It’s official. Starting October 1, 2012, Singapore will be the best place in the world to store gold.
As a major international financial center, Singapore is rapidly becoming THE place to invest and do business in Asia. Why? Because it’s just so easy. Regulation is minimal, corruption is among the lowest in the world, and the tax structure is very friendly to businesses and investors. With one exception.
Traditionally, physical gold and silver purchases in Singapore have been taxed at a 7% GST rate (like VAT, or a national sales tax). The only legitimate exception was purchasing (and subsequently storing) at the Freeport facility, adjacent to the main airport.
In just-released budget documents, however, the government of Singapore announced that it will begin waiving GST on purchases of investment grade gold, silver, and other precious metals effective October 1st.
This is huge… and it should really make Singapore the best place in the world to buy and store gold. Prices are already incredibly competitive, with ultra-low premiums and very reasonable storage costs.
The Cisco Certis secure storage facility, for example, is incredibly safe, insured, and open up to 14-hours per day. Annual charges for a box are as little as S$99 (roughly $75 USD).
Storing gold overseas is a smart strategy for anyone interested in international diversification, especially if you’re concerned about the potential for gold confiscation. Come October, Singapore will be the top place to go.