As a result of these policies, Singapore has emerged from relative obscurity to become one of the world's leading wealth havens for investors in precious metals. But is it the best place to store your gold offshore? Singapore's private gold storage facilities are more modern than in countries such as Switzerland, and some vaults offer online access and even photos of their gold. There is a whole ecosystem that is well used to buy, sell, trade and even borrow with respect to gold and silver, all with reasonable margins. The island country also has the advantage of independence and security.
For example, Malaysians are not going to invade Singapore. It is at the level of New Zealand in terms of geographical advantages, but with much better services. In fact, I would venture to say that Singapore has the greatest innovation in the gold storage industry. While the old European school of wealth management is based on parking money and leaving it there without making many transactions, in Singapore everything revolves around buying a silver coin and opening an account.
On top of all that, they also love transactions. Asian banks, in general, love transactions. If you don't make enough transactions at an Asian bank, they'll ask you why. On the contrary, European banks don't want you to transact with money at all and prefer that you leave it there.
In an era in which Europe is becoming more tumultuous, Singapore is becoming the new center of wealth. Due to the growing storage industry, there are also many companies there that now lend money in exchange for gold. While I don't pay debts, if you have gold, you can borrow with it. It is also possible to buy gold without spreads in Singapore.
You can buy gold on SGPMX and exchange it with another customer. There's a lot of innovation there that makes things easier all the time. Without a doubt, there is a lot of innovation going on in Singapore. If you're looking for a recommendation, in my opinion, Le Freeport, next to Singapore Airport, is the best storage facility.
I have been there several times and I can honestly say that it is the safest and most impressive facility in the world. While, sadly, New Zealand is part of the Five Eyes government's espionage program, it is undeniable that it is a haven of wealth that has remained fairly neutral. In fact, I would say that storing gold in New Zealand is a government strategy. It is not a government with low taxes, but it is a very wealth-friendly government.
I don't think the government will intervene and confiscate gold, that's not necessarily their top priority. I also like New Zealand because it is far from the chaos of the world's problems. In addition, thanks to its location in the Southern Hemisphere, there is no threat of any kind, either because of the weather or because of the political drama that occurs elsewhere. And despite its isolation, New Zealand has a developed economy, a strong global reputation and professionals who can help you with storing, buying and selling gold offshore.
It's also a convenient option simply because New Zealand is an English-speaking, common law country. People who store money in London will probably discover that New Zealand has the advantages of storing on an island without the consequences of all the political entanglements in the United Kingdom. If I had to store on an island, I would prefer it to be in New Zealand than in the United Kingdom. If you're diversifying and storing gold and other assets around the world, New Zealand deserves a spot on your list.
Switzerland is the old school option. If you were to ask the average person about storing gold offshore, Switzerland would probably be the only place they could think of. And their assumption is definitely justified because Switzerland is still a good place to store gold. In fact, it has the highest per capita gold reserves in the world.
However, you will see people taking their money out of Switzerland in the coming years. I know people who have already started moving their gold to Hong Kong or Singapore from Switzerland. The rates in Switzerland are high and the service is not that good. They are not very transaction-friendly and want to keep their money under management.
However, while the Swiss government destroyed privacy and bank secrecy many years ago, there are still a lot of gold vaults, and all self-respecting online gold sellers offer vault storage in Switzerland. Switzerland is a good secondary vault location if you have a large portfolio, just because wealth is moving eastward and Singapore is clearly winning. Switzerland isn't keeping up, but as an old-school jurisdiction, it doesn't necessarily need a lot of advanced options. They don't offer leverage provisions or loans, they don't even allow you to take out the gold yourself with an impromptu visit, but it's still a very good place to store.
There are a million services there with very good ways to store metals and many facilities to choose from. Switzerland is also a great place because it has no currency restrictions. If you're flying from Switzerland to Hong Kong, there really isn't much to report in terms of cash and precious metals. In essence, while the rest of Europe embarks on the war on cash, Switzerland is a breath of fresh air.
So, while Switzerland is no longer the best place to store gold offshore, it still earns a spot on this list. Neutral, developed and respected, it has served as a safe haven for the world's rich for centuries. Frankly, Austria's vaults aren't as impressive as those in Singapore. You give up the impressive and quality security of James Bond in a place like Singapore, but you gain financial privacy and the ability to remain anonymous to enjoy fairly decent facilities.
Singapore is one of my favorite places to store gold, but it's located on a small island in the center of Southeast Asia with limited access to very few places you probably don't want to go to, so Austria has the advantage of offering you more geographical options. And if you're interested in starting small with offshore gold storage, visit our partners in Singapore, who will sell you just one gram of gold or silver with segregated and allocated storage in your private vault. This is one of the first options that come to mind when we think about where to store gold safely. .