The Safe House is set up in Singapore because we believe it is one of, if not the safest jurisdiction in the world. This country-state has one of the strongest bank capitalizations across the globe with one of the lowest crime rates. In 2016, Singapore was ranked no. 1 on the Ease of Doing Business Report with highest ranking in categories for Protecting Minority Investors and Enforcing Contracts.
Singapore’s economic sustainability is greatly dependent on international investor conﬁdence in its institutions and legislation and hence the Government is fully commited to the protection of private property; including bullion. Furthermore, Singapore does not categorize companies like Silver Bullion as ﬁnancial institutions and regulations such as FATCA are not applicable to bullion stored in The Safe House.
It is a jurisdiction that is truly safe from the actions of financially distressed governments that, throughout history, have been known to nationalize or confiscate precious metals when faced with a systematic collapse. This means that the bullion stored at The Safe House is maximally protected from unwanted and unforeseen events in other countries making us at The Safe House significantly different from other western-headquartered vaulting companies.
Singapore is one of the few places in the world where most of the physical bullion is tax free. For example, silver is subject to VAT taxation in most of EU countries and in the USA, precious metals are subject to tax as collectibles, with any profit being taxed at the collectibles capital gains rate.
As of October 1st, 2012 certain investment grade gold, silver and platinum can be imported or sold GST (tax) free in Singapore. Singapore tax authorities define non-taxable bullion as "Investment Precious Metals" or "IPM" whereas taxable bullion is referred to as "non-IPM".
As a Singapore Bullion Market Association (SBMA) member Silver Bullion Pte Ltd, along with the Singapore Mint, had been selected in the second quarter 2012 by the Ministry of Finance to provide feedback on the type of investment grade coins that will be tax exempt. More details