Following up on that post from yesterday about taking currency out of the U.S. for the offshore safe deposit box, what if an individual wants to transport precious metals out of the country to place in their overseas box?
Mark Nestmann, President of The Nestmann Group, Ltd., talked about the process in-depth on the Financial Sense website back in September 2012. The expert on offshore asset protection wrote:
While it’s perfectly legal to move precious metals in or out of the United States, you must understand the reporting rules before you begin. Otherwise, your risk confiscation of your metals along with possible civil and criminal sanctions. You’re much better off paying an armored security service such as Brinks or ViaMat to transport the metals for you.
However, if you simply want to walk, drive, or fly across a U.S. border carrying, say, 100 one-ounce U.S. gold eagles with a market value of US$175,000 in your carry-on bag, there are two sets of rules with which you must be concerned…
Nestmann’s two articles on the subject are insightful. After reading them, I can understand why he suggests letting the pros take care of transporting your precious metals abroad.
Here are the links to the pieces:
By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)