Taking gold bars and sovereign coins out of the country

RxR said:
Would Spain be one of those countries? ;)
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They have a wealth tax, the UK will be introducing one, I think before the end of this governments term. The UK wealth tax will be more intrusive as they know how to more than any other country, they are very good at it.

The UK is in it up to its neck, so much debt has been kept off the books. They will clamp down and take what they will be able too.

There is a massive transfer of wealth happening from workers to government to wealthy.

There's going to be a massive opportunity over the next 20 years. Transfer of boomer wealth to their heirs. Government can't miss this opportunity.

I have always said ONS can't be trusted any longer.
 
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mattyfez said:
They do? news to me - whats the name of this tax?
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Is Spain, some regions have almost eliminated IHT on property for those that are close relatives. The UK has chosen to go the other route they are going to pay more IHT.

There are some middle /eastern European countries that don't have IHT Austria, Cyprus, Estonia, Latvia, Malta, Slovakia and I think Poland if you registered it before 6months.

It seems Spain is reforming their tax system and by looking at what they have been doing lately , they will either reduce the wealth tax Impact on citizens or eliminate it all together.

Ofcourse you should never keep your guard down, as it can change.
 
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Diddums said:
You seem to have an extremely unhealthy relationship with money.
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Not really, trying to protect and make my wealth work for me.

Having a job no longer pays any longer for the person that works.

You are using up your valuable time for less and less benefit, and increasing your stress levels because you are keeping less of your wealth and your job creates additional stress.

You only live once, there is no going back, you keep moving forward till the end. Working takes away your free time, and as you work more and earn less why even bother?

I am just trying to protect what I have.

I don't mind paying tax. The more I pay the less they over and more cuts they make, I think it is perverse and you really need to be a fruit cake to pay more and while they give less and less.
 
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Tram said:
Not really, trying to protect and make my wealth work for me.

Having a job no longer pays any longer for the person that works.

You are using up your valuable time for less and less benefit, and increasing your stress levels because you are keeping less of your wealth and your job creates additional stress.

You only live once, there is no going back, you keep moving forward till the end. Working takes away your free time, and as you work more and earn less why even bother?

I am just trying to protect what I have.
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I'm confused though... the wealth tax thing is a non-issue unless you are genuinley very wealthy, in which case its only about 2% so more of an irritation than anything? and theres no 'protecting' from that, if you have to pay it, you have to pay it.

Another funny thing about Spain is they don't really agressivly chase you for such things, they will however quietly add interest etc. for non payment, and when you come to sell a house or whatever, they will hit you for the lot then, or if you die, your heirs will have to pay it when they inherit.
 
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Tram said:
Not really, trying to protect and make my wealth work for me.

Having a job no longer pays any longer for the person that works.

You are using up your valuable time for less and less benefit, and increasing your stress levels because you are keeping less of your wealth and your job creates additional stress.

You only live once, there is no going back, you keep moving forward till the end. Working takes away your free time, and as you work more and earn less why even bother?

I am just trying to protect what I have.

I don't mind paying tax. The more I pay the less they over and more cuts they make, I think it is perverse and you really need to be a fruit cake to pay more and while they give less and less.
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I find having a job I truly enjoy makes all your points moot for me tbh. That said, having been in jobs I have absolutely detested, I can see the logic.
 
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mattyfez said:
I'm confused though... the wealth tax thing is a non-issue unless you are genuinley very wealthy, in which case its only about 2% so more of an irritation than anything? and theres no 'protecting' from that, if you have to pay it, you have to pay it.

Another funny thing about Spain is they don't really agressivly chase you for such things, they will however quietly add interest etc. for non payment, and when you come to sell a house or whatever, they will hit you for the lot then, or if you die, your heirs will have to pay it when they inherit.
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A UK wealth tax will impact people more in this country going by past events.

I remember similar happening to a relative regarding a property purchased, but managed to get out of paying the fines and fees. As a foreigner you more exposed to this, for many reasons. If you have an understanding then you are less exposed.

More foreigners assume it works the same way as their homeland, don't expect conveyancing solicitors to do all the work and checks. Like urban certificates or planning department you can even get the inspectors to visit the property for a small fee and then they verify it against the Title Deed and changes in the Land Registry. Once you get letter from the council inspector there is not much they can do. Which is what a relative did years ago when purchasing a property. He produced the letter 8 years later when they put it up for auction with out him knowing.

You need to remember the system works based on autonomous regions, it is the autonomous regions that does this not so much the national government.
 
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Tram said:
A UK wealth tax will impact people more in this country going by past events.

I remember similar happening to a relative regarding a property purchased, but managed to get out of paying the fines and fees. As a foreigner you more exposed to this, for many reasons. If you have an understanding then you are less exposed.

More foreigners assume it works the same way as their homeland, don't expect conveyancing solicitors to do all the work and checks. Like urban certificates or planning department you can even get the inspectors to visit the property for a small fee and then they verify it against the Title Deed and changes in the Land Registry. Once you get letter from the council inspector there is not much they can do. Which is what a relative did years ago when purchasing a property when he produced the letter 8 years later when they put it up for auction with out him knowing.

You need to remember the system works based on autonomous regions, it is the autonomous regions that does this not so much the national government.
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I know, I own property in Spain...but what does any of this have to do with smuggling gold bars? if they were purchased legitimatley, you just declare it to customs and there's no problem, other than the inherent risk that comes with physically carrying stuff worth that much on your person.

If the gold is not legit, or you are moving it as way to avoid tax, you'll have to liquidate it into cash at some point, otherwise it's just a worthless shiny yellow rock.
 
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mattyfez said:
I know, I own property in Spain...but what does any of this have to do with smuggling gold bars? if they were purchased legitimatley, you just declare it to customs and there's no problem, other than the inherent risk that comes with physically carrying stuff worth that much on your person.

If the gold is not legit, or you are moving it as way to avoid tax, you'll have to liquidate it into cash at some point, otherwise it's just a worthless shiny yellow rock.
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Gold bars, I have the receipts from the UK, and saved. You need to remember that anything that is locked down like property or bank accounts or trusts etc.. are easy tracked and traced by government that's the big difference.

Cash, gold jewelry etc are very hard to track if not registered and easily disposed of.

Plus I am not moving massive quantities of gold as well. You need to also remember some countries like Spain also take into account your wealth ( i.e heir's wealth ) when claiming inheritance.
 
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I get that.. But you'll be exposed when you come to sell the gold... You'll certainly find a buyer but your not going to get market value for it if it's an undeclared 'back street' deal.

And why even bother anyway if you're worth less than 3 million euros?

I am not moving massive quantities of gold
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Just move it legitimately by declaring it to customs then? or liquidate it in the UK and transfer the cash.
 
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mattyfez said:
I get that.. But you'll be exposed when you come to sell the gold... You'll certainly find a buyer but your not going to get market value for it if it's an undeclared 'back street' deal.

And why even bother anyway if you're worth less than 3 million euros? Just move it legitimately or liquidate it in the UK and transfer the cash.
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Because in certain countries what you original have can also impact inheritance.

I don't want to sell it, I don't know what my future holds.
A lot of people will not understand, what I have is not life changing or anywhere near it.

Yes, I thought about selling it and have sold some back to the place I purchased it from. All below the the legal limits tax free limits.
 
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Tram said:
Because in certain countries what you original have can also impact inheritance.
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Then what you need is a wills and estate solicitor, to minimise any tax liability within the law. The region in Spain I'm in, inhertience tax doesn't really even exist if passing to immediate family, theres not tax on up to 1million euros, and 99% tax relief on estates over 1million euros, so it's a non issue.

You'll need a UK will if you are retaining any assets in the UK, that also specificly excludes your spanish assests, and a seperate spanish will in spain will to cover your spanish assets. How they are written will depend if you want to remain UK domiciled and just become spanish resident, or eventually a full spanish citizen.
 
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And to add, if you are worth more than 3 million euros, then you can afford a specialist tax advisor, (it's litteraly thier job to minimise your tax liability) as well as getting your wills written correctly.
 
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