VIA MAT Policy Change Doesn’t Affect BullionVault And GoldMoney Customers With U.S. Tax Liabilities

On February 22, 2013, the following appeared on SilverDoctors.com:

ViaMat, one of the world’s leading precious metals storage firms (used by BullionVault & GoldMoney as primary storage provider) has just notified US customers that effective April 30th 2013, it will discontinue private storage of precious metals for all clients with a US tax liability. Clients have until April 30th to notify Via Mat International where they would like their physical bullion dispatched to.

And from The Daily Reckoning website on March 5:

An article on this subject said:

“For one, the big gold depositories like Gold Money and Bullion Vault ALL use Via Mat as a primary secure storage provider. So it’s only a matter of time before Via Mat’s decision cascades across these other firms.”

We believe that neither BullionVault nor GoldMoney will see “Via Mat’s decision cascade across these other firms.” Neither company faces U.S. taxation nor are they in U.S. jurisdiction. They are gold dealers who buy and sell gold for their clients for cash and house the gold in Via Mat’s vaults.

As Survival And Prosperity participates in affiliate programs offered by both BullionVault and GoldMoney, I decided I’d better contact both companies to make sure my referrals/their customers with U.S. tax liabilities won’t be affected by VIA MAT’s recent policy change.

Here’s what I received from GoldMoney this Monday:

Dear Mr. Hill,

Thank you for taking the time to contact us and to express your concerns.

We are aware of VIA MAT’s change of policy regarding individuals with potential US tax liabilities.

However, please be advised that this does not impact GoldMoney customers since you do not have a direct relationship with VIA MAT when you store metals at VIA MAT vaults with GoldMoney.

For more information, please see the following FAQ:

http://www.goldmoney.com/faq/are-us-residents-allowed-to-hold-metal-with-goldmoney-at-via-mat-vaults.html

And from BullionVault Tuesday morning:

Dear Mr.Hill,

Thank you for your email. BullionVault is a commercial client of ViaMat. The letter posted and referred to on the internet last month says that the decision applies to ViaMat’s own US private clients. ViaMat has confirmed to BullionVault in writing that it has “no impact whatsoever” on the services they provide to us.

So there you have it. BullionVault and GoldMoney customers with U.S. tax liabilities won’t be affected by VIA MAT’s recent change in policy.

Special thanks go out to GoldMoney’s Toni Sty and BullionVault’s Adrian Ash for helping me get to the bottom of this.

By Christopher E. Hill, Editor
Survival And Prosperity (www.survivalandprosperity.com)

Sources:

The Doc. “LEADING GOLD STORAGE FIRM VIAMAT DUMPS ALL US CLIENTS.” SilverDoctors.com. 22 Feb. 2013. (http://www.silverdoctors.com/leading-gold-storage-firm-viamat-dumps-all-us-clients/). 7 Mar. 2013.

“Where To Go as Swiss are Shutting Out U.S. Taxpayers.” The Daily Reckoning. 5 Mar. 2013. (http://dailyreckoning.com/where-to-go-as-swiss-are-shutting-out-u-s-taxpayers/). 7 Mar. 2013.

Tags: , , , , ,

Friday, March 8th, 2013 Commodities, Essential Reading, Precious Metals, Taxes

No comments yet.

Leave a comment

Survival And Prosperity
Est. 2010, Chicagoland, USA
Christopher E. Hill, Editor

Successor to Boom2Bust.com
"The Most Hated Blog On Wall Street"
(Memorial Day Weekend 2007-2010)

This Project Dedicated to St. Jude
Patron Saint of Desperate Situations



Please Rate this Blog HERE

happyToSurvive

Advertising Disclosure here. "Code Needed"=Promo Code Found On Advertiser Website. Ad Captions Last Updated 7/20/16.
ANY CHARACTER HERE
Blade HQ Knives New! Blade HQ Reviewed HERE.
ANY CHARACTER HERE
Buy Gold And Silver Coins Silver Rounds 69¢ Over Spot Any Quantity; Secondary Market 100 Oz. Silver Bars 39¢ Over Spot Per Troy Oz., Any Quantity, Free Shipping. BGASC Reviewed HERE.
ANY CHARACTER HERE
BullionVault World's Largest Online Investment Gold Service & Part-Owned By World Gold Council. BullionVault.com Reviewed HERE.
ANY CHARACTER HERE
Free 4-Week Emergency Food Kit w/ 3-Month Emergency Food Supply; Big Savings On "Deal Of The Day" Page. MyPatriotSupply.com Reviewed HERE.
ANY CHARACTER HERE
Survival Titles Save 20% Bladed Weapons, Combat, Firearms, Martial Arts, Military, Police, Preparedness, Self-Defense, Shooting, Survival Titles. Paladin Press Reviewed HERE.
ANY CHARACTER HERE
World's First Bulletproof Baseball Cap Only $129; Bulletproof Ceramic Plate (NIJ Level III Stand-Alone) Only $169; Bulletproof Backpack/Messenger Bag Panel Only $99. BulletSafe Reviewed HERE.
 

Categories

Archives

Prepper Website

RSS Chris Hill’s Other Blog: Offshore Safe Deposit Boxes

  • Related Reading: Strong Demand In Germany For Safe Deposit Boxes
    Back in March and May of this year I blogged about Germans looking to safe deposit boxes to preserve their wealth in a negative interest rate environment. Tuesday night I came across a related article by The Sovereign Society’s editorial director JL Yastine on the Sovereign Investor Daily website. Discussing the subject of negative rates, […]
  • Related Reading: Gold Popular With British Post Brexit
    Earlier today I came across an interesting article on Reuters.com about the popularity of physical gold with British citizens in the wake of the historic “Brexit” vote. Clara Denina reported this morning: Dealers are seeing an unprecedented amount of interest in gold, much of it from first-time buyers, to take advantage of its role as […]
  • Related Reading: Japanese Gold Owners Look To Switzerland For Storage, Protection
    Switzerland still has significant appeal for Asians who own gold. Masumi Suga and Ichiro Suzuki reported on the Bloomberg website July 7: Japanese investors are buying gold to store in Switzerland because of negative interest rates and fears the yen will depreciate as the government grapples with the heaviest public debt burden in the developed […]
  • Related Reading: A Visit To Baoku Treasury, The World’s Largest Private, Non-Bank Safe Deposit Box Facility
    Back on May 18, I blogged about the recent opening of Baoku Treasury, the world’s largest private, non-bank safe deposit box facility. I haven’t come across that much material about the Shanghai, China, private vault in my research, so it was with great pleasure that I spotted an article about Baoku on the Sixth Tone […]
  • Related Reading: Robert W. Wood’s ‘Reporting Cash, Gold And Safety Deposit Boxes On FBARs?’
    Tonight I happened to read an article published on the Forbes website last Thursday entitled “Reporting Cash, Gold And Safety Deposit Boxes On FBARs?” The contributing author was Robert W. Wood, a San Francisco, California-based tax lawyer. It’s an insightful read on a complicated subject, where even Wood noted: Filing without thinking carefully about such […]