What is Global Vaults?
Global Vaults is a leading provider of financial information on holding assets outside of your home country. We provide our customers with information to select and compare international banks and precious metals (PMs) vaults with the goal of making it quick and easy for customers to obtain international asset diversification, all from the comfort of their own home. We also provide our customers with a list of service providers that assist with obtaining citizenship by investment or setting up an offshore company.
Does Global Vaults manage money?
No, Global Vaults does not manage money and is not a registered financial advisor. We are specialists of financial information and provide our customers with the resources they need to help them achieve their goal of holding assets outside of their country of residence.
Does Global Vaults open offshore bank or PMs accounts for members?
No, Global Vaults does not open offshore bank or PMs accounts for members. We provide members with select names and detailed information of offshore service providers. Members can use this information to decide which providers are the best fit and pursue opening accounts on their own.
Does Global Vaults have a connection to any company?
No, Global Vaults is completely independent with no ties to any bank, PMs company or other financial institution. We do not participate in affiliate marketing or accept advertising on our website. Our goal is 100% focused on helping our customers meet their goals with zero conflicts of interest.
What benefits do I receive by becoming a member of Global Vaults?
As a member of Global Vaults you will receive the following:
-A list of banks and PM companies spread across 3 continents with complete details summarizing each entity making it easy to compare options and decide how to best meet your international diversification goals
-Lifetime access to the Global Vaults website for access to new content, updates and questions
-A list of service providers that assist with obtaining citizenship by investment or setting up an offshore company
What is the process to open an international PMs or bank account?
Generally, you can expect to complete and sign a user agreement, provide personal information (name, DOB, etc), a copy of government photo identification and proof of residence (the know your customer “KYC” process). This can all be done remotely from the comfort of your own home.
Do I have to travel overseas to open a PMs or bank account?
No, all of the international banks and precious metals entities listed on the Global Vaults website allow customers to open an account remotely.
How will my overseas account be funded?
The majority of international banks and PMs companies listed on the Global Vaults website require an international wire to fund an account. Paying by debit or credit card may be possible in some circumstances but is uncommon.
What is the minimum amount of money needed to hold assets outside of my own country?
While it is possible to hold assets overseas with as little as $1,000, given the fees and expenses involved, people often do so with larger amounts and a long term time horizon.
What sort of fees and expenses are involved with holding assets outside of my home country?
As an example of a lower cost scenario for PMs, one can purchase and store PMs overseas with the following fees and expenses: Wire fee from your bank for an international wire (often $20-$50), 3-4% transaction fee (or “spread” above spot price) for the purchase of gold and a $10/month fee for storage. Other expenses such as a 3-4% transaction fee on the sale of gold or shipping fees for physical delivery would occur as well. The fees and expenses vary between PM companies and international banks. You will have the ability to easily compare them as a paid member of Global Vaults. If you are cost sensitive, it is possible to keep these expenses low (even lower than the above scenario) but your options would be limited.
A low cost scenario for an International Bank is a fee of $20/month plus additional one time expenses when opening the account and various fees for services performed by the bank.
Does international asset diversification make sense for me?
This depends on your personal financial goals and asset diversification preferences. People who hold assets outside of their own country often do so because they are attempting to reduce financial risk if and when unexpected events such as a currency crisis or the implementation of capital controls by their government occur within their country of residence.
Are assets held overseas hidden from my home government?
No. While it is legal to hold assets outside of the United States, they are required to be reported to the US government. Forms such as FBAR (Form 114), IRS Form 8938, or others may be required to submit to the US treasury or IRS with strict punishment for non-compliance. Please check with your financial/tax advisor or read your government’s rules and laws regarding properly reporting these assets.
If you reside outside of the US, please contact your financial/tax advisor or your appropriate regulatory authority for information on the requirements.
Are my assets safe overseas?
Depending on the type of assets you are holding, they may be insured by a government or by a private insurance company (up to a limit in most circumstances). While this provides some level of protection, just like any asset that you own there is never a 100% guarantee that your assets are protected when rare and unexpected events occur. If the country where you are storing your assets experiences an event such as a civil war, international war, currency crisis, banking crisis, government change or coup, implementation of capital controls, or other unexpected event your assets could be at risk. Additionally the company or entity that is holding your assets could become involved in fraud or declare bankruptcy causing you to go through insurance or regulatory hurdles to be reimbursed, if at all.
Do I have to pay taxes when I sell PMs or receive interest from my overseas bank?
Yes, in the United States physical holdings of PMs are considered collectibles and subject to capital gains tax once they are sold. Interest from overseas banks are also required to be reported and the appropriate taxes paid. Please check with your tax advisor for more information.
If you reside outside of the US, please contact your tax advisor or your regulatory tax authority for information.
Can PMs decline in value?
Yes, PMs can rise or fall in value (sometimes drastically) just like any commodity, currency or security that is impacted by changes in supply and demand.
What percentage of my assets should I hold overseas?
This will be up to you to decide based on your diversification goals and personal preferences. People who hold assets overseas sometimes set a certain percentage of their total assets to hold overseas that they are comfortable with, say 5, 10, or 15%. Your decision must be based on your individual needs and diversification goals.
I live outside of the US and EU. Am I eligible to open an international bank or PMs account?
Each company and entity has their own rules and requirements regarding country of residence and opening an account. The company or entity should be contacted directly.