Trying to find an satisfactory answer to the question of whether you can transfer your physical gold from the U.S. to another country frequently generates more questions than answers. Physical gold restrictions may be related to bringing gold into a country, taking gold out of a country, or both. Some countries value the gold on its face value, others at its current market value; and most all countries have some restrictions on the amount which can be imported or exported. There also may be a difference in regulations depending on whether the gold is legal tender currency or gold bullion.
A U.S. citizen has to be concerned with U.S. regulations as well as the regulations of the destination country. A little history helps here. The U.S. government used the gold standard to back its currency from 1873 until 1933. At that time President Franklin D. Roosevelt made it illegal for private citizens to own physical gold and confiscated private gold at a value established by the government, effectively devaluing physical gold. Finally, in 1971, President Nixon abandoned the gold standard completely.
In the U.S. there is a movement to again resurrect the gold standard. As of the time of this writing (March 2011), thirteen U.S. states have introduced bills to recognize gold and silver coins issued by the federal government as legal currency in those states. This would in effect bring back a gold standard to those states. Utah’s House of Representatives just passed their bill and the Senate is expected to follow suit. Although this movement may solve some of the expected problems of U.S. residents remaining in the country, it does little for those leaving.
Many prospective expatriates (especially retirees) want to know if they can bring their gold with them when they move to their new destination. Although it is now legal in the United States for private citizens to own physical gold, many are concerned that the right might again be taken away from them. They want to take their gold with them.
There is no one answer to the question as to whether you can take your gold with you or whether you could get it out again if you repatriated. For example, in a update I just received today, Ecuador now has put in place gold regulations which prohibit the export of gold bars. It looks like you can get gold bars into Ecuador but can’t take it out. The regulations of each destination country must be checked for the most recent requirements.
Check carefully with your destination country and the latest U.S. regulations before transferring your physical gold. In some cases it may be better to purchase gold in your new destination rather than taking what you have with you. Laws related to any type of currency or monetary transfers are constantly changing. Gold, silver, and other precious metals are often excluded from these restrictions, but don’t get caught in the middle of a regulation change.
Source by Lamar Ross
Can You As a US Retiree Bring Your Physical Gold With You to Your Expatriate Living Destination?
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