Rent a safe deposit box without a bank – how does that work?
Gold and silver precious metals represent considerable value and often serve as asset protection. But where should your bars and coins be kept for safe storage? Safe deposit facilities at financial institutions or precious metal dealers are one option. But non-bank safe deposit boxes with no linked account are best arranged via private storage providers outside the EU.
There are many reasons why investors might prefer a safe deposit box without a linked bank account. This decision is often influenced by the fact that a safe deposit box facility is only available once a bank account has been opened. This protocol applies to all EU countries, as well as Switzerland and Liechtenstein. It is not uncommon for foreign customers to be asked to deposit tens of thousands of euros for this purpose – amounts which considerably reduce your gold-buying budget. The main focus of such arrangements should also be to secure an optimal level of privacy. But this is not necessarily feasible with banks. Banking discretion still generally applies, but this primarily relates to the contents of the safe deposit box, which are usually only known to the owner.
However, in most European countries it is now common for customer data to be saved and made available to government agencies via account retrieval procedures. This data mostly focuses on existing bank accounts, but more and more financial institutions are also recording evidence about the existence of safe deposit boxes. In addition, access to such facilities usually requires the opening of a bank account. Experts are increasingly talking about safe deposit box “registers”. Thus a safe deposit box which is not tied to a current account can be advantageous.
Safe deposit boxes without an account and independent of gold dealers
The purpose of this recording is to implement the 5th EU Anti Money Laundering Directive, which sets out the reporting requirements for banks and other financial intermediaries. The main focus of this legislation is to curb money laundering and the financing of terrorism. This directive applies not only to countries in the European Union (EU), but also to member states of the European Economic Area (EEA) – which thus includes the Principality of Liechtenstein. However, thanks to its independent administration, Switzerland is not affected by this regulation.
In addition to banks, many precious metal dealers are also required to report if it is deemed they are acting as a financial intermediary for their customers. This can happen, for example, when they buy or sell gold on behalf of a customer. Furthermore, many retailers have a purchase obligation and set a minimum transaction value. So an independent safe deposit facility independent of a gold dealer can also solve this particular issue.
The advantages of bank-independent safe deposit boxes
Private storage facilities in Switzerland or Liechtenstein are a real alternative. In these countries it is still possible to rent a safe deposit box without a bank account – from Swiss Gold Safe AG, for example – which maintains high-security storage facilities in both countries. Swiss Gold Safe clients are not required to open a current account with their own bank, or with any third-party bank, to access a personal safe deposit box facility. This allows you to be fully bank-independent. And Swiss Gold Safe neither trades in precious metals, nor acts as a financial intermediary, which means there are no purchase obligations.
Swiss Gold Safe is an entirely private storage company with over 15 years’ experience, specialising in the professional storage of all kinds of valuables. Clients from all over the world can store precious metals in bars or coins as well as jewellery, securities, cash, documents, cryptocurrencies and much more. Bank-independent and retailer-independent lockers, which are also fully insurable, are available in Switzerland and in the Principality of Liechtenstein.
Swiss Gold Safe offers its clients maximum discretion and anonymity. Whereas banks and many other financial intermediaries can access client data from government authorities or are subject to statutory reporting requirements, private providers are exempt from these regulations. Thus, Swiss Gold Safe saves client data on nothing more than its own system to meet modern data protection requirements. No details are ever passed on to third parties.
Customer service versus proximity to banks
Safe deposit boxes often have the advantage of being geographically close to the user, but Switzerland and Liechtenstein both offer excellent accessibility and a fully functioning infrastructure. Swiss Gold Safe also offers its clients an attractive service package. Clients or their authorised representatives can therefore arrange an individual appointment for the storage and retrieval of their valuables at any time, giving them completely unhindered access to their safe deposit box.
Upon request, the company can also help organise the transport of valuables. And in addition, precious metals can also be purchased from a resident dealer who can deliver direct to our storage facility.
Switzerland’s total commitment to personal privacy
The account retrieval procedure for safe deposit boxes means EU citizens have almost no options to rent a safe deposit box in their own country whilst still protecting their personal privacy. Your account information can always be accessed by tax authorities and other government agencies. But that is not the case in Switzerland.
Private storage facilities are far more discreet. Swiss Gold Safe is not obliged to meet any reporting requirements. Furthermore, the automatic exchange of information (AEI), now customary banking practice, does not apply, and neither does the FATCA agreement (Foreign Account Tax Compliance Act) concluded between the USA and Switzerland. Thus, a bank-independent safe deposit box at Swiss Gold Safe is now synonymous with real privacy.