U.S. Goldmoney Holdings Reportable: Here's the Proof
This quote is from the second half of an article by Bron Suchecki, formerly of the Perth Mint in Australia and now with Monetary Metals (another great company in the precious metals space by the way).
US investors should be aware that precious metals are reportable under these IRS and FinCEN foreign asset/account obligations:
if the vault operator has unrestricted access to the metal. Only if the precious metal is under the exclusive control of the investor (for example, a safety deposit box for which only the investor holds the key) would the holdings avoid reporting (emphasis added).
- Form 8938, Statement of Specified Foreign Financial Assets
- FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)
Suchecki links to an article by Michael DeBlis, III entitled What You Need To Know About Storing Gold And Cash Notes In An Offshore Vault. "Michael’s unique background in tax law puts him into an elite category of criminal defense attorneys who specialize in criminal tax defense." This is a very technical article, but definitely worth reading if you need more convincing that you absolutely cannot afford to avoid filing these forms.
I'm working on detailed instructions explaining how to determine if your Holding is above the reporting thresholds, and if so how to file the forms. I hope to finish and post this weekend.