Singapore: Offshore Gold Storage in Asia
In the past, and until October 1st, 2012, the only place to buy and store gold in Singapore and avoid the 7% GST (tax) was in the Freeport facility next to the airport.
That will change on October 1st of 2012 since the government has just handed down a new budget that exempts investment grade gold, silver and other precious metals.
Where To Store Gold in Singapore
This is a big deal and it should really make Singapore one of the best places in the world to buy and store gold. Prices are already incredibly competitive, with ultra-low premiums and very reasonable storage costs.
While other governments are actively looking for ways to be LESS accommodating to people with wealth, Singapore is attracting them and their money.
The Cisco Certis secure storage facility, for example, is incredibly safe, insured, and open up to 14-hours per day. Annual charges for a box are as little as S$99 (roughly $75 USD).
Storing gold overseas is a smart strategy for anyone interested in international diversification, especially if you’re concerned about the potential for gold confiscation.
But what if you can’t hop a plane to Singapore?
Let’s face it; a couple grand per person for a VERY long flight from most locations in the U.S. does not make it that attractive.
What is convenient from most first world countries is opening an account at BullionVault or GoldMoney. Incredibly safe, low premiums to purchase, very liquid.
