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Question Precious Metals Reporting

C

Cleopatra89

New member
Dec 14, 2020
6
0
1
#1
Hello everyone,
I have decided to buy some physical gold and silver 1oz coins (roughly 50k) to keep nearby.
I'll buy small denominations of 10k (here it's the cap) at time in the next coming weeks anonymously by cash, but I have a doubt. I apology, it would probably be a stupid one for you but I was wondering if you can help me out to clarify it.
Do I need to report those precious metals if I hold them as a personal asset? I hope no, otherwise which would be the point to buy anonymously if then I need to do it.
Of course, the time I'll decide to sell part or the full asset it would be expect me to report any gains or losses.

In relation to this operation I'd have another (stupid) question:
To make the purchase by cash, I need to transfer it from my country to the country where I'm currently living (I don't have any bank account here).
I basically need to transfer money to myself (or third person) and then pick them up, therefore I was wondering if there is any product where I don't need to disclose my details for proceeding with it, as would it be if using MoneyGram, WU, etc.
Just to know, simply curiosity as I'm normally reluctant to disclose my details.
I don't have personal reason to be it, I simply don't like the system, after all I guess that if I/we liked it we wouldn't be here. ;)

Thanks in advance for your help
 
#3
Hi Captk, thanks for your message and advise, but so far I'm going for metals.
However, could you tell me something in refer to my 2nd question?

Anyone here, can help me with it, thanks.
 
#4
Cleopatra89 said:
Hi Captk, thanks for your message and advise, but so far I'm going for metals.
However, could you tell me something in refer to my 2nd question?

Anyone here, can help me with it, thanks.
Click to expand...
No one can answer your questions, unless you disclose the country in which you reside. For example, I know the answer to your questions if you live in the U.S., but why would I waste my time when I do not know whether you live there. Each country will have different reporting requirements.
 
#5
Golden Fleece said:
No one can answer your questions, unless you disclose the country in which you reside. For example, I know the answer to your questions if you live in the U.S., but why would I waste my time when I do not know whether you live there. Each country will have different reporting requirements.
Click to expand...
Hi Golden Fleece, my tax residency is in Ireland now, but soon it will be in Poland since I've just moved here.
Hope it can help now, thanks.
 
#8
The first step is to determine whether you must report precious metal holdings to the Polish tax authorities. Even if you must, there is no reason that you cannot store your gold in a reliable vault in a safe jurisdiction, such as Switzerland or Austria. It is unlikely that your country will go after your assets in another country, unless you engage in serious criminal activity. I am new here, so I cannot post web links, but you can go to vault268.com for a list of available vaults in numerous countries around the world. Google "vault268.com" and "vaults list".
 
#9
Golden Fleece said:
The first step is to determine whether you must report precious metal holdings to the Polish tax authorities. Even if you must, there is no reason that you cannot store your gold in a reliable vault in a safe jurisdiction, such as Switzerland or Austria. It is unlikely that your country will go after your assets in another country, unless you engage in serious criminal activity. I am new here, so I cannot post web links, but you can go to vault268.com for a list of available vaults in numerous countries around the world. Google "vault268.com" and "vaults list".
Click to expand...
Hi Golden Fleece, that's right I must determine it, it's what I've been trying to do here, unfortunately without success so far.
In regards to safe jurisdiction I know it, I'd add to the list Liechtenstein as well.
In refer to the link you posted, I checked it out and it seemed to me a private company in Singapore, no worldwide vault list. Thanks again.
 
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