In 2012, Singapore's Government set out to launch Singapore as a precious metals trading and storage hub, and through government agencies such as Enterprise Singapore, actively encouraged and supported the development of the bullion sector in Singapore.
One of the key changes in 2012 from a legislative perspective was the exemption of investment precious metals bars and coins from Singapore's Goods and Services Tax (GST). This means that since 2012, GST does not have to be paid on investment precious metals bought in Singapore or imported into Singapore.
Overall, there are no taxes whatsoever on bullion in Singapore.
- No GST / VAT / Sales tax
- No capital gains tax
- No import taxes or duties
- No export taxes
- No death taxes
No Reporting Requirements in Singapore
There are no general reporting requirements to any entity anywhere, either within Singapore or internationally, when buying precious metals from BullionStar, selling precious metals to BullionStar, or storing precious metals with BullionStar. All customer information held by BullionStar is treated with full confidentiality.
With no reporting requirements and no taxes, Singapore is the best jurisdiction in the world in which to buy and store bullion. Account opening with BullionStar is a quick and simple process, and payment options for bullion purchases include both cash and leading cryptocurrencies. Added to this, Singapore has an enviable reputation for safety and security, a strong rule of law, virtually no crime, and strong property ownership rights.
Tax Free Bullion in New Zealand
There is no GST for fine precious metals in New Zealand. Gold with a fineness of not less than 99.5%, silver with a fineness of not less than 99.9% and platinum with a fineness of not less than 99% are exempted from GST.
New Zealand also has to capital gains tax for precious metals and no import or export taxes.
Like Singapore, New Zealand is thus a good jurisdiction tax-wise for buying and storing bullion.
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