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.
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, 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 2018 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 2018 it ranked number two 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 recognised offshore bullion purchase and 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.
Outside the banking system – Your gold and silver bullion is stored in a professional, private vault, outside of the banking system.
As an expat kiwi living abroad , its important to buy from someone trustworthy, when you are looking to buy gold bullion in NZ . The guys at Gold Survival Guide are not only professional operators but great blokes into the bargain. They have a lot of experience of and knowledge of the NZ market for gold and silver buyers looking to invest in precious metals in New Zealand. Excellent service and competitive prices. I would highly recommend them to new and experienced investors alike.From a Google Review
Step 1: The Offshore Vault
We have a relationship with New Zealand Vault and recommend them for gold and silver storage in New Zealand.
New Zealand Vault is a privately owned and trusted vault, and has been in operation since 1931.
They have state-of-the-art vaults located in both Auckland and Wellington. All bullion is segregated and allocated and stored within their safety deposit box vault.
Offshore clients can open a safety deposit box through a simple online process without the need to travel to New Zealand.
The offshore service also allows for clients to retain control of access to their bullion through an independent auditor, international accountancy firm Grant Thornton, who will act on behalf of the client for all deposits, withdrawals and audits required.
Click the button below to learn more and then to set up your offshore storage in New Zealand.
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.