5 Top Benefits of Off-Shore Gold Storage
There is an old saying “don’t put all your eggs in one basket.” Sadly, too many people maintain all of their wealth in one country and believe that they are completely diversified. However, one political or economic event can lead to wealth loss or confiscation. That is why many high net worth individuals not only diversify the type of assets they own but also diversify the location of those assets.
That’s where off-short gold storage becomes invaluable.
You already know that the physical ownership of gold is one of the smartest ways to protect your wealth. However, you have to make sure that your gold is also protected from invasive taxation or possible confiscation from your own country. With off-shore gold storage, you can privately and safely store your gold in one of the dozens of vaults around the world.
Here’s a look at the five top benefits of off-shore gold storage.
1). Asset Protection
The most important reason to store your gold off-shore is to protect it from potential confiscation. Don’t think it can happen in your own home country? The United States - often regarded as the freest country on Earth - confiscated all private ownership of gold less than 100 years ago. It only takes one economic crash or event for a country to radically change its economic policies.
With the off-shore storage of your gold, your home country will not able to access your gold. This can be extremely important in certain situations.
2). Diversification
All investors need to understand the importance of diversification. Sure, owning an equal weight of stocks, bonds, and precious metals is smart. However, if you own all of those assets in your home country, you are not truly diversified. By holding your gold in another country, you can be sure that your wealth is properly diversified in case of worst-case scenarios in your home country. The good news is that there are off-shore gold vaults around the world. You will be able to find a gold store location that can properly protect you.
3). Avoid Paying Duties On Gold
When storing your gold, you don’t want to deal with paying duties on your transaction. In countries such as Panama and Hong Kong, you can avoid paying duties on your gold transfers. This is another way that you can save more of your wealth and better protect your wealth.
4). Avoid Excessive Tax Burdens
Some countries charge punitive duties on the purchase of gold. For instance, the United States charges a 28% tax on gold sales. In India, the tax is 12.5%. Also, let’s not forget about the capital gains tax on gold in the United States. If you live in a high tax state, you could end up with a 50% tax on your capital gains on gold. With off-shore gold storage, you won’t have to deal with excessive tax burdens. That’s because you are only taxed in the country where you purchase the gold. Simply choose the country with the lowest tax on your gold and you will be able to preserve most - if not all - of your wealth.
5). Access to Special Finances
Finally, you will be able to access special finances if you hold your gold in certain countries. For instance, in counties such as Panama and Singapore, you will be able to access special types of investment opportunities that are not available in your home country. That is because these countries tend to have lower barriers when it comes to starting businesses and raising financing. That leads to more competition and more investment opportunities for you.
Top Global Off-Shore Gold Storage Locations
You may be wondering where you should get started with off-shore gold storage. The best course of action is to look for the single best off-short gold storage location in each part of the world. Here’s a look at the premier off-shore gold storage location in each global region.
The Caribbean
The Caribbean has long been a popular location for off-shore gold storage. There are several locations where you can store your gold in this part of the world. In the Caribbean, we recommend the Cayman Islands. For decades, the Cayman Islands has been the #1 Caribbean location for off-shore financial activities. The top gold storage service in the Cayman Islands is SWP Cayman.
Central America
If you are looking to store your gold in central America, then there is one place you want to look - Panama. The central American country has long been known as one of the top global locations for off-shore wealth storage due to its top privacy laws and low taxes. The top location of off-shore gold storage in Panama is Fort Kobbe Vaults.
Europe
You may not think of Europe as a great palace to store your gold due to its centralized government and banking system. However, there are some hubs of financial privacy on the continent. That includes the fiercely independent state of Switzerland. For centuries, the Swiss have been leaders when it comes to financial discretion. The top service for gold storage in Switzerland is Bullion Vault.
The Middle East
One may not think of the Middle East as a secure location for gold storage. However, Israel has emerged as one of the top locations for secure gold storage in the region. Our recommended service is for a security box service Brickstone
Oceania
If you are looking to store your gold away from central populated locations, then you will want to consider the Oceania region. Here, the best country to store your gold will be the remote yet developed nation of New Zealand. Here, the top service for off-shore gold storage is OceanaGold.
Asia
There are several low-tax, high-security nations where you can store your gold. However, our number one choice is the popular nation-state of Singapore. Thanks to the country’s pro-investment climate, you will have no problem securing your gold here. Our top recommended gold storage service in Singapore is Bullionstar.
Protecting Your Wealth With Off Shore Gold Storage
Ready to truly project your wealth? Be sure to consider off-shore gold storage. You will not only be able to diversify away from your home country, but your wealth will also be more private and you will be able to protect yourself from excessive taxation. Finally, off-short gold storage can help you access special financing which may not be available in your home country. Be sure to consult a financial advisor before making any investment decision.
REFERENCE:
https://www.escapeartist.com/blog/the-advantages-of-using-offshore-precious-metal-vaults/
