Category Archives: Private Safe Deposit Boxes

Sharps Pixley Promo: Free Gold Bar With A Safe Deposit Box In London

Regular readers of Offshore Safe Deposit Boxes may remember my mentions of Sharps Pixley, which dates back to 1778 and is an original member of London’s twice-daily gold price fixing establishment, opening up a private, non-bank safe deposit box service last year.

Yesterday I learned of a promotion being offered by Sharps Pixley, whose parent company is Degussa, which also has vaults/boxes outside the banking system (under the Degussa name) in Germany (Berlin, Cologne, Hamburg, Hanover, Munich, Nuremburg, and Stuttgart), Spain (Madrid), and Switzerland (Geneva and Zurich). From a LinkedIn post Thursday by Sharps Pixley CEO Ross Norman:

“FREE GOLD BAR WITH A SAFE DEPOSIT BOX IN LONDON”

We are giving away a free small gold bar for every SAFE DEPOSIT BOX taken at our St James’s Street, London bullion showroom.

(Editor’s note: Bold added for emphasis)

For more information about this promotion, contact Sharps Pixley directly (website here).

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of a particular business should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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Martin Armstrong On Proposal To Seize ‘Suspicious’ Cash, Precious Metals, Gems Entering EU

On Tuesday, I blogged about how individuals intending to carry legally-obtained and owned currency, precious metals, and gems into the European Union for their safe deposit boxes may want to take note of proposed rules seeking to enable European Union authorities to seize cash- “to include gold, precious stones and metals”- below the €10,000 threshold temporarily merely on suspicions of criminal activity.

Here’s one take on these rules from economist Martin Armstrong, who blogged yesterday:

The purpose of the rules is now openly being justified to fight against tax evasion, along with moonlighting and terror financing. The government clearly understands that cash is the only way for citizens to protect their savings from access by states and banks and any special levies or wealth taxes. Closing this door merely opens the door to cash investment turning to movable assets particularly shares.

(Editor’s note: Bold added for emphasis)

An insightful post by Armstrong concerning this development across the pond, which you can read here on his company’s website.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

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Latest On Proposal To Seize ‘Suspicious’ Cash, Precious Metals, Gems Entering EU

Individuals intending to carry legally-obtained and owned currency, precious metals, and gems into the European Union for their safe deposit boxes may want to take note of a December 5, 2017, press release on the European Parliament web site:

“Cross-border cash movements: tightening up anti-terror and crime checks”

• New rules beefing up rules on cash controls dating back to 2005
New definition of “cash”
• Disclosure declaration required for cash sent by freight

Tougher checks on cash entering or leaving the EU were backed by the Civil Liberties and Economic Affairs committees on Monday.

The new rules repeal the First Cash Control Regulation (CCR) from 2005, which requires individuals to declare sums over €10,000 when leaving or entering the EU. MEPs want to close loopholes exploited by criminals, such as divergent penalties in different member states, travelling with sums just below the declaration threshold or using means of transferring value that are not covered by current rules.

To prevent the proceeds of crime from re-entering the economy or money being used to finance illegal activities, MEPs agreed to:

widen the definition of “cash” to include gold, precious stones and metals, as well as anonymous prepaid electronic cash cards,

enable the authorities to impound cash below the €10,000 threshold temporarily, if criminal activity is suspected, and

• make it mandatory to disclose “unaccompanied” cash sent by cargo.

MEPs also asked the EU Commission to draft legislation to bring about a convergence of cash control penalties in the member states and study the possibility of establishing a Union Financial Intelligence Unit by 2019.

The draft law was adopted Monday evening by 55 votes to 3, with 4 abstentions…

Next steps

The text still needs to be approved by the Parliament as a whole, before MEPs can start negotiating the legislation with EU governments…

(Editor’s note: Bold added for emphasis)

Once again, the proposed rules seek to enable EU authorities to seize cash- “to include gold, precious stones and metals”- below the €10,000 threshold temporarily merely on suspicions of criminal activity.

This initiative may sound familiar to regular readers of Offshore Safe Deposit Boxes as I first blogged about it back on December 28, 2016.

You can read the entire press release on the European Parliament site here.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

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Daily Express Articles On Safest European Countries To Visit, Safest Nations To Hide Out In Case Of WW3

When it comes to selecting an offshore location for one’s valuables, it only makes sense physical safety of self (planning to visit/inspect belongings?) and wealth is considered. One of the publications I read on a regular basis for my research is the Daily Express (UK), and the paper recently ran two articles on their website related to this topic.

The most recent one, penned by Kara Godfrey and published on December 8, 2017, is entitled, “MAPPED: Safest countries in Europe to travel in 2018.” Only 8 nations made the cut for the “safest countries to visit in 2018.” And only 1 of them is known (by me) to have private, non-bank safe deposit box facilities.

The other piece was posted on November 29, 2017. Francesca Specter reported in “MAPPED: The 10 safest countries if World War THREE breaks out”:

WORLD War Three fears have heightened in recent months as conflict between Kim Jong Un and Donald Trump escalates. These are the safest places to hide if world war does break out

(Editor’s note: Bold added for safety)

Of these, 1 is in North America, 7 are in Europe, 1 is in Asia, and 1 in Oceania. 6 are known (by me) to have safe deposit box facilities outside the banking system.

Revealing articles, which you can view here and here respectively on the Daily Express site.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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Casey Research Articles About Gold Coins For Storing Wealth Offshore

Continuing on the subject of gold and storing it offshore, I’d like to bring up two articles I recently read on the Casey Research website. Casey Research was founded by Doug Casey, an American author, publisher, and investor, who also serves as chairman of the Delray Beach, Florida-based investment research firm. Regular readers know I’ve mentioned Casey before on this blog.

Back on May 18, 2017, an article entitled “Doug Casey’s Two Top Ways to Store Wealth Abroad” appeared on CaseyResearch.com. In it, International Man Senior Editor Nick Giambruno (who I’ve also mentioned in the past) asked Casey, “What forms of savings are good candidates to take abroad?” He replied:

Everybody should own gold coins because they are money in its most basic form-something that a lot of people have forgotten. Gold is the only financial asset that’s not simultaneously somebody else’s liability. And if your gold is outside the US, it gives you another degree of insulation should the United States decide that you shouldn’t own it.

(Editor’s note: Bold added for emphasis)

“It gives you another degree of insulation should the United States decide that you shouldn’t own it.”

I would add “domestically” to the end of that statement.

More recently, a piece entitled “The Ultimate 4-Step ‘Freedom Insurance’ Plan” appeared on the Casey Research website. In the interview of Nick Giambruno by Chris Lowe, editor of Bonner & Partners’ Inner Circle, gold coins were mentioned again as “the easiest way to lessen the political risk to your savings.” From the October 3 exchange:

LOWE: What form of gold are we talking about- bullion, gold coins, ETFs?
GIAMBRUNO: Physical gold is your best option. Then you don’t have any counterparty risk. Having some gold in your possession in your home country is good. But having another stash in a foreign country is even better. You can either store it at a foreign property. Or you can store it in a non-bank safe deposit box.
LOWE: Why not a safe deposit box in a bank?
GIAMBRUNO: When President Roosevelt criminalized the possession of gold in 1933, federal agents went through bank safe deposit boxes searching for undeclared gold. Today, bank safe deposit boxes fall under the regulations and jurisdictions of banks. If there’s a bank holiday, like the one in Greece… or a bail-in like the one in Cyprus… or any event that shuts down or otherwise affects the banking industry, your bank safe deposit box is at risk. That’s not the case with non-bank vaulting and storage companies.

(Editor’s note: Bold added for emphasis)

The subject of transporting gold coins out of the United States came up in the interview. From the exchange:

LOWE: What about gold coins? Can you just hop on a plane to Colombia or Argentina with gold coins in your pocket?
GIAMBRUNO: Well, it’s a gray area. And because it’s a gray area, I wouldn’t recommend taking more than a couple of gold coins with you when traveling abroad. The average TSA agent has probably never seen a gold coin in his life. He probably wouldn’t know what it was if he found one. But, if he thought it was something suspicious, he would confiscate it and let the courts sort it out. And that’s no fun. You’d have to go to court to get your metal back, and that would involve costly legal fees. I’ve taken gold coins across numerous borders, and I haven’t had a problem. But I’ve heard horror stories. And from personal experience, I can tell you that gold coins set off the X-ray machine. So there’s a decent chance the TSA folks- or their foreign counterparts- will find them. And remember, if you take more than $10,000 of “cash” in or out of the US, you need to file a “Report of International Transportation of Currency and Monetary Instruments” with FinCEN, a branch of the Treasury Department that deals with financial “crimes.”

Giambruno ultimately concluded:

You’re better off buying coins when you’re already in your destination country. Taking gold coins with you is just too risky.

(Editor’s note: Bold added for emphasis)

Back on March 20, 2014, I blogged about transporting precious metals out of the United States to place in an overseas safe deposit box. In that post, I pointed out offshore expert Mark Nestmann discussed the process in-depth on the Financial Sense website in September 2012. His thoughts on the matter?

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.

(Editor’s note: Bold added for emphasis)

You can read the two articles on the Casey Research site here and here, respectively.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of a particular individual/business should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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Mark Nestmann: Offshore Your Physical Gold

Yesterday I brought up the recent Nomad Capitalist article “10 Tips for Buying Gold in 2018” in which gold expert Claudio Grass said:

As a general rule, if you have over $50,000 to invest in gold, store it in a safe jurisdiction. For anything less than that, keep it nearby.

And according to Grass, “safe jurisdictions” meant two European countries.

Offshore expert Mark Nestmann also talked about storing physical gold locally and offshore in a July 9 piece on the International Living website. In “Why You Should Store Gold Overseas to Protect Your Money,” Nestmann informed readers:

You may already have gold safely stored at home or in a domestic vault. While that’s a smart plan, there is an even safer way to store your gold: Keep it overseas.

If all your wealth is in the U.S., it’s vulnerable. If you are sued in the U.S. (a one-in-three risk for U.S. citizens) and lose, a creditor can foreclose on your U.S. assets, including your domestic gold. Gold stored overseas, however, is much more difficult for creditors to seize.

Second, there’s political risk. In 1933, Franklin Delano Roosevelt forced all gold-owners to turn their holdings over to the government. I don’t think a recurrence is likely, as gold is no longer the standard to which we peg our money. But moving your gold overseas gives you peace of mind.

Of course, it’s possible that the country you move your gold to could enforce a U.S. general gold confiscation order. But that’s never happened before. And in countries like Austria, Switzerland, and Singapore, doing so would violate their own ultraprotective wealth preservation laws.

The head of The Nestmann Group went on to talk about the three options available to Americans for keeping their gold overseas, one of which is “direct storage” and “a safe deposit box at a private vault.”

A short but informative primer on offshore gold storage, which you can read here on the International Living site.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of a particular individual/business should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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Nomad Capitalist’s ’10 Tips For Buying Gold In 2018′

Still on the topic of gold (often socked away in safe deposit boxes) today, back on November 13 Andrew Henderson penned an article on the Nomad Capitalist website entitled “10 Tips for Buying Gold in 2018.” I’ve mentioned Andrew and his company before on the blog, but for those readers not familiar with them, Henderson is the founder and managing partner of Hong Kong-headquartered Nomad Capitalist, billed as the “world’s leading offshore consulting firm.” Anyway, from the piece:

Not too long ago, my friend Claudio Grass – an expert in the gold business – shared the short version of his top ten tips for buying gold. Knowing the wealth of knowledge he possesses, I asked him to sit down for an interview so we could create the long version of that same list. His insights into the world of gold did not disappoint.

(Editor’s note: Bold added for emphasis)

Some particular “insights” that jumped out at me:

• “As a general rule, if you have over $50,000 to invest in gold, store it in a safe jurisdiction. For anything less than that, keep it nearby.”
• According to Grass, two European nations qualify as safe jurisdictions. Joshua Rotbart, a “global expert on precious metals for investment” mentioned in the piece, added two more countries in Asia to the list.
• “Physical gold is the antidote to the current system. The current banking system is based on credit, paper, and computer digits. The crisis that we are expecting- the reason so many people are buying gold to protect themselves- will be a huge banking crisis. Therefore, if you decide to purchase physical gold, it’s only logical to store it outside of that banking system. Property rights in the banking system are of a temporary nature. Banks in the past have confiscated physical gold and cash, and there is always the possibility of a bail-in where all assets will undoubtedly be confiscated.”
• Echoing yesterday’s blog post about Jim Rickards and the information he received about gold being moved from banks to Swiss private vaults, Joshua Rotbart added:

Clients are moving their assets from bank vaults to privately held vaults. There are a few reasons for that:

Better access to their assets (they are no longer dependent on business hours, the goodwill of the banker etc.);
Increased distance from the reach of governments and regulators;
Better service; and
Better value for money.”

Henderson was right. Claudio’s insights into the world of gold did not disappoint. You can read the entire piece here on the Nomad Capitalist website.

Still more on the yellow metal later.

By Christopher E. Hill
Offshore Safe Deposit Boxes (www.offshoresafedepositboxes.com)

(Editor’s note: The mention of a particular individual/business should not be construed as confirmation of services claimed to be provided or any sort of recommendation. A qualified professional should be consulted prior to making a financial decision based on material found in this weblog. If this recommended course of action is not pursued, then it must be understood that the decision is the reader’s and the reader’s alone. Christopher E. Hill, the creator/Editor of this blog, is not responsible for any personal liability, loss, or risk incurred as a consequence of the use and application, either directly or indirectly, of any information presented on the site.)

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