Why Store Precious Metals in Cayman Island Vaults?
There are numerous reasons to store precious metals in Cayman Island Vaults. Aside from the favorable tax considerations such as zero duties on imports and exports, no taxes on income, and no capital gains taxes. In addition, the Cayman Islands are one of the most politically stable places on earth. There is no history of war or internal strife resulting in violence. The economy is strong and vibrant, with the Caymans ranking number five for global financial centers. The country is neutral in every respect, not getting involved in world, nor even regional conflicts. Air traffic to/from the Cayman Islands is regular, with numerous commercial and private flights daily. In addition, its proximity to the United States is a big plus. A commercial flight from Miami to Grand Cayman, for instance, takes just an hour and a half.
Is the Depository Subject to FATCA Reporting?
No. As a private company providing secure storage, the Vault is considered a non-financial business. For further information, review the U.S.-Cayman Islands Agreement (USIGA), Model 1. The Depository is not required to register or report per that agreement.
What Tax Reporting Considerations Should a Citizen of the United States Know?
Not to be taken as legal advice, generally, precious metals stored beyond the borders of the U.S. do not have to be reported to the IRS. Learn More here.
Of course, as mentioned, this is not legal advice and anyone unsure of the law in their state of residence should consult with a tax attorney/consultant.
What Insurance Protection is Afforded My Stored Assets?
When you choose to store your assets in our Segregated Secure Storage, your wealth is fully insured via our Comprehensive Insurance policy. Underwritten by Lloyds of London, your precious metals deposit is fully covered against fire, theft, natural disasters, and more. Should you wish to review the policy, a copy may be yours upon request.
How Do I Know My Assets Are Actually In the Cayman Islands Depository?
The vault’s location is disclosed to our clients and they are welcome to visit and inspect their metals upon 24-hours’ notice. Clients receive an Activity Report each time a deposit is completed, a monthly Statement of Holdings, as well as an annual 3rd party auditor’s report issued by Bureau Veritas – Inspectorate.
Does the Depository Share, Pool, Comingle, or Lease Assets?
Segregated storage means just that: Your precious metals will be protected within a sealed container with a unique identifier allocated only to you. No assets are pooled or commingled in any way.
Can the Depository Help with Purchases of Metal Valuables?
There exists a vibrant, two-way market within the Depository. This is in place using bullion dealers who meet the requirements for inclusion, like SD Bullion. By housing precious metals dealers within, this eliminates the insecurities associated with shipping outside the borders of the Cayman Islands.
Are there Minimum Deposit Amounts?
We have no deposit minimums.
What Can I do with Current Holdings Stored at another Location?
You can easily transfer your current holdings to our vault. We will help you with the proper arrangements for transporting your precious metals holdings, whether from home or another location. We will help you arrange secure transport of your valuables via some of the world’s top high-value cargo specialists. These ensure timely, secure transfer to our facility.
How Do I Make a Withdrawal from My Metals Storage?
Contact us 24 hours before you wish to make a withdrawal from your metals storage. You can then either personally withdraw your assets or we can make the necessary arrangements to deliver to virtually any location worldwide.
What About Selling Metals in Storage…Can I?
Because SD Bullion operates directly within the vault, selling your stored metals is easy. In fact, many of our clients regularly buy and sell, with their valuables never leaving the security of the facility. Settlements can take up to 72 hours, but generally complete within 48 hours. The dealer will forward the proceeds of your sale to you directly.
Is there a Way to use My Retirement Account to Invest in Metals?
There is. New Direction IRA offers investors from the United States the ability to purchase precious metals as part of their portfolio. The resulting self-directed retirement account (your metals) will be stored at the Cayman Island vault facility using the same secure methods as other deposits.
If you would like to know more about using your IRA for precious metals investing, click here.
Can I Purchase a Safe Deposit Box?
Yes. Aside from Segregated Secure Storage of precious metals, we offer three sizes of safe deposit boxes. For the best in both privacy and security, your safe deposit box is housed within the UL tested Class 3 vault. The maximum weight limit for each box is 500 troy ounces and each is insured up to $50,000 USD. Additional coverage is available for a modest rate and all coverage is underwritten by Lloyds of London.
How can I ensure the Authentication of Metals Purchased and Stored?
We use the most current, industry-standard equipment for the testing of stored metals to provide our clients with the authentication needed.