Gold IRAs; Wealth Accounts in Jersey?

Maybe I just haven't dug deep enough but does GoldMoney wealth offer Gold IRAs? If so, could someone please link with the conditions, fees etc?

Also, does it make anybody else a little uneasy that the Wealth accounts are incorporated in some random channel island as opposed to Canada for the Personal accounts? If push comes to shove its an understatement to say I have more confidence in Canada to make sure I get my assets back than some random island of 100k people. Thoughts?

Comments

  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    edited October 2016
    @Scrooge_McDuck1

    I suspect the folks on Jersey would not call themselves a "random channel island" :p

    Recall that BitGold (Canada) bought GoldMoney (Jersey) and changed the corporate name to Goldmoney.

    https://en.m.wikipedia.org/wiki/Economy_of_Jersey

    The economy of Jersey is largely driven by international financial services and legal services, which accounted for 40.5% of total GVA in 2010.

    Jersey based financial organisations provide services to customers worldwide. In June 2008 it was reported that 12,070 people were employed full-time, within this sector.

    Jersey is one of the top worldwide Offshore financial centers[12] It is described by some as a tax haven.[13] It attracts deposits from customers outside of the island, seeking the advantages such places offer, like reduced tax burdens. Its taxation laws have been widely criticised by various people and groups,[14] however the former Chief Minister of Jersey, Terry Le Sueur, has countered these criticisms, saying that "Jersey [is] among cooperative finance centres".[15] And in September 2013 the UK Prime Minister, David Cameron, said it was not fair any longer to refer to any of the overseas territories or Crown dependencies as tax havens, as they have taken action to make sure that they have fair and open tax systems.House of Commons Hansard 9 Sept 2013 Its information privacy law also provides exemptions that other European countries do not, for example in the way Trusts do not have to disclose as much information to Benficiaries about use of their personal data as is normally required under such laws.[16]

  • UvasUvas Posts: 680 Silver ✭✭✭✭
    Gold IRA's through Goldmoney are not available. Although, I remember Roy mentioning that they are in the works at one of their town hall meetings...
  • Scrooge_McDuck1Scrooge_McDuck1 Posts: 33 Tin ✭
    @79Au197 they might! yea in any case I feel it kinda equal to having your money in the Cayman Islands. Doesn't give me a strong sense of security there...
  • PowerlunchmoneyPowerlunchmoney Posts: 274 Bronze ✭✭✭
    Still hoping to one day receive gold dividends into my TFSA. Here's to hoping!
  • GoldIsCurrencyGoldIsCurrency Posts: 1,808 Gold ✭✭✭✭✭
    @Powerlunchmoney I hope that day comes too.
  • KatyMillingtonKatyMillington Posts: 49 Tin ✭
    @Scrooge_McDuck1 Goldmoney Wealth is regulated by the Jersey Financial Services Commission. The JFSC is the main supervisory body that oversees and regulates Jersey's large financial services industry.

    Jersey enjoys a global reputation as a key offshore financial centre. It has achieved this position with its well-developed financial and professional services infrastructure, system of regulation, a robust legal system, including strong privacy and data protection legislation, and a stable political environment. Goldmoney Wealth in all respects operates within the legal framework and the data privacy regulations applicable in Jersey.

    Goldmoney is regulated by the JFSC as a Money Service Business, and its regulated status can be confirmed by searching for 'Goldmoney Wealth Limited' on the JFSC website's regulated entities.

    IRA Holdings are certainly available for our US clients. Please contact James Mitchell, Senior Relationship Manager at [email protected] to discuss your IRA options further.
  • GoldmattersGoldmatters Posts: 4,019 Admin
    edited October 2016
    @KatyMillington they are ?!! : O I dont think many users are aware of this
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    @KatyMillington @Melanie @Roy Sebag who is the best contact if we want to set up an IRA in addition to our holding account?

    And how does it work? Is it a sub-account to our main holding? Or is it a different account all together? Do we need to go through the whole verification process again? Are IRA metals separate from our main holding? Can we withdraw/redeem the "principle" bullion deposit if needed?

    Lots of questions, sorry; but lots of interest!

    Any guidance would be helpful thanks!!
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    Thanks @Tex
    I have seen that, and referenced it again but it is still unclear to me how/if it is actually linked to my Goldmoney account.

    Is it like Fidelity, where you have one login and you can see all of your different plans (metal holding, fiat holding, pension, ira, etc)?

    For US, it seems like Entrust Group is the third party to facilitate the IRA, but what does that actually mean? Does that mean the Goldmoney customer tells Entrust that they want $X allocated to an IRA, and those metals are stored in a separate part of the vault but still titled to the customer. How does it work?

    An infographic showing the process would be helpful. Thanks again. (I guess I don't fully understand why Entrust needs to be a part of it or what they actually do)
  • GMONEY1GMONEY1 Posts: 426 Silver ✭✭✭✭
    Ahh so I got more details direct from Goldmoney Support. Posting here for reference to others reading the thread.

    Quote:
    if you proceed to open a Holding through Entrust for your IRA or 401K then this will mean that you will have two Holding numbers and separate logins. They will not be under the same Holding number.

    You may contact Entrust directly through the contact details below:

    By phone on 1-877-545-0544 or by email at [email protected]
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