Q EXPERTS' BLOG
Do you need an Offshore Safe Deposit Box?
Maybe you’ve read our recommendations on buying and storing physical gold bullion in a secure offshore location. Maybe you are looking for a secure storage solution for confidential documents. Anyway, a secure offshore safe deposit facility is a useful asset to any freedom-oriented individual.
The good news is that most Austrian or Swiss banks will be happy to rent you a safe deposit box, regardless of your passport. The bad news is that you need your passport! The famed Austrian and Swiss anonymous numbered bank accounts now only exist in the movies. Swiss banks usually want you to have an account from which they will deduct the annual box rental fee. Costs start at around 65 euro ($90) per year for a small box.
There is one exception: a safe deposit outfit in Vienna known as ‘Das Safe’- located in a beautiful Austrian palace. You’ll find more information in Peter Macfarlane’s Gold Report, available free to Q Wealth members.
Just about every bank in Austria or Switzerland also sells gold bullion coins. Purchases up to around CHF 25,000 do not require ID in Swiss banks.
Consider buying gold coins like the Austrian ‘Philharmonic’ a one ounce Austrian gold coin, similar to the American Eagle, Krugerrand or Maple Leaf.
Austrian and Swiss law prohibits banks from opening your safe deposit box unless they are sure you are dead! Austria is one of the only countries in the world with this protection. I have been in Safety Deposit vaults in France and the USA where it seems half the boxes have stick-on government seals on them due to tax investigations, lawsuits, or creditor claims. Those seals mean that the owner can’t get into his box, and it is scheduled to be drilled open for inspection if the owner doesn’t show up for an appointment with “the authorities.”
So Austrian and Swiss banks are great places to hold safe deposit boxes, but what if Latin America is your stomping ground? How can you buy and sell gold bullion bars and coins in major Latin American capitals like Panama City?
Unfortunately, buying gold in Panama is much harder. Banks selling gold are few and far between (though see the recommendations in Peter’s report) But there is a bit of good news… a new private, non-bank safe deposit facility is opening in Panama City, named “Best Safety Boxes” which is opening in the Credicorp Bank building in Panama City. Further details on Best Safety Boxes may be found here: Do Business in Panama – Best Safety Boxes article.