Posts Tagged ‘Offshore precious metals’
A Solid Gold Investment in Panama, Plus a Residence Visa
If you’ve ever considered residence in Panama, I’ve discovered an opportunity that you should carefully consider. Basically, it provides a $28,000 rebate in solid gold when you apply for a Panamanian “reforestation visa.” That’s the good news. The bad news is that only THREE of these visas are still available with the rebate. The rest [...]
Form 8938: Another Nail in the Coffin of Offshore Financial Privacy [Part II]
In my last blog entry , I discussed the newest U.S. government escalation in the War Against Financial Privacy: Form 8938, the “Statement of Specified Foreign Financial Assets.” As I described, the extremely detailed information this form demands strips what little privacy remains from nearly all offshore investments. What’s more, the filing requirement for Form [...]
Form 8938: Another Nail in the Coffin of Offshore Financial Privacy [Part I]
Are you a U.S. citizen or U.S. resident alien who held assets outside the USA at any time during 2011? If so, you need to know about a rapidly approaching deadline for filing Form 8938, “Statement of Specified Foreign Financial Assets.” Non-resident aliens may need to file this return as well in certain circumstances. See [...]
Is $5,000 Gold a Myth?
I generally not try to predict the price of anything. I’m not very good at it. If I was, I would never have purchased a condo in 2007 after its price fell 25%. I felt I was receiving a bargain. But five years later it’s worth 75% less than I paid for it, even after [...]
Moving Precious Metals Internationally—the Essentials
Recently, I’ve received a number of questions from readers about moving gold and precious metals internationally. It’s been awhile since I’ve discussed this topic, so I thought this might be a good time to address it. Q. Why should U.S. citizens or residents consider storing precious metals overseas? A. Depending on your personal circumstances, and [...]
U.S. Treasury: We Won’t Tell You What’s Reportable
If you move cash or other “monetary instruments” across a U.S. border, you may be required to tell the U.S. Treasury. The form used for this purpose is Form 105, the “Currency and Other Monetary Instruments Report.” You must use this form to report the physical transportation of monetary instruments in an aggregate amount exceeding [...]
A Golden Opportunity to Expose Yourself to the IRS
When it comes to taxes, the IRS wants to know almost everything about your financial affairs. But it’s particularly nosy when it comes to your offshore dealings. And it’s not just people who live in the United States that need to worry about the IRS. If you’re a U.S. citizen or green card holder living [...]
Mexico Seizes $200,000 in Gold Coins at Airport Security Checkpoint
An article in a Mexican newspaper reports that Mexican federal police seized more than 150 gold coins from a traveler in the Mexico City International Airport. The seizure apparently occurred last year; the article is dated April 19, 2010. The traveler, a U.S. citizen, was on his way to Panama when police detained him. The [...]
Traps to Avoid in Converting Unallocated to Allocated Metals
In the last few months, I’ve received dozens of inquiries from readers who wish to convert their “unallocated” holdings of gold or precious metals to “allocated” form. What’s the difference? “Allocated” storage means that a bank or warehouse has specific coins or bars that you own set aside. “Unallocated” storage means that you have an [...]
Counterfeit Gold: How to Protect Yourself
In the last few months, I’ve noted increasing interest from clients wanting to take physical delivery of their precious metals holdings. This appears to be a worldwide trend. Colleagues in Switzerland, Hong Kong, and Singapore have informed me that many of the wealthiest investors in Asia and Europe are now demanding delivery of their gold [...]