Whether you’re permanently relocating or making a temporary trip, there are many instances when you might have to fly with a significant amount of gold. This leaves many investors wondering: How much gold can you travel with?
Most governments have specific rules for individuals traveling with gold (and clear punishments for violators) because it’s such a high-valued and sought-after asset. It doesn’t matter if you’re carrying rare gold coins, gold jewelry, or gold bullion in the form of bars or coins.
Generally, there’s no limit to the amount of gold you can travel with domestically or internationally. Instead, relevant laws usually focus on reporting requirements or import taxes based on the type and value of gold you’re carrying. When traveling to the United States, gold coins or bullion of any amount must be reported to Customs and Border Protection (CBP). However, there aren’t any duty fees. Flying with gold internationally is tricker given the various import and tax laws governing each country. As a general rule of thumb, you should always report to border or customs officials to ensure you’re following local laws.
Traveling With Gold in the US
If you’re traveling in the US without leaving the country, there’s no law restricting the amount of gold you can travel with. For example, you can travel from New York to Los Angeles or even from Honolulu to Anchorage with as much gold as you please. Rather, regulations pertain to US citizens and foreign nationals traveling into the US from another country with gold.
CPB states that gold coins, bullion, and medals are permitted entry into the US as long as they’re not coming from Sudan, Iran, or Cuba due to travel embargos. Counterfeit gold coins are also prohibited. A special form called FINCEN 105 has to be filled out if you’re traveling with gold worth over $10,000. However, anything below this amount still must be declared upon entry to the US. Fortunately, the government doesn’t place any duty taxes on these allowable gold assets.
Traveling With Gold Internationally
Unfortunately, there’s no unified set of international laws governing worldwide travel with gold. As mentioned before, every country has its own regulations which complicates traveling internationally with gold. However, there are some overarching practices that you should keep in mind:
Customs Declarations
Many governments require foreign nationals to fill out customs declaration forms which might ask about valuables you’re carrying. This documentation is designed to give border officials quick insight into what’s coming into their country.
Import Taxes
Some countries levy import or duty taxes on gold assets even if you’ve owned the products for a long time. This might be a reason to avoid traveling with gold to certain countries.
Value
A good number of the laws surrounding international travel with gold pertain to the value of the gold rather than the amount. That’s why it’s crucial to have an accurate understanding of the overall worth of the gold you’re traveling with.
5 Tips for Flying With Gold Assets
Flying with gold is perfectly legal when you adhere to a few regulations. However, anyone with a bit of travel under their belt knows that following the law doesn’t guarantee a smooth travel experience. There are some steps you can take when traveling with gold to limit the potential for significant delays, frustrating misunderstandings, or — in the worst cases – legal complications.
1. Know the laws of the destination country.
If you’re traveling internationally, you should check the regulations of the destination country. All nations have their own rules surrounding the import of gold which might differ from the United States. Ignorance of local law isn’t the best defense if you’re found in violation, even if it was a genuine accident or oversight. Try not to rely on second-hand sources such as travel blogs. Ideally, you could find information on an official governmental website of the destination country or by contacting the consulate or embassy directly.
2. Communicate with authorities ahead of time.
Even if you’re under the declared limit, you can save valuable time and money by communicating with the relevant authorities. This includes airport security when you’re entering the airport and customs agents when you’re leaving. Traveling with any considerable amount of gold can lead to instant, albeit unfounded, suspicion. Besides, the average travel authority won’t have the slightest clue about the actual value of the gold you’re carrying. You’re better off contacting the relevant authorities ahead of time to avoid all the potential for unnecessary misunderstandings and delays.
3. Ask for a private screening.
If airport security asks to search your luggage, you don’t have to let the whole airport see your gold assets. You can request a private screening given the valid security and privacy concerns you’d face under normal screening protocols. In most cases, airport security should be more than happy to oblige. The TSA clearly outlines that private screenings are available upon request even with a witness of the subject’s choice.
4. Don’t put gold in checked luggage.
The rate of mishandled luggage is on the rise which poses a significant threat to individuals flying with gold. Depending on how much gold you’re carrying, damaged or lost luggage could cost you significantly. You can avoid this risk by keeping gold in your hand or carry-on bags. When traveling with considerable amounts of gold, using checked luggage might be unavoidable. In these instances, you could use TSA-approved locks to keep people from accessing your luggage. It’s also advisable to use specially designed bags with serious padding and other mechanisms to protect their contents.
5. Bring proof of ownership and value.
When traveling with gold, it’s smart to carry proof of ownership of the assets. Receipts, certificates, invoices, or other forms of recognized and official documentation can help establish the authenticity of the coins and prove your rightful ownership. These papers can also dispel any suspicion that your gold assets are of questionable origin. A recent evaluation is another important document to travel with. This can provide quick proof that you’re following relevant reporting or tax laws when restrictions are placed on certain asset values.