Precious Metals Fees/Taxes/Duties (Gold, Silver, etc.)

Taiwan Living in Taiwan
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I see some previous discussions about this on the forum, but the topics are either quite old (and might have out-of-date information) or don’t have a conclusion.

Has anybody recently purchased any gold, silver, etc. metals from overseas (retailers like APMEX etc.), and what were the import and customs fees like?

Purchasing directly from Bank of Taiwan is charging massively over the spot price, which makes me suspect that the price of importing would actually come out to a similar amount? I’m open to people suggesting any local vendors too if they know of a reputable place selling locally for good price.

1 Like
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I purchased some precious metals ETFs through IB a while back. No import duties and easy to sell if necessary.

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I’m thinking of purchasing the actual thing rather than the ETF; did you try purchasing the ETF and later converting it?

Incidentally I’ve noticed two old topics today get bumped, one about gold and one about import duties, so I think there is some interest here. Perhaps there is a website with a master list of import duties for everything? One of the other threads has one, but the link no longer works.

EDIT:

I found this link, not sure how accurate it is (or up-to-date, it is from 2016 and appears to be referencing law from 1997), but it appears most gold and silver coins, “monetary” or otherwise, are duty-free, and will only be taxed VAT at 5%. http://blog.cnyes.com/My/megayang/article2241683

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Where are you going to store it?

You can own the physical through sites like bullionvault (you get a choice of vaults in Switzerland, UK, US) - they charge fees for storage.

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Hi All, I’m just re-energising this Gold/Silver post… I’m buying from Truney. Prices seem reasonable. always interesting in trading, if you guys have anything interesting. Still stacking at present, not selling much

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I have a bit of GLD. Also still accumulating.

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I bought gold bars from BoT years ago and will either be selling some or moving it out of Taiwan in the coming year. I’ve never sold so far, only accumulated, so I’ve got to figure out the best way to go about it.

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Hi QuaSaShao

If you are considering to sell some Gold, posting here could attract some attention. Surely I’d be interested, and maybe others too

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How is a sales transaction of gold bars between individuals conducted?

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l looked into bullionvault recently, they have a branch in Singapore. Was discouraged by the fees, which seem to be only reasonably low for big investors.

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Why don’t you just buy your own safe?

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Sorry for very long delay before replying! For a simple private purchase of someone’s private gold, I assume a simple cash transaction (or mutually agreed trade/barter) is sufficient. I buy used gold/silver occasionally overseas, on one of the bigger Forums, and that works well.

Of course a hand-written receipt could surely prove useful also