SWP FAQs



FAQs


   Why should I store my gold and silver in the Cayman Islands?

The Cayman Islands are an ideal place to store precious metals. Precious metals are not subject to any Cayman Islands import or export duties, income, capital gains or local taxes. The country is recognized as a ‘tax-neutral jurisdiction’, with no history of war or violence and does not involve itself in any international disputes. In keeping with its position as the world’s fifth-largest financial jurisdiction, Cayman boasts first world infrastructure, including an international airport and is only one hour from North America by numerous daily commercial flights. Learn more about the Cayman Islands here.

   What are SWP’s Foreign Account Tax Compliance Act (FATCA) reporting requirements?

SWP is a privately owned and operated precious metals retailer and secure storage provider. It is classified as an Active Non-Financial Foreign Entity under the U.S.-Cayman Islands Model I Intergovernmental Agreement ("U.S. IGA"). As such, SWP is not subject to any U.S. FATCA registration or reporting.

   I’m a US citizen, what are my tax reporting considerations?

It is our understanding that precious metals held directly outside the United States do not have to be reported by US taxpayers on form 8938 (Statement of Specified Foreign Financial Assets), nor on FinCEN Form 114 (Report of Foreign Bank and Financial Accounts). Learn more here.

We do recommend our clients consult their tax advisors on this matter.

   Are my stored assets fully insured?

Yes, all assets are insured under our comprehensive precious metals insurance policy including protection against, among others, theft, fire and natural disasters. A copy of our insurance certificate is available upon request. Evidence of our insurance is available here.

   How do I know my assets are actually in SWP’s vaults?

The vault's location is disclosed to our clients and they are welcome to visit and inspect their metals upon 24-hours' notice. Clients receive an Activity Report each time a deposit is completed, a monthly Statement of Holdings, as well as an annual 3rd party auditor’s report issued by Bureau Veritas - Inspectorate, the world’s largest commodities auditor.


   Are my assets shared, commingled, leased or pooled?

No. Client metals are stored on a 100% allocated, fully segregated basis. Clients’ assets are never commingled and the client remains the legal owner of his or her assets at all times.

   Can SWP help me buy precious metals?

Yes, you can buy precious metals directly from SWP. We are an approved distributor of several sovereign mints and refiners, offering clients access to all the best-selling bullion products. You can view a complete listing here. Our product premiums are competitive with the US and Canadian domestic markets and include delivery to our Cayman Islands vault, so you will not incur any additional shipping or insurance fees. Alternatively, clients can purchase from one our reputable dealer partners. We’re happy to make a personal introduction, or you can visit our Partners page to view a list of the bullion dealers operating in the vault.

   Do you have minimums?

There are no minimum deposit amounts or purchase amounts, however Secure Segregated Storage accounts are subject to a $25 USD minimum quarterly storage fee.

   Can I deposit my existing holdings that are currently stored elsewhere?

Yes. If you have existing metals already in storage or at home that you wish to transfer, we’ll help you make arrangements with the top logistic companies specializing in the transportation of high-value cargo. Their extensive experience and knowledge of the industry ensures safe and prompt deliveries to SWP.

   How do I withdraw my precious metals?

SWP requires only 24 hours notice before you can access your assets. You have the option of picking up your assets from our facility or we can arrange a fully insured delivery to just about anywhere in the world.


   Can I sell my precious metals?

Yes, you can sell your metals directly to SWP or to any of the bullion dealers operating within our vault. This creates an extremely liquid two-way market. Settlement from the sale generally occurs within 48-72 hours and the proceeds are remitted to you directly by the SWP or the purchasing dealer. Visit our Partners page to view a list of the bullion dealers operating in the vault.

   How do I invest in precious metals using my IRA?

SWP has partnered with New Direction IRA to offer American investors the opportunity to purchase and store precious metals held in a self-directed IRA here in the Cayman Islands.

Learn more about investing in precious metals by using your IRA here.

   Does SWP offer safety deposit box storage?

Yes, in addition to our Secure Segregated Storage option, we offer our clients the opportunity to rent safety deposit boxes housed within our Class 3 vault. This option is perfect for clients seeking ultimate security and privacy. Four box sizes are available for rent; small, medium, large and extra-large. Safe deposit boxes are ideal for the storage of gold bullion, jewellery, documents and only small amounts of silver due to their limited weight capacity. Below are the dimensions, weight capacities and annual costs of each box size:

  • Small Box – W4.5 x H1.5 x L21 inches – max weight 350 oz - $500/year
  • Medium Box – W9.5 x H2.5 x L21 inches – max weight 600 oz - $750/year
  • Large Box – W9.5 x H4.5 x L21 inches – max weight 750 oz - $1000/year
  • Extra Large Box – W9.5 x H9.5 x L21 inches – max weight 1000 oz - $1250/year
Includes $50,000 liability insurance. Additional insurance can be purchased at a rate of $25/$10,000 value (25 basis points) up to a total of $1,000,000 per box.

   Do you offer product authentication services?

We have the ability to authenticate all precious metals in the vault using industry leading testing equipment.

   Where can I learn more about the Cayman Islands?

There are many excellent websites to learn more about the Cayman Islands, including our webpage dedicated to visiting, investing and doing business here. Here are a few others that we recommend as well: