Selling gold - taxes

[hermespan]

Suppose one doesn't have a whole lot of confidence in banks.

Suppose, he prefers tangeable precious metals (not ETFs).

It sounds like Singapore would be a good place to literally 'park one's money'.

Or maybe one fails to get a bank in Singapore to open an account and one has to do something with a wad of cash other than bury it in the zoo, since (as I recall) Malaysia and Indonesia both restrict incoming currencies, even declared, so one would be stuck in limbo, with cash but no safe place to put it.

Maybe one has coins and various very small collectibles (rare stamps etc) and one wants to stash somewhere safe and good value...

Can the readers of this forum recommend private (Brinks?) companies or even bank-affiliated services?

In Singapore and Hong Kong especially. As far as I know these two jurisdictions are the most open market in Asia.

Edited March 21, 2012 by hermespan

[FritsSikkink]

Suppose one doesn't have a whole lot of confidence in banks

Where would that safe deposit box be??

[hermespan]

'FritsSikkink' wrote:

Suppose one doesn't have a whole lot of confidence in banks

Where would that safe deposit box be??"

In my case, my stash can't be in my house/apartment as I am very mobile diue to work and personal circumstances. I have no home. No safe 'bolted to the wall'.

[borovik]

You can find safe box in Singapore and Hongkong.If it is bank - then you need account with them.In HK there are a lot of banks offering boxes.In Singapore there is reputable company where you can rent safe storage : Cisco,near CentralPostOffice,MRT Paya Lebar.it is easy to find small box,bigger sizes are in high demand.You have to provide address for mail and you should monitor it.

sometimes they change something,not only,that you have to pay more,but that they move boxes,or they close that bank branch!nothing is stable and permanent.

[thedude]

I'm told that you can buy actual gold from Singapore banks, they store it for you.

[letitbe]

use cisco in SIngapore they have thousands of boxes and are very secure. We have bank accounts in SIngapore and main banks also offer boxes but often are not available.

I believe their are even boxes at airport and we would be very interested to hear from anyone who has one since when Singapore scraps tax on gold and silver in October we will probably store our gold and silver in SIngapore just in case Thailand explodes which IMO with Mr Taksin still on prowl is a real possibility.

[hermespan]

Anyone care to provide their assessment of the very few private providers of safety boxes and storage in Thailand? I hesitate to do so in great details as I already have too high a profile here.

My opinion based on experience with two private companies in both jurisdictions: Singapore is more professional and the security is better. Plus, I like pistol-toting Tamil women behind bullet-proof glass in a company with gov't connections rather than the rather too relaxed Thai guards who leave too many doors open for my tastes and the place appears to be owned as a mom n' pop operation by a farang with one foot in the grave (what happens to my stuff when he kicks the bucket?) And obscenely large box key. Get locksmith to cut it down?

But Bangkok's is cheaper. Bigger boxes too, so also much cheaper per square centimeter. No passport required for your visits and a much more convenient location than the corporation in Singapore.

Conclusion: Use Singapore for serious long term valuables like bearer bonds from Guatamela. Use Bangkok or Pattaya for less valuable stuff needed in Thailand.

I figure you have seven choices in Southeast Asia, none of them totally satisfactory, except in combination. If there are equivalent solutions in Penang, Malacca, Phnom Penh and HCMC I would like to hear about them.

1. private box: see above. Singapore is far better though if one is in Laos and Burma it could get expensive flying south frequently.

2. normal storage facility such as the two newish private ones in Pattaya

3. safe: or safe room in your home (I am a nomad, so I can't do it Asian style)

4. bank safety deposit box: good luck!

5. store bags with a friend: That is, if he has a secure condo or house and there is always someone around. Maid with a dog? This has worked for me for years. But he also threw away one suitcase due to cockroaches from stashed massage lotion, not aware it had gold in it! Sometimes secrecy has its downsides.

6. Khao Sarn Road guesthouse service: Affordable, though not sure about big items.

7. Regular hotel: This is the best in my experience, but only for unimportant stuff. Usually free.