Tag Archives: Andrew Henderson

Nomad Capitalist’s 5 Best Countries For Offshore Gold Storage

Research related to Monday’s post about precious metals storage in Singapore led me to a piece published last fall by Andrew Henderson over on the Nomad Capitalist website. 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.”

Back on September 28, 2016, Henderson wrote in “The five best countries for offshore gold storage”:

The world is a big place and not every country is made alike, especially when it comes to offshore gold storage. The following are our top picks here at Nomad Capitalist for best countries for offshore gold storage

(Editor’s note: Bold added for emphasis)

Their top picks? In alphabetical order:

-Austria
-Cayman Islands
-New Zealand
-Singapore
-Switzerland

Henderson proceeded to explain why these countries made the “top 5” for offshore gold storage before ultimately selecting a single nation for the “number one spot on this list.”

Another insightful read from Andrew Henderson, which you can view in its entirety here on the Nomad Capitalist website.

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

(Editor’s notes: The mention of entities marketing themselves as consulting businesses 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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Proposal To Seize ‘Suspicious’ Cash, Precious Metals Entering The European Union

Regular readers of Offshore Safe Deposit Boxes know that I’ve blogged before about transporting cash (March 19, 2014) and precious metals (March 20, 2014) outside the U.S. for the purpose of placing/acquiring assets in/for an offshore safe deposit box. I last discussed this subject in March 2015, where I pointed out a piece by Andrew Henderson over on the Nomad Capitalist website regarding currency reporting requirements for Australia, China, the European Union, India, Mexico, Switzerland, Thailand, United Kingdom, and the United States.

Speaking of the European Union, last week I came across an article on Reuters.com which may have repercussions for those looking to carry currency/precious metals into the E.U. for their safe deposit box. Francesco Guarascio reported on December 21:

The European Commission proposed tightening controls on cash and precious metals transfers from outside the EU on Wednesday, in a bid to shut down one route for funding of militant attacks on the continent.

The move follows Monday’s attack on a Christmas market in Berlin, where 12 people were killed as a truck plowed into a crowd. It is part of an EU “action plan against terrorist financing” unveiled after the bombings and shootings in Paris in November 2015.

Under the new proposals, customs officials in European Union states can step up checks on cash and prepaid payment cards sent by post or in freight shipments.

Authorities will also be able to seize cash or precious metals carried by suspect individuals entering the EU.

People carrying more than 10,000 euros ($10,400) in cash already have to declare this at customs when entering the EU. The new rules would allow authorities to seize money below that threshold “where there are suspicions of criminal activity,” the EU executive commission said in a note…

(Editor’s note: Bold added for emphasis)

Since cash/precious metals could be seized merely on “suspicions of criminal activity,” it’s a good bet persons originally intending to carry legally-obtained and owned currency and precious metals into the Eurpoean Union for their safe deposit box might think twice about transporting such assets in this manner.

Guarascio noted:

The proposals must be approved by EU states and the European Parliament to become law…

Stay tuned…

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

Source:

Guarascio, Francesco. “EU to boost border checks on cash, gold to tacke “terrorism financing.” Reuters.com. 21 Dec. 2016. (http://www.reuters.com/article/us-eu-security-financing-idUSKBN14A16N?il=0). 28 Dec. 2016.

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Related Reading: Affordable Way To Ship Precious Metals Overseas

I’ve blogged a little bit about individuals taking precious metals out of the United States to place in offshore safe deposit boxes.

But when it comes to shipping gold and silver overseas, I’ve got nothing (yet).

So, it was nice to see Andrew Henderson over at the Nomad Capitalist website publish a post entitled “How to affordably ship your gold and silver overseas.” Henderson blogged on June 19:

If you already own gold in the United States or elsewhere, there are several straightforward solutions to shipping it to an offshore vault of your choice. We’ve talked about these before, and I recently came across an affordable option, especially for US persons…

Henderson goes on to talk about this “affordable option” here on his website.

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

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Related Reading: Reporting Requirements For Transporting Currency In/Out Of The U.S., Other Countries

Back on March 19, 2014, I asked the following question on Offshore Safe Deposit Boxes:

Suppose an individual decides to take currency out of the United States for the purpose of:

1. Storing it in their offshore safe deposit box (prepping for an anticipated major crisis or geographically diversifying legally-obtained and reported cash in a private vault perhaps?), and/or

2. Buying assets like precious metals for that storage container

Just how much money can be taken out of the country?

Do regular readers remember what the answer was?

From that post:

From the U.S. Customs and Border Protection website:

Money and Other Monetary Instruments

You may bring into or take out of the country, including by mail, as much money as you wish. However, if it is more than $10,000, you will need to report it to CBP. Ask the CBP officer for the Currency Reporting Form (FinCen 105). The penalties for non-compliance can be severe.

“Money” means monetary instruments and includes U.S. or foreign coins currently in circulation, currency, travelers’ checks in any form, money orders, and negotiable instruments or investment securities in bearer form.

“You may bring into or take out of the country, including by mail, as much money as you wish. However, if it is more than $10,000, you will need to report it to CBP.”

Got it.

A couple of days ago, I noticed Andrew Henderson over at the Nomad Capitalist website had recently blogged about reporting requirements for transporting currency in/out of the country as well. The scope of Henderson’s focus was somewhat bigger though. He wrote on February 13:

We compiled the currency reporting requirements for a number of countries to show you which countries are easy to carry cash in, and which are less forgiving. Make sure you note the local currencies used…

Henderson went on to discuss the currency reporting requirements for Australia, China, the European Union, India, Mexico, Switzerland, Thailand, United Kingdom, and the United States (in that order). He also touched on precious metals and gems.

It’s an insightful read, which you can view in its entirety over on the Nomad Capitalist website here.

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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