There is no law that requires declaration of gold or cash when entering country.
And no signs at airport. The one that not shared with neighbors doesn’t have any.
Shame you didn't actually read your links...
And this was funny - totally up to date, ey:
"From all countries are prohibited the following: absinth and its imitations,"
I did. Without restrictions mean no restrictions.
Wealth protection means privacy respect. I’m not agitating to smuggle dirty gold, but just trying to explain that person in a legal position of it doesn’t have to report or explain before any questions asked.
P.S. that separate EU borders regulation doesn’t mean you have to declare it when arriving from other areas. In fact it’s done to protect people from stress if it discovered in EU.
Fairly large Gulfstream V load ? 'Mission of buying gold'
OK, pals, I think I found an answer on our dispute. Direct source.
CARRYING CASH
In the case of the importation, transit and export of cash (currency notes,coins, banker’s draft and cheques, securities, amongst others) with a value of more than CHF 10,000, upon request information must be given on the origin, the intended use and the beneficial owner. The right is reserved to take other measures linked to combating crime.
http://www.ezv.admin.ch/zollinfo_pri...gpKfo&typ=.pdf
Through the way different metals reflect the electromagnetic pulses of the metal detector. That's why modern metal detectors for hobby-searchers can tell them if the signal they found on the beach is a coin or just a piece of a coke can. If you search say an old battle field, you can even set them up to only alert on gold or silver and not for every iron bullet or arrowhead.
Going back to the airport ones: Ever seen the tv screen the operator looks like - stuff gets automatically colored on it depending on the material it is made of. Even the loop you run through has a small display indicating the material that triggered the alarm. I know cause some Indian guy in front of me caused an alarm once at Zurich airport and the two security guys looked at each other and said "Gold!". He was apparently wearing chains like Mr. T under his shirt...
I had been under the impression that metal detectors used by miners or hobbyists for distinguishing different metals in the ground usually rely on induction balance technology. The airport scanners, on the other hand, would typically use pulse induction, which is not very sensitive to the type of metal. Times change, of course, so my information might be out-of-date.
Indeed I have seen one. Furthermore, I have seen gold on that screen, and to me it seemed indistinguishable in color from other metal items in the same bag. (Yes, that bag was mine; no, I was not smuggling anything from anywhere or to anywhere, just travelling with some valuables.)
Regarding your observations of the Indian gentleman at the loop: it is rather interesting that, apparently, some airport scanners these days might have more advanced detectors than they used to. You would certainly expect ZRH to have top-of-the-line equipment.
Correct and a good answer! There's no 'reflection' taking place but only induction.
BTW on YouTube there are a couple of channels dealing with coin hunting.
For example: http://www.youtube.com/user/AmericanCoinHunting
There they explain that the metal detectors are response-tuned to about the size and the metal of the coin being sought.
I started this thread so I'll tell you what happened. The below information is
wrong. I brought gold out of the US into Switzerland. I wasn't arrested
and nobody confiscated my gold. And I didn't have a permit.
I did have receipts showing proof of purchase of my gold. When entering
switzerland I should have walked through the red entrance to declare it.
But I forgot and I walked out of the green entrance and customs did not
flag me down. This is luck. I would not do that next time. If you're bringing
more than CHF 10K worth of gold, I suggest that you walk through the
red entrance next time. I have to do several more trips like this so I'll
let you know what happens the next time I walk through the red entrance.
As far as leaving the US with more than USD 10K, if you take out cash
you have to to declare it when leaving. But I'm taking out gold not cash
but the market value of the gold is way more than 10K. I searched
extensively and I could not find any rules against that. I think the laws
and regulations are obscure by design. If it's written out in black and white
people can challenge that and get around it. But if it's fuzzy then customs
can make up the rules as they see fit in the name of fighting terrorism.
Just as FYI, the US government still values gold at $42.22 an ounce.
So using the government's own valuation scheme, I was taking out less than
10K in gold. Those idiots. See
http://www.fms.treas.gov/gold/index.html
Very interesting thread!
Yes indeed, you have to declare goods that exceed a certain value, for instance if you enter Switzerland at any borders you are not allowed to bring in goods that exceed a value of CHF 300.
However, this is related only to goods that you just bought. If you are a tourist and if you travel with your personal belongings, such as personal jewellery, then the case is completely different. If you have a wedding ring, for instance, that is worth 20K (some people do have such a thing :-) than you do not need to declare it.
However, when people arrive from countries where gold is much cheaper than in our countries, such as Turkey or Egypt, then they are likely to be subject to random cheeks at the airport. And if they see that the jewellery is not used (no traces of usage on it) and if it exceeds the allowed value, then you will have to pay import tax and also a fine for not declaring.
The same with goods, if you travel from countries where the currency exchange rate is favourable, such as US (for the time being) then they do random checks and they look in your suitcase. And it has nothing to do with x-ray scanning; they know how to pick up those who bring in goods without declaring them. You may be lucky and you may be not. The customs officers look at the luggage labels on your suitcase (an also at those "clever" guys, who have removed the luggage labels before going through the green corridor :-).
I know for instance from a friend who brought in more cigarettes than allowed and she had to pay in the end much more (customs tax and fine), then the value of the cigarettes in this country.
The only time when you are allowed to bring in more than an allowed value of precious metals, jewellery, etc. is when you are actually moving your tax residency from one country to another. You must therefore have a valid certificate of leave from one country and a registration in the new country. You will not have to declare and pay import taxt to your valuables in such a case; however, I would still do it to avoid possible complications.
Good luck!
My feeling tells me that you are applying a favourable interpretation to that clause. I doubt whether the airport customs men would agree with that.
I.e. from that govt. site: "The book value of gold is currently $42.2222 per troy ounce. The information used to compile this reporting is received from the U.S. Mint, Federal Reserve banks, and FMS."
My reading says that ONLY applies to "the U.S. Mint, Federal Reserve banks, and FMS."
No, you shouldn’t. Green channel is fine for going trough as long as you have a proof of legal ownership even if it doesn’t belong to you and you carry it on someone’s behalf.
Of course you can choose a red channel and increase your wealth tax.
With very few exceptions (mostly food) you're allowed to bring in as much goods as you like. It's just that you have to pay VAT if the value is more than CHF 300.
There's no VAT on gold, BTW.
I have emailed the US Customs regarding exporting gold from the USA. I was told that the value is based on the market value (around $1725/oz as of now) and not the indicative value ($50 for the 1oz Eagle). So anything above 10K market value needs to be declared.
That depends on if he is UK domiciled (UK meaning), however that will be easy to get out of once the new UK residency become law, assuming he is not living in the UK.
Hey guys, just to reiterate:
if I fly from the UK to Switzerland direct, with a few gold/silver coins in my checked baggage (so not with me during security anyway), worth around 4,000£ total....no declaration is needed and I shouldn't worry about anything?
Who in his right mind would put 4k worth of gold/silver in checked baggage?
I wouldn't even put all my underwear and my toothbrush in checked baggage.
You must be kidding right? A watch can be worth more than that or a woman's necklace or other jewel. So what would would you do, carry them all with you at all times? Because that's so much better to not have them stolen lol, nice tactic.
As long as the value of all the currency your carrying is less than 10k, no declaration is necessary. Why not just put them in your hand luggage? It's of no importance what security say or think.
DimiotriosG, please be aware that things very often disappear from checked-in luggage. Without a trace. It is very common, therefore it is advisable to avoid putting anything of high value in checked-in luggage.
I always tell my clients not to rely on stuff they have read on the Internet unless maybe it is an official government Web site. That's true on this thread too.
There are useful Web pages at
https://duckduckgo.com/?q=gold%20customs%20regulations
The IATA site is particularly helpful, this is their US page
http://www.iatatravelcentre.com/US-U...ns-details.htm
And here's a guy who reports on his experience bringing gold from the USA to EU
http://www.tfmetalsreport.com/forum/...ng-gold-usa-eu
That forum may have other information.
What you need to know is that gold may or may not (depending on country) be treated similarly to a monetary instrument. If Customs declaration is necessary and there is a lot of value involved, hire a customs broker. They will issue a bond and any problems can be resolved later.
FATCA, FBAR and the other alphabet soup relevant to Americans does not address delivered commodities or real estate -- for now. Money laundering rules might. Therefore it's best to have receipts relating to the chain of custody and the source of funds. When in doubt, declare the stuff, but bear in mind American civil forfeiture law is very broad.
There are many frauds and scams that involve gold, especially in (but not restricted to) Africa. Many people would rather buy shares in a gold mining firm than bother with physical gold. Or hold gold certificates from a bonded warehouse.
There is a lot going on now in Ticino with former bank premises being taken over by gold dealers who will sell you gold and rent you a safe deposit box. For anyone whose gold (or the funds paid for it) has a dubious source I would suggest reading this case:
https://en.wikipedia.org/wiki/Knight...eposit_robbery
If you want to store your gold at home, then this is a great company, a manufacturer of safes for home and business. I've bought a couple of safes from them over the years which I installed in my basements in reinforced concrete. As the instructions say, if you do it right it's not a robbery project but a demolition project to break into it:
http://www.rondo.ch/front_en/home
In my Rondo I have a 1 oz gold bar that I bought, I think from SBC as it was at the time, when gold was $35 an ounce, a bunch of Mexican gold coins that I bought in Juarez, and one or two sovereigns. Maybe I'll buy a 20 franc Vreneli to go with them. (I had an uncle who collected gold coins more seriously. My father, executor of his estate, sold them through Stacks in the 1950s. More's the pity.)
You can do your own research on VAT and tax issues but the link that someone else posted is typical
http://europa.eu/legislation_summari.../l31012_en.htm
For state sales tax in the USA see this rundown by state
http://thecoinologist.com/sales-tax-...ate-breakdown/
When I was a diplomat I was privy to an exchange of telegrams that reported a tip-off that so-and-so was about to fly to New York bearing a large amount of untaxed jewelry. A week later a reply came back from U.S. Customs: So-and-so was a legitimate gold courier, he'd arrived as scheduled in New York, told the Customs agent that he was carrying a valuable cargo for which he had a manifest, the Customs broker issued a bond, and the carrier went on his way. My guess is that someone in the London firm that sold him the precious metals tipped off the U.S. Embassy in hope of a reward but we'll never know.