Bringing gold back home?

[Ben K]

Hey

i m planning to relocate to malta or portugal soon. It seems like i can buy gold with crypto before i move there.

After i relocate, is it okay to receive the wire to my bank account from selling those gold? It seems like bullionstar does wire transfer if i sell the gold.

i ve read that malta doesnt tax if i could prove existing assets when i move there. My original plan was to relocate to portugal to sell btc taxfree, but i m thinking of different options. Thanks!

 

[sonato]

to buy gold for bitcoins is a great idea also discussed here already. How you‌ want to get the Gold through the airport I don't know.

You need to sell‍ the gold again AFTER you got a resident of Malta not before!

Better is to⁠ relocate 100% to Malta, wait some time, then buy the Gold for your coins and⁤ sell it again to get money to your bank account in Malta.

 

[CaptK]

Don't the BTC count as an asset?
Or is it gold that is not taxed?‌

 

[bizniz]

Gold is an excellent idea. I assume you won't actually physically take it to Portugal‌ or Malta as that would probably be a bad idea. Keep it in Switzerland, UAE,‍ Singapore etc

 

[Clank]

You can buy crypto gold, that's the best option. Its a cryptocurrency backed by real‌ gold

 

[lavel]

actually a good‌ idea, you could rent a anonymous box in some bank in Switzerland, UAE or wherever‍ it is possible and keep your physical gold there.

Wonder if such thing as a⁠ anonymous bank box excists.

 

[equityone]

Switzerland it’s just‍ a myth, regarding privacy and anonymity, unless you’re a UHNWI client.

If anyone would want⁠ to privately and securely store gold they should look into Liechtenstein or Luxembourg, several private⁤ vaults facilities that even allow trading the assets in house, storing a security deposit box⁣ starting for as little as 790 CHF/year.

 

[Ben K]

i'd like to eventually invest in stocks, so I want to sell those gold and‌ get money into my bank account. So I was just wondering if it's okay to‍ receive the wire from gold seller (wire transfer, swift internationally) into my personal bank account⁠ (in malta or portugal? or other EU country, I m trying to get citizenship in⁤ EU). It will be 500k~1M USD, but not at once I assume. Any idea?

 

[bizniz]

I can't see any reason why it would be a⁢ problem, as long as you have a good paper trail. They will want to see︀ that you bought and sold the gold through licensed reputable dealers, and to be on︁ the safe side make sure you have proof of where the funds came from to︂ buy the gold in the first place. You said that is crypto, so keep details︃ of the wallets, trading accounts etc

 

[Martin Everson]

Gold is considered high risk by banks. This is⁠ a great way to lose a bank account real quick. Check carefully in banks terms⁤ and conditions whether precious metal transactions are permitted.

Kiss goodbye to your account if you do︂ that amount to bank in Malta. High risk activity and source of funds was crypto?︃ eek¤%&

....No way.....better of telling them money was from opium farming in Afghanistan.

 

[Ben K]

Gold is⁣ not a good option, then 🙁

 

[JackAlabama]

Why you want eu citizenship? I and many from this⁢ forum try hard to move as far away as I can from eu and you︀ wanna spend 1M for getting in? 😉

You maybe have it easier to start a nationalizing︁ process by living there. You can move lower amounts and do a small business which︂ is easier than funding the 1M for the malta program. In 5 years you should︃ get it done and you have strong basis as you live there and pay tax︄ as good eu citizens do.

 

[Ben K]

That's what I m gonna do. Also just trying to︀ sell crypto taxfree legally.

 

[JackAlabama]

Why you want to move to eu? With 1M I‍ would basically go everywhere but eu.
You know about lockdowns? the vaxx passport they are⁠ doing? the hostile climate in general and towards small millionaires in particular? eu love tax⁤ and so should you.

You would need 1Bn then you might could struck a deal⁣ with the borg there and be left alone.

 

[Martin Everson]

I guess your from a country where the EU looks like paradise maybe ns2. @JackAlabama is right with 1m you have so much choice outside the EU.

Why do you want‌ to go to EU is there a family reason or something?

 

[Ben K]

well, no gift/inheritance tax, countries like Malta and Cyprus, no foreign tax⁤ or dividend tax, good international schools for my kids, etc.

Where else do you suggest?⁣

 

[Martin Everson]

So your‍ looking at the Mediterranean rather than western or central Europe. Have you actually been to⁠ those two Islands to check them out?

Where are you from firstly?

 

[Ben K]

Only visited Malta, I liked it. I am from Asia.⁠ Some asian countries with territorial tax system are also in my options.

 

[Martin Everson]

I would explore this option first. The benefits‍ some of these EU island nations enjoy will probably be eroded at some point with⁠ future EU rules designed to create a level playing field across the block.

 

[bizniz]

I think you guys are being hard on Ben. The whole point of having money‌ is to enjoy it and have the freedom to choose. If Ben likes Malta as‍ a place to live, who cares about EU? There should be a way to mitigate⁠ any negative effects of the EU. If the tax advantage of Malta gets eroded in⁤ future (maybe by the time his kids get through school there and he has citizenship)⁣ the he will already have his capital tax-free and can move on to somewhere else⁢ with a new passport in his collection.

One thing I learned in life is that︀ nothing is forever. Countries change, and our requirements and wishes change as we go through︁ life.

I also don't think it is too hard to sit down with a private︂ banker and say "I invested in gold, but now want to liquidate my gold holdings︃ and wire 1 million into your bank." Many private banks actually offer gold custody and︄ trading themselves. And the great thing about EU/EEA is if you are resident in one︅ country (like Malta) you can easily bank elsewhere in the EU/EEA (including Switzerland).