Switzerland has always
been the world’s pre-eminent “safe-haven” investment jurisdiction; care of
conservative financial institutions, the world’s most sound insurance
industry, and a favorable tax and regulatory environment. However, in
today’s collapsing global
economy, no place – or investment – is 100% safe.
As we approach the END GAME of the ill-fated GLOBAL FIAT CURRENCY
REGIME; bankers have
commandeered Western governments, instituting financial “martial law” on billions of unsuspecting
citizens. Thus, while Switzerland remains a preferred province for wealth protection, it
is no longer what it once was.
The “chinks in its armor” first appeared in 2009, when several Swiss
Banks – including mega-bank UBS – kowtowed to U.S. government demands to turn
over lists of suspected tax evaders…
Swiss Bank UBS Sells out Clients to USA
…in one well-publicized case; yielding the bankruptcy of Switzerland’s oldest bank…
Oldest Swiss bank Wegelin to close after admitting aiding US tax evasion
However, the “shot-heard-round-the world” – regarding the relative
“safety” of Swiss Franc investments – was the Swiss National Bank’s September
2011 decision to instantaneously
devaluethe Franc by 7%. By officially pegging the
Franc to the cancerous Euro, the Swiss government joined “THE FINAL CURRENCY WAR” –
to NEVER turn back…
Swiss Franc Collapses 7% – Swiss
National Bank to Fix CHF to EUR and Debase Currency – September 2011
In recent years, U.S. government “financial repression” has increased;
care of two particularly oppressive laws; FBAR (Report of Foreign Bank and
Financial Accounts) and “FATCA: ANOTHER REASON TO OWN REAL
MONEY.” Regarding the latter – which stands for
Foreign Account Tax Compliance Act – it forces “foreign financial
institutions” to report client assets; or else, face sanctions in their
U.S.-based operations. Given the Swiss are growing increasingly fearful
of such sanctions, many of their institutions are starting to shun American clients.
Thus, it should come as no surprise that on Friday, the world’s leading Precious Metals
storage company – ViaMat – announced it will no
longer store metal for “private customers with potential U.S. tax liability”…
Leading Gold Storage Firm ViaMat Dumps All US Clients
ViaMat has not cut
off American clients investing via offshore
corporations; but per the notice below, all American individuals holding gold and
silver in ViaMat vaults (in Zurich, Hong Kong, and
Dubai) must withdraw their metals by mid-year…
At “MILES FRANKLIN, PROTECTION
PROVIDER,” we investigate all
possible angles in researching new products and services.
Nothing is fool-proof, but we spent two
years putting together our Brink’s
Montreal storage program, which we view as one of the world’s finest.
In our opinion, Canada is one of the safest – if not the safest – investment
jurisdictions; with a long-history of partiality toward both Precious Metals
and investment freedom. Moreover, Montreal is just over the border from
our Minneapolis headquarters; making it easy to audit the vault. Two
Miles Franklin officers count EVERY OUNCE of clients’ fully segregated metal each
quarter; including that of our CEO David Schectman,
President Andy Schectman, and Marketing Director –
MYSELF; per my October 2012 RANT, “BREAKING NEWS”…
In fact, I will be traveling to Montreal this weekend to observe our
1Q 2013 audit; which, for the first time, will be performed simultaneously
with an independent auditor.
After which, I will update my December 2011 RANT…
“THE SOUND OF SMART – CANADIAN
BULLION STORAGE”
Nothing is “risk-free,” but as a U.S.-based company – operating in the
politically safe nation of Canada – we do not believe Brink’s is under the same
pressure as Swiss-based ViaMat. Moreover,
unlike ViaMat, Brink’s
won’t deal with individual clients. All metal is held in a fully
segregated sub-account of Miles Franklin Precious Metal Storage; and thus, none of our clients would
be deemed “private customers with potential U.S. tax liability.”
Furthermore, we are perhaps the only
storage program (or at the least, one of a VERY select few)
offering FIXED PRICING; as opposed to the industry standard of variable rate pricing. That
is, at least for the next
three years, our prices will NOT increase with bullion prices; as
will be the case essentially everywhere else…
www.preciousmetalstorage.net
We can make no “guarantees” in a world characterized by a rapidly
changing political and economic landscape. However, we believe our Brink’s Montreal storage
solution is the most attractive option available; and if you are one of ViaMat’s soon-to-be-banished American clients, we can
help you transfer your metal to our Canadian vault.
Don’t just take our word
for it; but that of the Freedom Alliance, a subsidiary of the well-respected Sovereign
Society. Upon ViaMat’s
announcement on Friday, the Freedom Alliance immediately issued the below notice, advising
all ViaMat customers to consider our Brink’s storage program:
February 22, 2013
SPECIAL ALERT
PRECIOUS METALS
STORAGE
In the past, I have advised
you in detail about how to purchase, store and protect your precious metals
offshore, including in my June 2012 Offshore Confidential Special Report, How
to Protect Your Gold from the Government.
You may want to download and review it now.
That’s because one of the major precious metal shipping and storage
companies recommended in that report, VIAMAT INTERNATIONAL, announced on February
17 that it was dumping all of its American customers as of April 30, 2013.
With offices in New York, Miami and Los Angeles, and storage vaults in
Zurich, Hong Kong and Dubai, this decision will cause major problems for U.S.
citizens who are forced to transfer their gold, silver and other holdings
elsewhere on relatively short notice.
The IRS Creates More Ugly Americans
VIAMAT laid the blame squarely on the U.S. Internal Revenue Service
(IRS); and by implication the IRS claim of jurisdiction over the entire world
under the Foreign Account Tax Compliance Act (FATCA). VAIMAT management said
they acted because of burdensome new tax rules and did not want to do
business in “the U.S. to private customers with potential U.S. tax
liability.”
Thus, VIAMAT follows the duplicitous Swiss banking giant, UBS and
other Swiss and foreign banks, in dropping “ugly Americans” as clients,
rather than deal with the trouble and expense of the IRS.
The Sovereign Society always has recommended that a
sensible financial plan requires at least some part of your cash and assets,
especially precious metals, be located outside the jurisdiction of the United
States.
For those who may be ensnared by the VIAMAT decision, here is a sound
solution with a well-established precious metals sales and storage company,
founded in 1990, on which we have done due diligence. Miles Franklin provides sales, shipment and storage of precious metals outside
the U.S. in Canadian vaults where your holdings will not be reportable in the
U.S.
If you are a victim of VIAMAT’s cancellation, Miles Franklin can
arrange a transfer or the equivalent that will not be a taxable event.
Recommended
Miles Franklin, 801 Twelve Oaks Center Drive,
Suite #834, Wayzata, MN 55391
Toll Free: (800) 822-8080
Contact: Andrew Schectman,
Direct: (800) 255-1129
Email: Aschectman@milesfranklin.com
Reporting Precious Metals
Under current U.S. reporting rules, offshore ownership by U.S. persons
of precious metals titled directly in an individual’s name does not have to
be reported either to the IRS under the Foreign Account Tax Compliance Act
(FATCA) on IRS Form 8938, or the Statement of Specified Foreign Financial
Assets or the U.S. Treasury’s Report of Foreign Bank and Financial Accounts
(FBAR) Form TD F 90-22.1.
If, however, the title of the precious metals is held in the name of a legal entity,
such as a corporation under your control, they must be reported.
The other factor determining reporting is the offshore location of your gold or
other precious metals. Such metals are reportable
if they are held as a service of your offshore bank or financial institution,
such as in a bank-provided safe-deposit box. They are not reportable if they are
not held as part of bank account services, but in a non-bank vault or storage
company.
I hope this information is helpful. Please contact us if we can assist
you in any way.
Faithfully yours,
Bob Bauman JD
Chairman, The Freedom
Alliance
_________________________________________________
If you have any questions about our Brink’s
Montreal storage program, we are happy to answer them at any time.
Call 800-822-8080
or contact your broker directly.
Read
the Friday Afternoon Wrap-Up for 2/22/2013, Weekend Thoughts, and the Monday
Morning Commentary for 2/25/2013
