The Safe House is set up in Singapore because we believe it is one of, if not the safest jurisdiction in the world. This city-state has one of the strongest bank capitalizations across the globe. Furthermore, it has one of the lowest crime rates.
Singapore’s economic sustainability is greatly dependent on international investor conﬁdence in its institutions and legislation and hence the Government is fully committed 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 systemic 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 vaulting companies characterized with global footprints.
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 like collectible precious metals, with any profit being taxed the same as the collectible item’s capital gains tax rate.
As of October 1, 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 Grade 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