bank, or mint, or vault NOT to have some sort of access or︅ control over your gold.
Hong Kong brokers (LPM for example) won't report unless compelled by a court order. I think bullion star is the same from memory.
I recall that there was some sort of info on the Bullion Star website regarding reporting but I cannot find it anymore.
May be things have changed.
The argument of @fatcat1970 in post #23 makes sense:
May be things have changed.
The argument of @fatcat1970 in post #23 makes sense:
The problem is you might be locked out from your storage if you DIY. Imagine having a box somewhere in Europe during covid with no means to visit.
So if i am buying gold from colombia and putting it in bullion star ,what other costs might i have to face.I understand that there is no import tax on gold in Singapore.Will bullion star allow this??Or i have to buy from them inly ,only then they will store it?
Anyone can share the lpm website or contact details??
I think before we get︁ to that point there will be a French Revolution style Guillotine around the world of︂ such world leaders and another Boston Tea Party.So that we can again start afresh from︃ there.
Anyone can share the lpm website or contact details??
I think before we get︁ to that point there will be a French Revolution style Guillotine around the world of︂ such world leaders and another Boston Tea Party.So that we can again start afresh from︃ there.
https://www.bullionstar.com/blogs/b...gold-transcript-of-speech-by-bullionstar-ceo/On here they address how they are not a FATCA reporting institution since they are not deemed a Financial Institution. Whether a US person would need to report this on a FBAR form is debatable...
This is directly from the IRS web site:
https://www.irs.gov/businesses/corporations/basic-questions-and-answers-on-form-8938#Q20
So, even︅ if you do not need to report your gold holdings under FATCA, you must report︆ its eventual sale, if sold to a foreign person. Of course, you must also report︇ any gains made on the sale.
https://www.irs.gov/businesses/corporations/basic-questions-and-answers-on-form-8938#Q20
So, even︅ if you do not need to report your gold holdings under FATCA, you must report︆ its eventual sale, if sold to a foreign person. Of course, you must also report︇ any gains made on the sale.
the last part of "if the total value of all your specified foreign financial assets is greater than the reporting threshold that applies to you" I am assuming they are referring to $50K limit on FATCA. That being said i've bought and sold gold to Bullionstar for cryptocurrency and they haven't taken︀ any KYC information that could've been reported to the IRS(passport, ssn, id, etc)
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