In these current times, when a repeat of the debilitating financial crisis of 2008 seems to be just around the corner, entrusting one’s assets and wealth to the hands of established financial institutions is hardly a wise decision. The risk of our riches going to waste is higher than ever if the markets crash again. And so this growing lack of trust over the years has had many searching for other options, with the best being a secure and private vault.
These storage solutions are exclusive for a reason, as they put ample distance between individuals and the potential risks inherent in modern financial institutions and banking systems. Plus, there are no limits to what you can store in a private vault. You can keep anything from physical bullion and other precious metals or jewelry to fine art and legal documents; everything that matters to you is guaranteed to be safe in the vault.
If you still have reservations about whether opening a personal private vault is for you, consider the following factors to determine if it is truly the best option.
1. Types of Assets in Your Possession
Suppose you are an investor in physical gold (proven more divisible, liquid, and reliable than other alternatives) or any other precious metals on hand and are running out of secure space to store your bullion. In that case, a private vault may well be the best solution for you. This also applies to other high-value assets you may have: fine art pieces that require proper care and attention, priceless family heirlooms, and even critical documents such as your last will.
All these valuables warrant the assured safety of a private vault that employs the highest level of security measures comparable to and often exceeding that of renowned banks and financial institutions. Whether it is to stave off the effects of economic collapse or simply store your wealth somewhere you can be assured is 100% safe, a private vault provides a secure environment where nothing can take away your assets from you.
2. Location
Assessing the location of the private vault, offshore or otherwise, is just as critical as what you intend to store in them. Countries like Switzerland, Singapore, and so on are renowned for being tax havens, making them prime locations for depositing one’s wealth.
Moreover, accessibility is another concern. After all, you’d want to ensure you can reach your assets whenever necessary. A country like Singapore is one such ideal choice as it is a major transportation hub, connecting the rest of the world with Asia. People can easily get into Singapore and move their assets in and out of the country without many complications.
Singapore’s politically stable government, fast-growing economy, strong private property rights, and strong defense and diplomatic policies are just a few more reasons why you should consider storing your assets in this city-state.
3. Meeting Specific Needs and Requirements
It is recommended to discuss with the team behind the private vault solutions on your requirements to learn more about how they can assure the security of your wealth. Knowing these details is important since different hard assets may require unique ways to safekeep them.
For example, suppose you plan on storing your collection of fine art. In that case, you’ll want to know that a private vault has the means and measures to keep it in excellent condition, such as state-of-the-art environmental control with the right humidity and temperature, as well as the personnel expert in overseeing its upkeep.
4. How Risks are Managed
One of the benefits of engaging with a private vault, like The Safe House, is that you’ll always have direct ownership over your assets, which is not always the case when storing with a bank.
When looking for a suitable private vault, you should look for one that will clearly define the assets owned by the client. This can be through legal documentation that states the ownership of specific assets or a secured storage program. While assets stored in a private vault are often insured, it is recommended to thoroughly read the storage contract details to understand its coverage.
Conclusion
Knowing all these primary considerations allows you to narrow down your choices once you are ready to safe keep assets with a private offshore vault. Amid today’s uncertain world, this decision is certainly your best bet in securing your wealth so you can rest easy that, come what may, you and your riches are well-protected.
Keep your high-value assets under lock and key at The Reserve, the world’s highest capacity gold and silver vault in Singapore. The Reserve hosts The Safe House vault, providing high-security safekeeping for all your prized valuables. In addition to gold and silver storage in Singapore, our diverse tenant mix also provides premier alternative asset services, including the authentication of precious metals, digitization for transparent asset tracking, and collateralization for precious metals and luxury timepieces. For more details, don’t hesitate to send us an inquiry today.