Offshore Gold Storage

Here at Nomad Capitalist, we’re not conspiracy theorists that peddle doom and gloom.

We don’t believe that the US dollar will become tomorrow’s toilet paper.

Despite its many drawbacks, the US economy is doing much better than most of the West. And the US dollar is still the cleanest shirt in the dirty laundry that is fiat money.

But we do believe it’s smart to use gold and silver to protect yourself from a radical decline of the purchasing power of fiat currency.

It pays to protect yourself.

It pays to have a hedge against the government and their cash printing presses.

There’s plenty more to say on the subject of buying gold and why it’s such a strong investment option.

But if you’re already sold on the benefits of investing in these hard assets and are ready to purchase gold, one question remains:

Where on earth do you put it?

The Big Problem: Storing Your Bullion  

To guarantee that you reap the full benefits of investing in precious metals, you need to consider exactly where you will store them.

It’s a proper headache.

And if history has a chance of repeating itself, storing it in the US won’t offer the protection you are looking for.

If you have coins squirreled away in a coffee can in your mother-in-law’s basement, your parents’ attic, or under a loose floorboard in your living room – it’s time to rethink your gold storage strategy.

Your gold is simply not protected in those places, and your storage solution is hardly scalable.

You can physically lose it (or lose track of it), a house robbery could occur, or the house could burn down.

An alternative could be a safety deposit box at a bank.  

But when you consider that a safety deposit box would only give you access to your precious metals for a mere eight hours on weekdays (assuming the power is on and some kind of natural disaster hasn’t taken place), suddenly, it’s not that appealing.

Savvy gold owners want safe storage solutions and convenient access to their gold and silver.

And that is why offshore gold storage is the best possible place to store their bullion.

What about Crypto?

There’s no doubt that cryptocurrency is hot right now. It might turn out to be a great addition to a diversified portfolio. It’s outside the banking system and it’s convenient.

But crypto is not private and its value is spiking and dropping while everyone figures out the viability of this new potential currency.

For now, a good way to diversify outside of your cryptocurrency holdings (or to cash out if you’re looking for a more stable investment) is to buy gold. 

You can check out this article for more ways to diversify and use your cryptocurrency.

You need to protect your real assets from the greedy hands of government gold confiscation.

You might have heard of the 1930s gold-grab conducted by Franklin D. Roosevelt. He confiscated all the gold in the country.

That’s a true story, as shocking as it may sound.

And the trend is continuing. Countries like Ireland, Greece, Cyprus, and Poland have all seized the assets of their citizens in recent years.

They’ve taken bank accounts, retirement accounts, and hard assets too.

The time to move your assets from underneath the government’s nose is now.

If investing in gold is a hedge to buy yourself protection from debt-ridden governments gone mad, why would you then proceed to store your gold in the very country of which you are so wary?

If your gold and silver are safely tucked away in a private vault offshore, they become harder to freeze and much harder to seize.

More importantly, it gives you the opportunity to go toward your gold if things go bust at home rather than having to carry it with you and risking it being taken from you on your way out of a bad situation.

Don’t believe it would happen? It already has. 

Just a few years ago, gold smugglers in India adopted the methods of drug cartels, literally swallowing nuggets of gold to get it in and out of the country after the Indian government prohibited the importation of gold.

If you want protection from your government, don’t buy or store your gold in their country.

Offshore gold storage offers maximum security for your assets – it’s a no-brainer.

Your future self will thank you for it.

And if you’re worried about the government coming for your gold, it is probably time for you to go somewhere else too.

To sum it up, placing your gold in safe offshore vaults makes sense because it eliminates two key risks: the risk of theft and the risk of seizure by the government.

And then there is the benefit of diversification.

We would never suggest you put 100% of your wealth in gold, silver, platinum or palladium, but as part of a smart offshore investment portfolio, it is an outstanding asset.

That’s true, provided that your gold is stored securely offshore.

Obviously, not all gold storage facilities are created equal and the best country will vary depending on your personal situation.

Someone who is primarily concerned with having quick access to their gold and silver will likely select a different country than someone looking for anonymity.

But overall, the best place in the world to store gold offshore is Singapore.

Their private vaults, in particular.

Le Freeport in Singapore features state-of-the-art security with multiple doors, armed security guards, access cards, iris scans and more just to get down to the vault. Then you have to open it up. And forget finding your way out on your own! 

That’s a lot better than the coffee can in your mother-in-law’s basement. 

Smaller vaults, like BullionStar, rent old bank buildings and set up shop, offering innovative options like getting paid in gold.

And both SGPMX and BullionStar allow you to buy as little as USD$20 in gold or silver online and begin storing it for free in their vaults. 

SGPMX even allows you to take out a gold bank loan for greater precious metals liquidity.

Overall, Singapore has not only done an excellent job of enticing wealth storage away from established hubs like Switzerland and the UK but it also has low taxes, a solvent government, no debt, and a sovereign wealth fund.

It’s a tiny country that’s doing really well for itself on the global scene.

But Singapore isn’t the only place offering high-quality gold storage options.

Other vaults in places like Hong Kong, Zurich, London, and New York store gold for people all over the world.

If you’re seeking anonymity, Das Safe in Austria has offered anonymous gold storage at their facility since 1984.

An added benefit is that US citizens who have stored gold and silver in private vaults like Das Safe or Le Freeport – unlike hard assets stored in a bank – may not have to report it to the IRS.

However, always check with your legal counsel. It’s better to be 100% legal and report than to risk fines or other penalties.

Can You Travel with Gold In Your Luggage?

Even as we advocate storing your gold and silver offshore, there’s something to be said for having a few gold coins on hand.

We’re certainly not opposed to having gold in a safe at home. But Nomad Capitalists sometimes don’t have a permanent home.

Then what?

If you often move around and want to travel with some of your gold as a kind of insurance policy, pay careful attention to what countries you’re flying through and what their attitudes towards gold are. 

Many will treat gold as a cash equivalent.

If you’re carrying gold valued over a country’s declarable amount, you’ll be asked a lot of questions – at the very least.

Avoiding questions from airport personnel is far from the only reason you should store your hard assets offshore.