It is important to note that in Ghana, a person needs a license to buy and trade minerals. Therefore, the export of gold from the jurisdiction of Ghana can only be done under a license of a company. This is regulated by the Minerals and Mines Act 2006 (Law 703). It provides, in particular, that the Minister, in consultation with the Commission, may grant a written licence to persons he considers qualified to purchase and market the types and forms of minerals covered by the Act. The foreign company should have access to legal representation before conducting gold export activities in Ghana. Not only does the legal representative carry out due diligence with the licensed gold exporter to ensure that it is effectively licensed and in good standing, but it is also expected to inform and/or offer to the foreign company any changes in the laws and regulations governing the purchase and export of gold to Ghana. Gold is regulated by several U.S. agencies, but not in the way you might think. There are four regulators to keep in mind when importing gold, which includes all precious metals to some extent. Copies of gold coins can only be imported if they are properly marked by the country that issued them.
The importation of counterfeit coins is prohibited. Now that you`re ready to import gold into the US, it`s time to take your business to the next level by logging into USA Customs Clearance powered by AFC International. We have several essential services for your operation that can save you time and money while reducing the stress of customs clearance. In general, gold coins, medals and bars are allowed to be imported into the United States. However, if they are from Cuba, Iran or Sudan, they are not allowed to enter the United States in accordance with the regulations of the Office of Foreign Assets Control. For more information, contact FedEx at 1-888-329-8166. Or call Special Metals Smelters and Refineries at 800-426-2344 to discuss your options. We are here to reduce precious metals trading risk and maximize the return on your investments. Most importantly, the legal representative oversees the processes leading to the purchase and export of gold to ensure that the exact ounces and required purity of the ore are shipped from the Republic to the intended recipient. This timely legal advice should be obtained from a lawyer with knowledge and experience in gold trading in Ghana. For example, a regular customs guarantee does not work for importing gold.
A special specific to precious metals must be purchased and implemented before your first shipment leaves its country of origin. A customs broker who offers a full range of services should be able to sell this type of guarantee without any problems. Thus, gold can be imported into the United States for a variety of purposes. As a country, the United States has certainly stocked up on this. America has by far the largest number of gold reserves in the world as a country with more than 8,000 tons. In comparison, Germany has almost 3,400 tons. And this does not count the private property of citizens. The company now acts as the government`s auditor with the sole mandate to examine all the gold leaving the country. There is no obligation to pay for gold coins, medals or bars. However, if you are importing a foreign currency worth more than $10,000, you will need to submit a FinCEN 105 form, which can be obtained from customs or possibly airline staff while you are on the flight. So, if you plan to introduce a currency that exceeds this value, plan ahead. In any case, each individual or organization should determine their minimum level of comfort and conduct as much research as necessary to achieve the comfort level before entering into agreements to purchase and export gold to Ghana.
There was a time in America when American citizens could not possess or trade gold other than personal jewelry or coins. Since 1975, however, members of the country have been free to buy, sell and trade the precious metal as they see fit. There is no tariff rate on gold coins, medals or bars, but these items must be reported to a Customs and Border Protection (CBP) officer. If your import is over $10,000, you must submit a FinCEN 105 form at the time of entry. This includes all currencies worth more than $10,000. In this case, the term “currency” means the coins and paper money of the United States or any other country that (1) is designated as legal tender, (2) circulates and (3) is accepted as a medium of exchange in the country where it was issued. Articles from three countries are excluded. Articles originating in Cuba, Iran and Sudan or originating in Cuba, Iran and Sudan may not be imported and will be confiscated.
You may be wondering what happens when gold reaches the border crossing, either by land or through a port of entry? It`s not as simple as CBP just asks you to get your stuff. It must be inspected and passed before being considered for release. A licensed customs broker can act on your behalf, both at the time of customs clearance of the goods and their acceptance on your behalf. To add another layer of value, most customs brokers have connections with external logistics companies (3PLs) and can also negotiate freight forwarding services so you can get the gold to its intended destination. It should be noted that, according to the Act, mineral refers to a substance in solid or liquid form that occurs naturally on or on land and includes gold and diamond, but not petroleum resources, since the latter are regulated separately. It is also important to note that “Minister under the Act” means the Minister responsible for Mines and Natural Resources and the reference to the Commission refers to the Minerals Commission established under section 1 of the Minerals Commission Act, 1993 (Bill 450). As one of the most expensive precious metals in the world and certainly one of the most expensive items by weight, gold is prized worldwide both for its beauty as jewelry and for many applications, including dentistry, electronics, and even medicine.