OVZA
New Horizons Paraguay
Ticker tape by TradingView

Is BullionStar safe ?

Status
Not open for further replies.
Yup banks, brokers and life insurance companies all have to comply with⁠ CRS. I can tell you this firsthand.

It's worse than UAE when⁢ it comes to certain offenses....lol. Still people like stable efficient financial centres to hold assets︀ long term.

https://www.theguardian.com/world/2...nst-death-penalty-as-sense-of-injustice-grows
--- quote start

Nagaenthran’s relatives and supporters have campaigned tirelessly for his︁ life to be spared. He was arrested in 2009, aged 21, for attempting to smuggle︂ a small amount of heroin – about three tablespoons – into Singapore and has since︃ spent more than a decade on death row.

---- quote end
 
Before 2020 I would have said yes. But now, nope.⁠
You could (can?) not even fly there without fulfilling xyz medical treatments the glorious city⁤ of Singapore deems needed to land on their precious shores. They are also fairly nationalistic,⁣ but you are tolerated with money. Ang Mos are not seen in the best of⁢ light and lets not talk about other nations.
Also they are overzealous as far as︀ e.g. health and other issues and rather German-like strict in enforcing rules.

Try to get︁ a fully automated version as you most likely will not be able to travel when︂ you need to and just use it as a mix into an overall portfolio as︃ in Asia you have anyway not much say as a foreigner and they do not︄ like nor desire personal freedom and have a collectivist mind over all. This risk is︅ of course compensated with good growth and the fact they need to attract foreign wealth︆ to their shores to keep growing (hence keep your Gold etc. safe.)

Yes, all of that. You do xyz thru your bank by whatever channel, CRS.
 
If you like to buy physical gold or other precious⁠ metals in physical form, make sure that you always have direct access. That said, do⁤ not store them in a different country where you need to fulfill some obscure entry⁣ requirements before even being allowed to see your physically stored metals.
As COVID has taught⁢ us, offshore is of limited value and of zero value when it comes to store︀ physical items. You can easily be expropriated just by changing immigration rules.
The minimum requirement︁ for storing physical gold (or other valuables) offshore would be to have permanent residency in︂ that country. Everything else is naive.

True. And therefore best to be avoided.
 
Everything else is naive? Have you never heard of computers and the internet.? You do not‍ need permanent residency to buy and store gold in Singapore, Switzerland, or any other major⁠ offshore financial haven. You can still keep your holding segregated and all you need is⁤ an internet connection.
 
Take a deep breath. Then⁤ switch into "civilized mood".

Explained just for you: Nobody is required by law to hold⁣ permanent residency in SG or CH to store gold there. However, if you want to⁢ have unlimited access, the minimun requirement (better: precaution) would be to have permanent residency because︀ otherwise you might not have the possibility to enter the country.
Of course, you can︁ keep your holdings segregated without any precaution: You will just have list control over your︂ segregated gold.
Ask Russians if they still can still place an order to sell their︃ segregated gold with BullionStar and if they then can get the proceeds transferred to their︄ bank account ....

Do not trust all these promises - at the end BullionStar is︅ not more than Binance, Kraken and the like.
Btw., if you would have ever seen︆ how Singapore courts rule you would not want to bank there: It is always in︇ favour of the local industry when a foreigner is involved.
 
I'd rather store it in a different country, so that my⁠ local government doesn't have direct access to it.
If I want to store it in⁤ my country, I'd store it at home.
 
Spot on. Singapore courts would be about the last I︅ would wanna be involved in as a foreigner.
It can serve as a jurisdictional by︆ mix in an overall portfolio or if it is impossible to store at home.
 
You would not want to do that in⁠ the first place. That is a major violation of one of the fundamental precepts of⁤ flag theory: you never do major banking in a country where you do business (and⁣ most especially especially if the rule of law in that country treats foreigners differently than⁢ the locals).

Ideally, you should keep your flags separate and insulated from each other. So,︀ if you do business with a local industry in Singapore, you would not want to︁ do major banking there. In fact, if that is how the courts treat foreigners, I︂ would refrain from doing business there. Use it solely as a banking flag.
 
The sad thing︁ here: Local industry includes local financial industry.
Look through SG expat forums which are full︂ of stories regarding lost cases against in insurance companies. Even more obscure, the constant complaints︃ regarding the handling of dividend tax deduction (only applicable to expats outside SG).

But now︄ we are leaving the topic 😉
 
Regarding Singapore banks. My wife and I have both been contacted by our local banks‌ in our home country and had to explain incoming wire transfers of not much over‍ $10,000 USD. Has anyone here had that happen with Singapore banks? If one had an⁠ account there would this happen for relatively small amounts of money?
 
Are you guys located in EU?
EU banks (some more some less, depending on⁣ the strictness of the country) have lists of suspect countries which will trigger them to⁢ question you if you send/receive money to/from and you need to explain the reason of︀ transfer.
 
2 people I know had the same request from their home country authorities to⁣ explain the funds in Singapore (although they never transferred to their home country bank). But⁢ that's pretty normal considering the AEOI I think?
 
They executed him for a crime committed at⁣ 21 years old 12 years ago 🙁. Terminated his life for 3 tablespoons of banned⁢ substance. Don't agree with drugs but this is Saudi level punishment.

https://www.bbc.com/news/world-asia-61239221
So glad I︀ don't have my Bullionstar account any more and have no need to travel there. Would︁ not want to deal with Singapore courts after hearing something like this.
 
I always had a good experience with BullionStar. I haven't used them for a fair‌ while now but did speak to them last year. They informed me that while fiat‍ funds need to be deposited from or withdrawn to an account in the same name,⁠ you can however deposit crypto from any wallet and purchase gold. It's one of the⁤ ways that people cash out while being able to provide their bank a source of⁣ funds from the sale. Their storage fees were always quite good and they had some⁢ zero spread gold/silver if you're just after the metal. Some of their other products have︀ higher spreads, including if purchased with crypto. As mentioned things may have changed since I︁ dealt with them but if I were holding bullion again I'd go back to them.︂
 
Well, and now think what will happen when a Non-Singaporean complains‍ about being treated unfairly by the SG financial industry:
The country is an absolute no-go for offshore banking (if you have other options)⁢ and what the SG financial industry has on offer is easily available in other jurisdictions︀ at a far lower price tag.
 
Well to be in defense for them. Stuff works like in the book and they⁣ are bone headed in doing the paperwork without any leeway (in a reflection of the⁢ society in general).

I would not trust them with any meaningful amount but for some︀ pocket change it is ok for doing boring business stuff in Asia.
 
Status
Not open for further replies.

JohnnyDoe.is is an uncensored discussion forum
focused on free speech,
independent thinking, and controversial ideas.
Everyone is responsible for their own words.

Quick Navigation

Forums

User Menu

Login
Community platform by JohnnyDoe © 2025 JohnnyDoe
Top Bottom