Buying Gold and Silver in Singapore
The world’s most sought after wealth heaven, Singapore, is a worthy rival for Switzerland and Hong Kong for being the best place where to buy and store bullion. This small country is a free-trade capital of the world with an impeccable reputation regarding the easiness of doing business, strong property rights protection, and political stability.
Singapore is renowned for having the second freest economy in the world and over the recent years, it’s mission is to become a major international bullion market. This tiny Southeast Asian country has about 2% of the global bullion, yet its authorities aim to achieve 10% by 2020 as a strong evidence of their commitment to economic freedom and the purpose of overshadowing Switzerland’s popularity.
As a large offshore financial center, Singapore is also the best place to invest and best country to store gold in the world, as there is no bullion tax since 2012, the regulation is minimal, and the corruption is low. Storing bullion internationally is one of the key factors that make Singapore precious metal market so attractive. The country is the home of various bullion depositories and vaults which were established to sustain the expanding precious metal investment activity.
Commodity & Futures Markets in Singapore
Singapore Exchange (Singapore Commodity Exchange)
Singapore Exchange Limited (SGX) was formed on December, 1st, 1999, as an investment holding company which provides services related to derivatives and securities trading. SGX is located in Singapore and is a member of the Asian and Oceanian Stock Exchanges Federation and the World Federation of Exchanges. It’s also one of the Asia’s leading and most trusted market infrastructures, as well as the world’s most liquid offshore market. The Singapore Commodity Exchange Limited, founded in 1992, is a subsidiary of SGX since 2008, operating with commodity futures in Singapore. SGX is also the first and only central counterparty in the area to be fully approved and recognized by US and EU regulators.
Singapore Mercantile Exchange (ICE Futures Singapore)
The former Singapore Mercantile Exchange (SMX) was renamed ICE Futures Singapore in 2015 when it became the subsidiary of the Intercontinental Exchange Group Inc. SMX was founded in 2006 but went live as the first pan-Asian multi-product currency and commodity derivatives exchange in 2010, providing a trading platform for a diversified commodity basket (including precious metals). The company is a member of various leading international derivatives industry associations, such as the FIA, SFOA, AFM, and FOA, and is backed by the Financial Technologies Limited (India). SMX is the only one competitor of the Singapore Exchange.
Coins Shows in Singapore
Coin collecting is a highly popular hobby prevalent around the world. You can witness the passion for it as more and more coin enthusiasts are traveling to different states and countries to attend famous national and international coin shows. Singapore hosts several great numismatic events which shall be attended by collectors and dealers from all around the globe. If you are planning to visit Singapore soon, or if you want to see some coin shows outside the US, take a look at the most popular Singaporean coin shows listed below.
#1 Coin Show in Asia with more than 9000 visitors. Its first edition was in 2011, and since then, this annual coin show takes place each year at the end of March (Fri-Sun). World mints and dealers from over 25 countries, along with the renowned coin grading services NGC and PCGS, attend this numismatic event. The admission is free.
Government and Private Mints in Singapore
The Singapore Mint
Founded in 1968, after the formation of the newly-independent country, the Singapore Mint is the official government mint of Singapore. The mint was established to manufacture the national circulating coins and to ensure that they are not being counterfeited. Over the years, the company evolved from a standard minting facility to an ISO certified, fully integrated business operation. Today, the Singapore Mint is among the leading innovative mints which produce medallions and coins of the highest quality. The mint is a subsidiary of Sembcorp Industries and has won multiple international awards for its outstanding crafting techniques and products.
International Bullion Depositories in Singapore
Before canceling the tax for precious metal purchases in Singapore, investors used to trade and store their bullion at the Singapore FreePort by the airport. Today, buying and storing gold in Singapore became easier thanks to international bullion dealers who offer bullion depositories within their private gold storage. Below you will find several companies providing offshore gold storage in Singapore, as well as silver and platinum secure storage.
However, keep in mind that Bullion Exchanges, in partnership with Malca-Amit and several other gold bullion storage companies also offers allocated, pool allocated and unallocated storage in high-tech, secure vaults with top-notch 24/7 surveillance and control. Just contact us and we will provide you the safest and most convenient way to store your precious metals in Singapore.
JMBullion offers secure bullion storage through Singapore TDS vaults from A-Mark Precious Metals. This is a great solution for customers who own substantial sums of precious metals and prefer transparency and high security. Or just don’t want to risk while transporting their bullion overseas. Full storage of allocated gold & silver bullion with industry leading rates, double auditing, and detailed reporting.
Gold Silver LLC
Mike Maloney’s GoldSilver.com offers secure, long-term segregated vault storage service within the acclaimed FreePort of the Singapore’s Changi International Airport. The company guarantees that your bullion is safely stored in high-tech vaults, equipped with multiple 7-ton vault doors, full body scanners, remote vault access controls, anti-tunneling vibration sensors, 24/7 armed guards and triple power redundancies designed by Swiss architects, engineers, and security experts. Precious metals are held solely in your name, separately, and independently audited and verified.
One of the leading precious metal retailers in Europe. Degussa also offers safe deposit boxes in Singapore. You can buy a safety deposit box based on its size, small, medium, or large, each one coming with insurance coverage.
GoldCore Secure Storage provides safe bullion depositories in Brink’s precious metals facilities in Singapore. The company offers direct ownership (segregated and allocated physical gold, silver and platinum coins and bars), competitive storage rates, independent verification and full audits, and real transparency and accessibility.
Certis CISCO offers secure, sophisticated vaults with high-class surveillance and 24/7 computerized security control systems. The storage facilities are located 20 minutes away from Singapore’s Changi Airport.
Cutting-edge, high-security and climate-controlled bullion storage facility located in the Singapore Freeport, near the Changi International Airport.
BullionVault provides secure bullion storage in Singapore offered by Brink’s exclusively for the BullionVault customers.
Biggest Vaults/Bullion Depositories in Singapore
Besides international bullion storage options, there are also local companies which provide precious metals vaults where you can securely store your items. So, if you want to buy and store gold in Singapore, take a look at the below Singapore vault options.
This well-known precious metal dealer offers free bullion storage in a high-security Singapore vault. The company’s segregated facility space allows each customer to store their purchases in their own private sealed bags, yet none of these bags contain the identifier (name) of the owner. You can store any size and quantity of bullion for free, and you can view the photos of your stored items in your online account.
The Safe House from Silver Bullion
An ISO 9001 certified Vault which offers segregated storage of your bullion that is placed in uniquely identified tamper evident parcel bags. The Safe House is strategically located within 2 minutes from the Singapore police station, being secured by 24/7 security officers, quadruple alarm type sensors, and 2.5 -on doors. The bullion bags are uniquely identified, then photographed and placed in special metal cages. Silver Bullion also provides unrivaled insurance, independent audits, expedited clearance and compliance control.
Tax on Precious Metals in Singapore
As of October 1, 2012, the Government of Singapore exempted bullion products of high purity and quality from its 7% Goods and Services Tax rate (a national sales tax like VAT). Therefore, investment precious metals which are made from .995 pure gold, .999 fine silver or .990 pure platinum, are produced by an accredited refiner and contain its hallmark, are tax-free. Decorative and collector’s wafers, bars, or ingots, including those that contain holes for wearing them as a pendant or are odd-shaped, are not exempted from the sales tax on precious metals. Here you can find more details about specifically exempted items.
Since we are not tax experts, Bullion Exchanges strongly advises you to cross check with a tax professional before making any precious metals investments in Singapore.
Shipping-to rates in Singapore
Getting precious metals in and out from Singapore is also very easy as customs don’t demand to know the beneficial owner of your bullion when passing through the airport. There are no international or domestic reporting requirements for buying, storing, or selling precious metals in Singapore, as well as no permits for importing or exporting them. This is due to the fact that authorities in Singapore view silver, gold, and platinum as commodities and not reportable currency, which involves presumably lower reporting requirements when moving your bullion. So as long as you correctly fill out the declarations form, you can freely bring or get out your bullion items. However, if you have a large quantity of precious metals, shipping your goods overseas can be very painful and expensive. Therefore, benefit from one of the largest selection of private gold vaults and store your bullion in Singapore, the new tax-free paradise for precious metal investors.
Gold and Silver Dealers in Singapore
After the Government of Singapore repealed the 7% tax for bullion purchases, more and more precious metals shops popped up to offer precious metals products at the best prices. Most major banks in Singapore don’t sell bullion, and the only ones that do, sell it only for their account holders. Thus, if you are looking for a reliable bullion dealer where to buy and sell gold in Singapore, or just want to buy gold in Singapore online, take a look at the below list of the country’s top gold and silver dealers:1. Monetarium Singapore Private Limited Address: No. 1, Coleman Street, The Adelphi # 02-34, Singapore, 179803 Singapore Phone number: +65-6337-2972 Website: www.monetarium.com.sg Hours of Operation: 1000hrs - 1800hrs Services: Retail, Auctions, Wholesale, Newsletter, and Appraisals. Specialties: Gold Coins, Bullion Coins, Modern Coins, World Coins, Currency, and Ancient Coins.
Smelters & Refiners in Singapore
Looking for precious metal refining services in Singapore? Below you will find a list of companies providing gold refining and silver smelting in this country:Starpal Pte. Ltd. 15 Yishun Industrial St 1 #06-14 Singapore 768091 +65-6483-1508Be.Nergy Pte Ltd Blk 13 Lor 8 Toa Payoh #04-08 Braddell Tech Singapore 319261 +65-6844-3692Eco-Mastermelt Pte Ltd 21 Tuas View Circuit Singapore 637358 +65-6863-0201Elms Industrial Pte Ltd 10 Tuas View Sq Singapore 637552 +65-6862-8880Handy & Harman Mfg (S) Pte Ltd 20 Tuas Ave 5 Singapore 639343 +65-6861-1766Kaloti Jewellery International (S) Pte Ltd 25 Changi Sth Ave 2 #04-01 Singapore 486594 +65-6500-0939SPM Refinery Pte Ltd 15 Tuas Sth St 3 Singapore 638020 +65-6863-9081