Owning gold and other precious metals makes sense and offers investors opportunities for both wealth preservation and wealth appreciation across a wide spectrum of economic scenarios.
Traditionally, financial advisors have recommended allocating 5%–10% of one’s portfolio to precious metals. Purchasing and storing precious metals in the Cayman Islands is very easy to do, however, in November 2022 the Cayman Islands Government imposed a 4% tariff on gold imports with virtually zero publicity. In fact, if you search the internet, and Cayman Islands Government websites, there is no public document to this fact, other than an updated Customs tariff sheet, and yet people are unable to import bullion without the 4% duty charge at this time. All bullion imports have ground to a halt.
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