Why Switzerland Is The Best Country For Gold Storage
A growing number of high net worth individuals are choosing to store some of their gold holdings internationally. This protects them in the event that the geopolitical winds in their nation of residence or birth shift in a dangerous direction. Some of the most popular destinations include Hong Kong and Singapore, but below are some reasons why Switzerland reigns supreme when it comes to long term gold storage.
Switzerland Has A Longer History Of Democracy And Privacy Rights
While Singapore and Hong Kong have their advantages, neither is a democracy. Hong Kong is in close proximity to China, and although it is considered a special administrative area that is semi-autonomous, this could change at any time. While Singapore’s government is benevolent, it is still authoritarian.
Switzerland has a much longer history of democratic law, and unlike Hong Kong is not beholden to or influenced by China. Its citizens enjoy many of the same rights as Americans, and some would argue that politically and fiscally the nation is even better off since it stays out of global conflicts. However, the bank secrecy that the country has maintained in the past is long gone, due to pressure both from the U.S. and other governments, so those planning to store their gold there should make sure they are in good standing when it comes to taxes and related issues in their home country.
Still, it could be argued that Switzerland is one of the few nations left where the citizens have real a say. Unlike most nations, politics is not personalized and the president rotates far more frequently than in other places. True political power in Switzerland rests in the cantons (the American equivalent of states) that have far more power individually than do their counterparts in the U.S.
Switzerland Is Well Defended Militarily
When it comes to international gold coin storage it is essential to store your holdings in a country that can defend itself from external attack. Although Switzerland does not currently maintain a stockpile of atomic weapons, its conventional military forces are formidable, so much so that it went through both World Wars without an invasion or attack from either the Allied or Axis powers, and in fact, hasn’t been at war for centuries, an incredible feat. This combined with its rugged alpine terrain and armed citizens who are trained to defend their nation ensure that the Swiss will most likely remain at peace with their neighbors for many years to come.
Switzerland Is Well Off Financially
Governments which are corrupt, tyrannical and fiscally irresponsible will almost always end up deeply in debt, running up deficits and driving their economies into ruin. In the process of doing so, they will attempt to seize whatever wealth their citizens have amassed. Since the Swiss government has low corruption, is fiscally responsible, and doesn’t run huge deficits, there is no reason for them to steal the wealth of either their citizens or foreigners who choose to store gold in their borders. Anyone who has visited the fabulous cities of Zurich or Geneva can see clearly that the Swiss have plenty of their own wealth and as such have no reason to ever confiscate yours.