Moving gold and other precious metals in or out of the United States in any quantity is perfectly legal.
In our consulting practice, clients frequently contact us about wanting to move gold bought in the US to another country. As a result, we’ve built up considerable experience in this area.
We warn clients not to move gold across borders themselves. There are no guarantees.
Case Study: What Not to Do
In April of 2010, a client sent us an article from a Mexican newspaper. The article said that Mexican federal police seized over 150 ounces of gold coins. They took them from a traveler we’ll call George in the Mexico City International Airport. The coins were one-ounce US Gold Eagles and South African Krugerrands.
George was on his way to Panama when police detained him. Mexican law requires a customs declaration of cash or cash equivalents entering or leaving Mexico with a value exceeding $10,000. George failed to make this declaration. Police also said he was “evidently nervous” when they approached him.
After authorities detained him, they took George to a Mexican prison. He spent the next three weeks there.
Charges Were Eventually Dropped
The authorities eventually dropped the criminal case against him. But he still faced a long legal battle to reclaim his coins.
A Mexican appellate court concluded that he had not violated Mexican law in transporting the coins without declaring them to customs authorities, because their legal tender value was under $10,000.
A Mexican attorney finally got the seizure order reversed on appeal. In 2011, the traveler got back all his coins, minus his legal and travel fees. Those fees added up to almost $50,000.
According to the court decision, there is no obligation under Mexican law to declare bullion coins brought into the country.
This is because they are not the same as cash or other monetary instruments. Customs authorities had seized the coins by mistake. They compounded the error by throwing George in jail.
This Can Happen Anywhere
Of course, it’s not just Mexican customs officials who don’t understand the legal nuances of moving precious metals across borders.
We’ve had first-hand experience with customs officials in the US and Canada who don’t understand the rules either.
Stories like this are a big reason we recommend that our clients avoid doing it themselves. Better to use and armored transport service.
If you insist to travel with gold coins….
For large quantities, it’s best if you appoint an import agent to handle everything for you.
You will post a bond through the agent. It is payable to the customs agency in the country you are bringing the metals into. The bond covers whatever taxes are due (if any) plus the agent’s fee.
You bring in the metals. You show the paperwork to the customs inspector. Then, you take the metals where you want to store them.
Risks Involved When it Comes to Traveling with Gold Coins
Transporting gold internationally yourself carries various risks. These include potential legal issues and security concerns.
Here are some key risks to consider:
- Legal Compliance: Failing to follow customs rules and declaration requirements can lead to delays. It can also result in fines or confiscation.
- Security Checks: The TSA may inspect your baggage. This can cause delays, missed flights, and concerns about the safety of your precious metal. You also need to declare your gold upfront to avoid suspicion.
- Theft or Loss: Keeping gold in checked baggage poses a risk of loss or theft. Storing gold in a secure carry-on bag close to you is recommended to reduce these risks.
- Taxation and Duties: Different countries have varying tax regulations on importing gold. Not following tax rules can lead to extra costs and legal issues.
- Documentation: Proper documentation is essential when transporting gold across borders. It should include proof of ownership, appraisals, and valuations. They show the gold is legitimate and valuable.
To reduce these risks, hire professionals. This could be import agents. Or, it could be trusted transport services that specialize in shipping valuable items. They can ensure compliance with regulations. They also provide security and reduce potential issues during the transportation process.
How to Successfully and Safely Ship Gold Internationally
Here are the steps in a nutshell:
- Hire a reliable shipping company. We recommend using an armored shipping service such as Brinks, Loomis or Malca-Amit.
- Use secure and discreet packaging. Remember not to label the package with terms like “gold” or “precious metals” on the outside.
- Choose appropriate insurance. Make sure to insure your shipment based on it’s full value.
- Use tracking and signature confirmation.
- Follow US reporting regulations. If you do not comply, authorities may confiscate your metals.
- Comply with destination country’s custom regulations. The tax concern is not in the United States, but in the country to which you’re transporting the metals. Most countries impose an import duty. It equals the VAT or GST that would apply if the metals were bought in that country. country.
Shipping gold overseas from the US might sound straightforward. But it can be quite a process. If you’re thinking about it, here’s what you need to know: How to Ship Gold Internationally.
Storing Gold and Precious Metals Overseas
Once you’ve made the decision to ship your gold and other precious metals overseas, how do you best store them. You can find more information here: How to Store Precious Metals.
Do You Need a Wealth Protection Plan that Includes Gold?
Since 1984, we’ve helped more than 15,000 customers and clients protect their wealth. For its proven record as a wealth preservation, gold has often been a part of that planning.
If you’re interested in using gold for the same purpose, and aren’t quite sure where to start, please book a free, no-obligation call with one of our Associates to see if a wealth protection plan is right for you.
