Offshore Gold and Silver Bullion Storage – Why You Need It:
The reasons to store gold and silver offshore, actually apply to anyone anywhere in the world. However some countries may have higher risks than others.
Here’s some of the reasons to hold some precious metals outside of your home country:
- In case of government confiscation. Gold confiscation has occurred in the USA and other countries in the past.Even if a confiscation has never happened in your home country in the past, doesn’t mean it’s an impossibility. (See this article for more detail on gold confiscation. See this article to learn how gold confiscation has never happened in New Zealand.)
- In case you were frivolously sued. Then having some assets offshore would put them out of reach of creditors. As courts in your home country don’t have jurisdiction in other nations. These nations have their own laws, courts, and financial rules. So it makes sense to have some assets that your government or creditors can’t reach.
- In a worst case scenario of social unrest. Depending on where you live this may or may not seem very likely. But should the worst happen and social unrest came about as the result of currency collapse, bank runs, food and electricity shortages. Then you would be glad to have some assets held in another place you could escape to.
- To avoid capital controls. Holding gold and silver offshore could preempt capital controls. That is your government imposing limits on how much currency can be sent outside of your home countries borders. The best way to avoid any capital control is to already have capital outside your home country.
So it makes sense to diversify your political risk.
Why Buy and Store Gold and Silver in New Zealand?
There are a multitude of advantages to storing physical gold and silver bullion in New Zealand.
Financial reasons for offshore bullion storage in New Zealand:
- Gold with a purity of 99.5% and silver with a purity of 99.9% are also one of the few products in the country that are exempt from GST (Goods and Services Tax or a value added tax of 15%). Whereas some countries such as the U.K. have valued added tax on silver.
- There are also no import duties on gold or silver being brought into New Zealand. (So long as the above purity levels are met).
Legal reasons and benefits to buying and storing gold and silver in New Zealand:
- If privacy is something you value, New Zealand also offers the advantage of not having any disclosure rules when it comes to precious metals. Unlike some jurisdictions where you are required to report ownership to the authorities. You will only have to complete “Know Your Customer” documentation which includes providing Photo ID and residential address confirmation.
- There has never been a government instigated forced sale or confiscation of gold or silver in New Zealand such as has occurred in the USA. Even New Zealand’s closest neighbour, Australia, already has a gold confiscation law in place but not enacted (refer here), no such law exists in New Zealand. So New Zealand has not only the current law (or rather lack of), on its side, but also history.
- Gold and silver do “fly under the radar” in New Zealand. They are treated more as currencies so are not classed as financial products. Hence why they escape much of the normal reporting and classification channels.
- Gold and silver are not widely held by locals, so this also means there is less chance of negative law changes relating to precious metals ownership. New Zealand also has no history of robberies of bullion refiners or storage facilities.
New Zealand is ranked 4th globally in size, as a destination for holding offshore funds.
Some reasons for this are:
►Political stability – New Zealand has never suffered from the likes of a military coup. In recent years government has been relatively centrist regardless of the prevailing political party allowing for a degree of certainty in terms of political outlook.
►Political neutrality – Historically New Zealand has been allied with the USA and Great Britain but in more recent times is now more politically neutral, preferring to also forge trading ties with the likes of China and India.
►Geography – New Zealand is far from the financial troubles of Europe and the USA. And far from the troubles of the Middle East, and civil wars of Africa. In fact while New Zealand has never experienced a coup, there has also never been a military invasion of New Zealand since its colonisation. Which as history shows, military invasion is when existing wealth has been looted and stolen by invaders.
►Ease of doing business – According to the “Doing Business” rankings put out by the World Bank, in 2016 New Zealand was ranked 1st place in the world for “ease of doing business”. Coming in ahead of the likes of Singapore and Hong Kong.
►Number one on the Low corruption index – New Zealand regularly features at or near the top of the global corruption index. In 2016 it was again ranked number one in being perceived as the least corrupt nation.
►Well regulated – New Zealand has friendly financial regulation, and a generally well respected police force and justice system.
Why Choose Gold Survival Guide for Offshore Gold and Silver Purchase and Storage?
Gold Survival Guide’s point of difference compared to other globally recognized storage options:
►No paper gold or silver.
►No joint/shared ownership of part bars.
►Strictly individual physical gold and silver bars only.
►Held under your individual control.
Not certificated but actual bullion bars and coins – Bullion is not stored with the refiner of the gold and silver, but at an independent highly secure storage facility.
It’s your gold – You purchase the bullion and have ownership and direct control of its storage.
Gold and silver bars are already “reserved” – They are delivered to the vault when you first order and pay for them. They are yours and marked accordingly in the vault. So you do not own part of a bar but an actual individual physical bar.
Outside the banking system – Your gold and silver bullion is stored in a professional, private vault, outside of the banking system.
Ability to transport to another location – You can elect to have the bullion sent somewhere else if you wished to for just the cost of shipping and insurance. No added cost to convert into a specific bar. No delay to convert a holding into an actual bar or bars as they are already fabricated. No added cost to have bars ready for delivery elsewhere.
The Offshore Vault
The vault has been trusted by New Zealanders since 1931 and is the longest operating safety deposit vault in New Zealand.
The Wellington basement vault is a Lloyds of London Treasury Grade Vault and has drive-in access for delivery of bullion.
When storing gold and silver offshore with Gold Survival Guide Offshore Storage Service, bullion will be strictly under your control. Bullion will be stored in your own individual safety deposit box(es) within a basement vault and you will hold the key. Each deposit box operates under dual control access so requires your key along with the key held by the Vault to gain access.
No Need to Travel to New Zealand for Offshore Gold Storage
If you do not wish to travel to New Zealand you can elect to have your bullion deposited into your safety deposit box by international accountancy firm, Grant Thornton.
They will provide you with the following service:
- They will open the package and check that the bullion received matches what is on the delivery schedule.
- They will deposit the bullion into your own safety deposit box and lock it.
- They will then place the key to your safety deposit box into their own safety deposit box and hold it in their safe custody.
- Then you will be emailed the confirmation certificate, signed off by Grant Thornton confirming that the bullion has been safely deposited into your safety deposit box.
NOTE: There is no additional fee for the Grant Thornton service.
Safety Deposit Box Sizes at the Vault
Here are the Safety Deposit Box sizes at the Vault:
Insurance is available on bullion stored in the vault safety deposit boxes via Lloyds of London.
Learn More About Offshore Bullion Storage in New Zealand
Book a free consultation to discuss storage options:
Or phone: +64 9 2813898
Or call us on Skype
About Gold Survival Guide
Gold Survival Guide is an online New Zealand based precious metals bullion dealer.
Owners Glenn Thomas and David Deutsch started the business in 2009 and have 26 years of research and investment in the precious metals sector. Having in depth knowledge of the local bullion market they saw a gap in the New Zealand market to assist buyers by informing them of the many options available for purchasing physical precious metals. They began selling bullion in June 2010 and grew rapidly over the next 12 months. They also provide in depth market commentary from a New Zealand perspective each week.
Other Services to Compliment Our Offshore Precious Metals Storage
Gold Survival Guide offer a full suite of services for those wanting to visit New Zealand and buy and store bullion here.
Auckland Airport pickup and drop off service. We can collect you from Auckland Airport and take you to set up your account with the Auckland Vault. We can drop you off back to the airport at the end of your stay.
Assistance with introductions to other services you may need during your stay in New Zealand. Should you be looking at other options like purchasing property we can connect you with specialist real estate agents (realtors).
Set up of a New Zealand Trust – You may wish to further secure you bullion in a New Zealand trust. We can connect you with a trusted Accountancy firm for this.