ViaMat, a Swiss logistics company that has been safeguarding precious metals since 1945, is literally the gold standard in secure storage.From healthcare to precious metals to gold...and beyond, the US government is sticking its nose everywhere and making Americans less free via regulations that make it impossible for businesses to serve Americans. The centrally planned state is being built one regulation at a time. It's becoming the land of the regulated and the home of the sheep.
They have vaults from Switzerland to Hong Kong to Dubai, and they count among their clients some of the largest mining companies in the world. They know what they’re doing.
And now they’re dumping US citizens.
ViaMat does a great deal of business within the United States. As such, the company is heavily exposed to the insane US regulatory environment.
As an example, the 2010 Foreign Account Tax Compliance Act turned into more than 500 pages of regulation! The costs and risks associated with compliance simply became too much for ViaMat to bear.
This matter-of-fact letter from ViaMat management explains their decision:
“We are currently experiencing rapid and substantial changes in the general regulations within this business. The changes mainly relate to the tax structures and taxation systems of various countries. As a consequence of these changes VIA MAT INTERNATIONAL has taken the decision to stop offering this service at its vault [sic] outside of the US to private customers with potential US-tax liability.”
Monday, February 25, 2013
World's Biggest Gold Storage Company Bans All Accounts From U.S. Citizens
Simon Black reports in:
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If you are buying physical bullion with paper cash there are no tax liabilities.
ReplyDeleteThere shouldn't be taxes on gold and silver anyways, but hey we live in a Fascist crap hole.
I have heard about this news in the storage industry earlier this year. I think that the storage industry business in the US won’t be affected as there are other competitive companies to take on it. But I think, having such deterring regulations should be reviewed as it might hurt the consumers.
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