What Governments and regulations am i Subject too ?

mozmoz Posts: 5 Tin ✭
Dear Gold Money,
I want to ask, if my money is in Zurich Switzerland and the custodian is an American Company (Brink) , under what government laws and regulation am i subject to ? The country (Switzerland) or the custodian ? or both ?
If the U.S government ever wants to confiscate gold like it did in the past, would my gold be in danger ?
Thank you in advance.
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Comments

  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    @moz

    In one of the Town Hall videos @Roy Sebag addressed this question. He stated that the vaults lie within the legal jurisdiction of the country in which they reside. Of course this cuts both ways in that the gold in a foreign vault could be seized by the foreign government. He did however mention that Switzerland has a long historic record of being financially neutral. So it is unlikely that the US could confiscate your gold. It is also improbable that they would try in that at the time of the 1930s gold confiscation the US was still on the gold standard and the financial world still considered gold to be money.

    Additionally Goldmoney is a Canadian company. Canada has such a low opinion of gold as money that it sold off all of its reserves.

    However, as a US citizen you are required to file an FBAR If you have foreign financial assets in excess of $10,000 or more. There has been spirited discussion on this board about whether or not Goldmoney acting as a bailment service is viewed to be a financial institution by the IRS. But the form is easy to fill out and the penalties are steep for non-compliance.

    ==================================

    @Melanie @KatyMillington

    This however begs a question I had never considered until just now … are transactions subject to the taxation laws of the countries in which the associated vault is located. What are the laws for each of the respective vaults?

    Are non-US citizens responsible for US capital gains tax on the sale of gold from the New York vault?

    o:)
  • SpontaneousOrderSpontaneousOrder Posts: 297 Bronze ✭✭✭
    @moz, @79Au197 , I believe that the location of the vaults is irrelevant. What matters is which country you are a citizen of, and whether Goldmoney accounts are considered foreign or not. You are not the customer of Brinks. Goldmoney is the customer of Brinks, and you are the customer of Goldmoney.
  • nigelmarkdiasnigelmarkdias Posts: 1,323 Silver ✭✭✭✭
    "You are not the customer of Brinks. Goldmoney is the customer of Brinks, and you are the customer of Goldmoney."
    @Melanie?
  • mozmoz Posts: 5 Tin ✭
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