The rules on what you can and can’t carry out of a country can are very different across the world. So different, in fact, that it can feel nearly impossible to keep track of everything when traveling.
We have put together this quick guide on taking gold out of Singapore. Keep it handy next time you travel to prevent any snags in your journey!
Can I Take Gold Out Of Singapore?
The short answer here is yes, you can take gold out of Singapore.
This is true for any precious metals that you have purchased during your time in Singapore.
All of the measures that Singapore has put in place to deal with criminal or terrorist financing, money laundering, and other illegal activities are at the point of sale of the gold goods.
This means that, by the time you leave the country, you have already been subject to all of Singapore’s rules and regulations in this area. It is for the seller to make sure that you comply.
How Much Gold Can I Take Out Of Singapore?
At the time of writing, there is no weight limit on the amount of gold that you can take out of Singapore.
There is no weight limit for any precious metal when leaving the country.
This is again because all of Singapore’s measures to combat criminality, both domestic and international, are done at the point of sale.
Once you have successfully and legitimately purchased the gold or other precious metal goods, you have fulfilled all of Singapore’s obligations. It is for the seller to make sure that you comply.
However, you must be aware that limitations on what you can take into a country will be applied when you reach your destination.
How Much Gold Can I Take Into A Country?
The amount of gold that you are able to import into a country will vary around the world. There is no central rule governing this amount so you must check and verify before you travel.
You must make sure that you declare your gold goods upon arrival in a country if their value is more than the duty-free allowance. Again, this will vary from country to country depending on their own import rules.
You may also find that you need to declare all gold that you intend to sell on arrival.
It is essential that you abide by all customs rules and answer any forms or questions truthfully to the best of your ability. Failure to do so may result in a hefty fine or even a prison sentence, depending on the country.
Can I Carry Gold On A Flight?
Once you have understood and are abiding by all import rules and regulations, you may need to confirm some details with your airline.
Gold is a very unreactive metal and so most airlines are happy to carry it on an international flight.
However, you are likely going to be subjected to weight restrictions for your baggage.
As gold is heavy, we recommend double-checking with the airline to prevent any nasty surprises at the airport.
Keep in mind that you may be subject to additional security checks if you are carrying a lot of gold. To that end, we also recommend that you carry with you as much proof of ownership documentation as possible.
Finally, it is smart to carry your gold in your hand luggage.
This means that it will not be left alone in the cargo hold or processed by airport staff. Of course, it is unlikely that anything will happen to your luggage but it is always better to be safe than sorry.
Can I Carry Gold Bullion Out Of Singapore?
Yes, you can take gold bullion out of Singapore.
However, you need to be aware of the customs and import laws of whichever countries you will be entering.
As gold bullion is such a high-value commodity, some countries need full transparency and information about a traveler, even if there are no duties to be paid.
We recommend that you become well versed in customs laws in any countries you are entering.
This will help prevent any delays to your travels and, most importantly, prevent your gold from getting confiscated. If this happens you will lose a lot of money.
Can I Take Gold To India From Singapore?
India is a common destination to travel to from Singapore, especially for moving gold. This is due to the popularity of gold as a gift, particularly during the wedding season.
If you are traveling to India from Singapore, remember that you will not face difficulties from the authorities in Singapore as you exit but from India as you enter.
You also need to keep in mind that there are regional differences in Indian customs and import rules.
Gold bars are taxed in India at a rate of 12.5% at the time of writing.
There is also a weight limit for gold imports to India. Any gold weighing over 1kg will be taxed at 36.05%, anything below 1kg and you will pay the lower rate of 12.5%.
There is no weight limit to the gold that you can take out of Singapore.
This is because all checks required by the Singapore government are done at the point of sale.
The only issue that you will face moving gold out of Singapore is the customs regulations of the country you are entering into.
Be sure to abide by all of the customs rules you are subject to. Failure to do so may result in your gold being confiscated.