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Singapore is an independent and politically stable jurisdiction. When you buy, sell or store bullion in Singapore, there are no reporting requirements to any domestic or foreign governments, entities or institutions.
Furthermore, the Singaporean Government is unique in actively supporting and promoting the development of its economy's bullion sector through government agencies such as Enterprise Singapore which encourage bullion dealers and refineries to set up in Singapore, and through government initiatives such as exempting investment precious metals from sales tax (GST).
Singapore is consistently rated one of the the best places in the world to do business and is the free-trade capital of the world as well as a global hub for wealth management. Singapore also has an unparalleled reputation for protecting property rights and for the ease of doing business. Therefore the supporting business climate and business conditions make Singapore a favorable place in which to store wealth and one of the best places in the world in which to store bullion.
Effective from 1 October 2012, transactions in investment-grade gold, silver and platinum have been exempt from Singapore's Goods and Services tax (GST).
Additionally, Singapore is a very safe country with extremely low crime rates. This makes Singapore an ideal location for storing precious metals and allows insurance premiums on precious metals storage to stay low.
Overall, Singapore is arguably the best jurisdiction in the world for buying an storing precious metals. The reasons can be summed up as follows:
Tax-Free - There are no taxes on bullion whatsoever in Singapore. No GST/VAT/Sales/Import/Export tax and no Capital Gains Tax.
No Reporting Requirements - There are no reporting requirements whether domestic or international when purchasing, selling or storing gold in Singapore. There are also no permits required to import or export precious metals into or out of Singapore.
Cash Allowed - Cash transactions are allowed in Singapore for settlement of bullion purchases. There is no counterparty risk involved when making cash payments in a cash for bullion transaction.
Safety & Security - The crime rate in Singapore is among the lowest in the world. Violent crime is almost unheard of in Singapore. In Singapore you can walk into a bullion retail shop such as BullionStar's shop at 45 New Bridge Road, make a purchase of bullion bars or coins, take physical possession and walk out with your precious metals without any fear of robbery.
Property Ownership Rights - Singapore is politically stable with a legal system that enshrines strong property ownership rights.
Business Climate - Singapore consistently ranks in the Top 3 globally in business climate surveys which report on the ease and efficiency on doing business in different countries worldwide.
Laws and Regulations - While governments in the EU and the USA are increasingly attempting to limit and curb investments into precious metals through restrictive legislation on the purchase and possession of precious metals, the Government of Singapore is dedicated to transform Singapore into a trading, transit and storage hub for precious metals.
Independence from the EU & USA - Singapore has no jurisdictional ties to the US or to any country in Europe. And furthermore, Singapore is proud of its independence.
Given Singapore’s global reputation for safety and security, sound governance and a strong legal framework, there is no better jurisdiction in which to store your precious metals. With BullionStar's Vault Storage Solution, BullionStar offers you a robust platform for bullion storage.