Can I bring the silver and gold coins I have as a precaution against a currency crash into the DR without having them seized or charged a customs duty?
- Thread starter Trainman33
- Start date
Bringing bullion coin into the DR
going in and out of the US is US$10k and above in currency which has to be declared. if you're at $9,999 US and its found you won't have a problem. my guess is there are similar limits in the DR, but if they discover them you may run into hassles anyway depending on who is working that day
Seized is one polite word for it...
if I ever have more than a couple of grand on me I put it in my shoes. I do not like to lose sight of it when the Dominican authorities are 'inspecting' it...
Better safe than sorry.:bunny:
if I ever have more than a couple of grand on me I put it in my shoes. I do not like to lose sight of it when the Dominican authorities are 'inspecting' it...
Better safe than sorry.:bunny:
Unless one is holding (in possesion of) the actual metals, there's no guarantee of delivery in the event of a "crash"....
Sorry OP no answers, but interesting questions are: Is bullion subject to this law? and: In calculating the value of coins, for the purpose of enforcing the money laundering laws, what is used: face value of the coin as currency or the market value? The U.S. Customs and Border Protection website instructions for U.S. Customs and Border Protection Declaration Form 6059B is probably helpful for understanding how the DR Law works. It has for Item 13:
13. Mark an X in the Yes or No box. Are you or any family members traveling with you bringing $10,000 or more in U.S. dollars or foreign equivalent in any form into the United States?
Read definition of monetary instruments on the reverse side of the form.
Examples: coins, cash, personal or cashier's check, traveler's checks, money orders, stocks, bonds.
If yes, your must complete the Customs Form 4790.
Unfortunately the definition of monetary instruments on the reverse side of the form is unreadable on the website.
This is from an email newsletter I get. Simon B. writes:
"Next, Don from Thailand cautions us all: 'Simon, I brought my gold to Thailand with me and it was forcibly confiscated upon entry. They said that I should have declared it at Customs and paid a VAT fee of several thousand dollars.'
Ouch. I?m not sure how much gold Don had on him, but these days, it?s just not a good idea to be carrying more money in your briefcase than the annual salary of the guy inspecting it.
In most countries, gold is not considered money, at least officially. All across Asia, though, gold has significant cultural importance. In many poor countries, if officials spot your gold and can take advantage of you, then they absolutely will. After all, they?re the ones wearing the guns.
The thing is, no one should be thinking about storing gold in poor, underdeveloped countries anyhow? stick to Austria, Switzerland, Hong Kong, etc. These are countries of negligible corruption risk and a well-defined rule of law. And make sure you check customs rules before you go.
For large amounts, use a secure transportation service like Viamat; they?ll ensure the integrity of your shipment from door-to-door, and even store it for you if necessary." :chinese:
"Next, Don from Thailand cautions us all: 'Simon, I brought my gold to Thailand with me and it was forcibly confiscated upon entry. They said that I should have declared it at Customs and paid a VAT fee of several thousand dollars.'
Ouch. I?m not sure how much gold Don had on him, but these days, it?s just not a good idea to be carrying more money in your briefcase than the annual salary of the guy inspecting it.
In most countries, gold is not considered money, at least officially. All across Asia, though, gold has significant cultural importance. In many poor countries, if officials spot your gold and can take advantage of you, then they absolutely will. After all, they?re the ones wearing the guns.
The thing is, no one should be thinking about storing gold in poor, underdeveloped countries anyhow? stick to Austria, Switzerland, Hong Kong, etc. These are countries of negligible corruption risk and a well-defined rule of law. And make sure you check customs rules before you go.
For large amounts, use a secure transportation service like Viamat; they?ll ensure the integrity of your shipment from door-to-door, and even store it for you if necessary." :chinese: