Customs and precious metals
You have to think about customs every time you travel from one country to another
country orwhen ship products internationally.
It is definitely a good idea to keep some of your own wealth outside of your home country. It is also a very good idea to own some physical precious metals. Why not combine both ideas and store some precious metals outside of your own country. For people who already own precious metals it could mean to travel with or to ship precious metals to another country. It is very important to check the regulations before you start.
Customs and their functions
Customs are one of the money collector of the government. Their main duty is to collect
taxes and duties at border crossing and try to catch those who try to avoid paying these
fees. This is the reason why they are mostly located right on the border crossing but
they also have offices all over the country and they can stop you everywhere and
search your car. They are especially particular at border crossing to countries which
are considered as tax heavens.
They won't tell you about a system by which they pick border crosser and check them for illegal stuff or black money. But there are a few principles which we know. They look in particular for:
- a single person with a lot of luggage
- a single person with a licence plate from far away
- an older couple with an expensive car
They are less interested in:
- cars with a licence plate from around the area
- obvious travellers (a lot of luggage and a roof box)
But in the end it is the customs official who decides which one they pick out for a closer look. Ther will be always axceptions and this is the reason why ther is always a chance that they pick you.
Import and export within the European Union
If you travel from one country to another country within the EU and carry values of 10,000 euro or more with you, you have to report it if a customs official is asking you. Please note that for precious metals coins you have to calculate with the actual value and not the face value. Gold has no VAT in most countries but silver and platinum have a VAT in many countries and if you travel from a country without VAT to a country with VAT it is possible that you have to pay the VAT at the border crossing.
Import to Canada
Please check with your countries customs about what kind of precious metals you can
export and about fees if any.
Canada has no restrictions regarding import of cash or other values but if you import more than 10,000 CAD you have to report it. To report it you must use form E677 which you can download here:
Download Form E677
In Canada there is no tax or fee on gold, silver and platinum products if the purity is at least 995. Some of our customers come every year from Europe and bring kilo bars of precious metals to Canada.
Transport from Canada to Germany
If you want to export values from Canada higher in value than 10,000 CAD you need the above mentioned form E677 and you must provide it to the customs officials. In Germany you must report the import of values more than 10,000 euro worth in writing and you must do it unsolicited.
Transport from Switzerland to Canada
If you have precious metals in Switzerland, we offer a transport service to ship your precious metals to Canada. We all know that there is no real bank secrecy in Switzerland anymore. We have provided our transport services to many individuals in the past and if you are interested in our service, please contact us.