Page 3 of 3

Re: Safety Deposit Box Insurance

Posted: Mon Sep 14, 2020 10:12 am
by technovelist
sophie wrote:
Mon Sep 14, 2020 9:41 am
SWP looks interesting.

Does anyone know what the FATCA reporting requirements are for an Active Non-Financial Foreign Entity such as this? For individuals, I mean. The business is not required to report to the US government - but individual account holders may have to do so.
Good luck getting that information in a definitive form. I've tried, and so have the people at Global Gold, but there doesn't seem to be a definition of what counts and what doesn't.

I've filed the FATCA reports just to be on the safe side.

Re: Safety Deposit Box Insurance

Posted: Wed Sep 16, 2020 12:45 am
by boglerdude
"Anecdotally speaking, HSBC begged me to accept a measly $60K worth of silver in place of the gold that they were being paid to hold for me around 08' when I called some in during the last financial crisis- which while bad had not nearly the debt the system has in it today.
It was instructive for me. If a giant bank like HSBC had to bother with my petty call in during the last crisis how bad will it be the next time around?(if were not already there/close)"

via https://mises.org/wire/whats-price-gold-it-depends

Re: Safety Deposit Box Insurance

Posted: Fri Sep 18, 2020 10:06 pm
by FarmerD
technovelist wrote:
Mon Sep 14, 2020 10:12 am
sophie wrote:
Mon Sep 14, 2020 9:41 am
SWP looks interesting.

Does anyone know what the FATCA reporting requirements are for an Active Non-Financial Foreign Entity such as this? For individuals, I mean. The business is not required to report to the US government - but individual account holders may have to do so.
Good luck getting that information in a definitive form. I've tried, and so have the people at Global Gold, but there doesn't seem to be a definition of what counts and what doesn't.

I've filed the FATCA reports just to be on the safe side.
Quick FYI - Texas Precious Metals has partnered with SWP. Basically, buy gold with Texas PM and they will arrange storage with SWP.

Also, according their the Texas PM website:
SWP is a privately owned and operated provider of secure storage. It is classified as an Active Non-Financial Foreign Entity under the U.S.-Cayman Islands Model I Intergovernmental Agreement (“U.S. IGA”). As such, SWP is not subject to any U.S. FATCA registration or reporting.

It is our understanding that precious metals held directly outside the United States do not have to be reported by US taxpayers on form 8938 (Statement of Specified Foreign Financial Assets), nor on FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Learn more here. We do recommend our clients consult their tax advisors on this matter.


https://www.texmetals.com/store-gold-in-caymans

Re: Safety Deposit Box Insurance

Posted: Fri Sep 18, 2020 10:16 pm
by FarmerD
technovelist wrote:
Mon Sep 14, 2020 10:12 am
sophie wrote:
Mon Sep 14, 2020 9:41 am
SWP looks interesting.

Does anyone know what the FATCA reporting requirements are for an Active Non-Financial Foreign Entity such as this? For individuals, I mean. The business is not required to report to the US government - but individual account holders may have to do so.
Good luck getting that information in a definitive form. I've tried, and so have the people at Global Gold, but there doesn't seem to be a definition of what counts and what doesn't.

I've filed the FATCA reports just to be on the safe side.
Technovelist, I just sent you a PM on a related idea.