Singapore Investors
How to Buy Gold in Singapore (May 2024)
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When buying gold or other commodities in Singapore there are several points to consider. Not least of these is which broker to choose. Here we will take a closer look at the best places to buy gold in Singapore as well as a few critical points to consider.
Important Considerations Before Buying Gold in Singapore
Broker Reputation: First and foremost you want to make sure you are dealing with a reputable broker. Strong indicators here can include the length of time they have been operating, positive reviews from a large pool of users, and any other professional accreditations they are holding. All of the brokers we have selected are among the most trusted in the country.
Storage Location & Fees: Double-checking the fees, not only the spread on trading, but most importantly any storage fees are very important to your bottom line. Local storage in Singapore, which many of our listed brokers provide, is also a great boost in terms of trusting your selected broker.
Local Taxes and Regulations: Being fully aware of your tax liabilities and any other local regulations is also very important. Luckily, Singapore has been completely tax-free on investment-grade gold since 2012 and is quickly becoming an Asian hub for investment thanks to favorable tax regulations.
Best Places to Buy Gold in Singapore
1. BullionStar
BullionStar is among the most trusted names in the industry anywhere in the world. BullionStar is based in Singapore where they run a hugely transparent operation facilitating your investment in over 1,000 different products across 10 categories including not only gold bars but coins and more.
They can provide a completely tax-free environment for your gold bullion purchases thanks to being completely Singapore-based for purchase and storage, while also facilitating your 24/7 online access to your holdings. These holdings are also fully insured and held in the most secure physical storage that is certified and regularly audited. BullionStar will also send you pictures of your holdings or you can view them in person at their physical location in Singapore.
Their spread on trading gold and other precious metal products is extremely low while storage fees start from only 0.09% per annum with a daily minimum fee of 0.19 SGD. You can also keep cash as well as gold and commodities on your account at BullionStar to take advantage of online trading at any time. The broker also has impeccable financial records that they make available transparently on a regular basis.
2. GoldBroker.com
GoldBroker.com is another extremely popular broker choice if you are looking to buy gold or other precious metals in Singapore. The broker is backed by a highly experienced team and is UK-based having been around since 2011. They are though kept very accessible to traders from Singapore and other countries around the world. With storage facilities in Singapore and other major countries, this is also ideal for those based in the country who wish to avail of the tax-free environment.
Alongside competitive pricing on gold and the other assets they offer, the broker is able to provide you with direct and certified ownership of the gold in your own name and without any intermediaries. This makes the process extremely smooth and user-friendly particularly if you are new to buy or trading gold.
The fees here remain competitive also. They have a sliding scale in place that varies depending on the size of your gold holdings with charges ranging from 0.95% for more than 4,500 ounces, to 1.5% on anything below $20,000 in value. The minimum investment here is $5,000 and they also provide a very useful and competitive buyback service as well as shipping capabilities.
3. Bullion Vault
Bullion Vault is another top choice if you are looking for an industry name to buy gold in Singapore. The company was founded in 2003 and has risen to become one of the most high-volume gold trading and storage services in the world with vault locations in several countries, including Singapore.
As well as being able to trade from around the world in gold, silver, and other precious metals, Bullion Vault also allows you to hold an account and automatic gold investment plan that you can set up to make regular purchases at some of the best prices offered through their service.
They are known as one of the most secure for physical storage around the world, and all of your funds that are not yet invested are also kept in a segregated top-tier bank account, that along with your precious metal holdings, is fully insured. Commission on purchases starts from 0.5% on the first $75,000 of gold which drops on a sliding scale with higher purchases. Storage fees are 0.12% on your stored gold per year. This is billed on a monthly basis.
Singapore Gold Tax Regulations
When it comes to buying gold in Singapore, like many other countries, there are no taxes on investment-grade gold. This means your gold should be at least 99.5% purity. The same tax-free regulation applies to silver in Singapore which should meet a 99.9% purity.
Overall, Singapore is an excellent place to buy gold given that the country has a very favorable tax environment. You will also find there are no taxes on exporting, capital gains, or VAT. There are also no reporting requirements in place either in Singapore or with other countries internationally. This makes it an ideal investment location for either local traders in Singapore, or those around the world looking into buying gold in a tax-free jurisdiction.
This favorable environment for investment is mainly thanks to a push within the last number of years to improve the position of Singapore as a financial hub in Asia.
