gold coins

[Izzy]

Hi

Does anyone know the process whereby one can legally take gold kruger coins out of SA into Australia? I have visions of being arrested at customs at OR Tambo. Also would it be better to sell them all here or sell a few and take the rest. What forms need to be completed and by whom? What are the requirements when you get to Australia?

Any ideas. thank you for any assisstance.

Regards

[Bams]

Hi Izzy

I would recommend contacting somebody like CashCows or Exchange4free, they deal with these type of things from what I know and perhaps they will be best to advise and assist with any paperwork.

[Heymanse]

You will need to complete a Form NEP which you can find from your bank's foreign exchange Branch. You can google Form NEP and also find the form online.

Edited October 25, 2013 by Heymanse

[Heymanse]

The form needs to be attested by a bank or by Customs and Excise.

[Izzy]

thank you. do i then just take the form and the coins along with me to the airport and leave with them?

[Enrica]

You need to pay duty on your coins when arriving in Australia , rather sell them

[Brad76]

Precious metals in a form tradeable on the international bullion market ie a kruger rand would not attract GST or duty on importation. Coins with a collectible value in excess of the spot price of the metal ie ZAR coins would attract GST but no duty would be applicable.

An exemption appears to be applicable if the imported goods are the accompanied personal effects of arriving passengers of a ship or aircraft!

[Izzy]

Sorry . I don't understand.

Do I get the bank to stamp the NEP form then go to Customs in SA and have them sign. Then I can take the coins with us? In Australia I would declare the coins on arrival at airport with the forms and then what? do I pay an import duty? Does it matter how many coins there are?

thanks for your help. Much appreciated

[Heymanse]

Get your bank to stamp the Form, take the form and coin(s) with you in your hand luggage and yes, declare it when you arrive here. You will not pay any any import duty on it. You probably will just be waived through like many of us were. Don't stress about it. The form nep is for items that attracts no exchange proceeds. We declared the gold coins on arrival and were just waived through.

[Hugo2]

Hi

Does anyone know the process whereby one can legally take gold kruger coins out of SA into Australia? I have visions of being arrested at customs at OR Tambo. Also would it be better to sell them all here or sell a few and take the rest. What forms need to be completed and by whom? What are the requirements when you get to Australia?

Any ideas. thank you for any assisstance.

Regards

Banks may allow the export of Krugerrand coins or the equivalent in fractional Kruggerrand coins up to an amount of R30 000 as gifts by residents to non-residents. Non-resident visitors may export up to 15 Krugerrand coins or the equivalent in fractional Krugerrand coins, supported by the prescribed SARS Customs Declaration, provided that they can prove that the coins were acquired with the proceeds of foreign currency introduced. http://www.resbank.co.za/RegulationAndSupervision/FinancialSurveillanceAndExchangeControl/FAQs/Pages/Individuals.aspx

You will need to complete a Form NEP which you can find from your bank's foreign exchange Branch. You can google Form NEP and also find the form online.

Technically corret but incorrect in this example. Form NEP is for assets to be brought back to SA. Before you can file NEP you need to file two or three other forms such as the undertaking not to use a SA debit or credit card abroad as well as an undertaking top bring the coins back. I do not see this being part of the fact sheets above. So be very careful. Yes on formal emigration you can take your R2m NEP out but ONLY R30k in Kruger Rand coins and you must carry it on you

One has to assume that the case under review and in most cases referred to, the coinds were carried out on person by a resident livinvng temporary broad. If so the coins or proceeds mnust return to SA and will be treated as SA assets on emigration, ie on formal emigration the return policy is indeed waived. Do note it ONLY applies to Kruger Rands and not to other gold coins as Maples for exmple attracrts different rules as they are (unlike Kruger Coins) not legal tender in SA. In Australia both types are treated the same I am told. Do note the quote elsewhere refers to gifts so over and above the R1m cash gift your friends can send you, they can also send you R30k in gold coins. Then it is not always form NEP or only NEP, also IT144 and then no requirement to carry out on person.

For other coins see the huge amount - R300~!!

(ii) As an exception, Authorised Dealers

may allow residents to export gold coins (excluding Krugerrand coins), currency

coins and numismatic items within an overall limit of R300 per applicant, per calendar

year, subject to the Form F178 procedure.

• Authorised

  Dealers may also authorise the export, on Form N.E.P., of any household and

  personal effects, motor vehicles, caravans, trailers, motorcycles, stamps,

  coins and minted gold bars (excluding coins that are legal tender in the

  Republic) per family unit or single person, within the overall insured value of

  R2 million.

  Form N.E.P. must be completed in duplicate and signed by the owner of the goods

  in question prior to attestation by an Authorised Dealer. Branches should be instructed to retain a

  copy of the attested Form N.E.P. for a period of five years to facilitate Financial

  Surveillance Department inspections. Applications

  for the export of the emigrants’ household and personal effects in excess of R2

  million must be referred to the Financial Surveillance Department.

Authorised

Dealers may also authorise the export, on Form N.E.P., of any household and

personal effects, motor vehicles, caravans, trailers, motorcycles, stamps,

coins and minted gold bars (excluding coins that are legal tender in the

Republic) per family unit or single person, within the overall insured value of

R2 million.

Form N.E.P. must be completed in duplicate and signed by the owner of the goods

in question prior to attestation by an Authorised Dealer. Branches should be instructed to retain a

copy of the attested Form N.E.P. for a period of five years to facilitate Financial

Surveillance Department inspections. Applications

for the export of the emigrants’ household and personal effects in excess of R2

million must be referred to the Financial Surveillance Department.

Edited October 26, 2013 by Hugo2

[Heymanse]

Banks may allow the export of Krugerrand coins or the equivalent in fractional Kruggerrand coins up to an amount of R30 000 as gifts by residents to non-residents. Non-resident visitors may export up to 15 Krugerrand coins or the equivalent in fractional Krugerrand coins, supported by the prescribed SARS Customs Declaration, provided that they can prove that the coins were acquired with the proceeds of foreign currency introduced. http://www.resbank.co.za/RegulationAndSupervision/FinancialSurveillanceAndExchangeControl/FAQs/Pages/Individuals.aspx

Technically corret but incorrect in this example. Form NEP is for assets to be brought back to SA. Before you can file NEP you need to file two or three other forms such as the undertaking not to use a SA debit or credit card abroad as well as an undertaking top bring the coins back. I do not see this being part of the fact sheets above. So be very careful. Yes on formal emigration you can take your R2m NEP out but ONLY R30k in Kruger Rand coins and you must carry it on you

One has to assume that the case under review and in most cases referred to, the coinds were carried out on person by a resident livinvng temporary broad. If so the coins or proceeds mnust return to SA and will be treated as SA assets on emigration, ie on formal emigration the return policy is indeed waived. Do note it ONLY applies to Kruger Rands and not to other gold coins as Maples for exmple attracrts different rules as they are (unlike Kruger Coins) not legal tender in SA. In Australia both types are treated the same I am told. Do note the quote elsewhere refers to gifts so over and above the R1m cash gift your friends can send you, they can also send you R30k in gold coins. Then it is not always form NEP or only NEP, also IT144 and then no requirement to carry out on person.

For other coins see the huge amount - R300~!!

825](ii) As an exception, Authorised Dealers

may allow residents to export gold coins (excluding Krugerrand coins), currency

coins and numismatic items within an overall limit of R300 per applicant, per calendar

year, subject to the Form F178 procedure.

• 675]Authorised

  Dealers may also authorise the export, on Form N.E.P., of any household and

  personal effects, motor vehicles, caravans, trailers, motorcycles, stamps,

  coins and minted gold bars (excluding coins that are legal tender in the

  Republic) per family unit or single person, within the overall insured value of

  R2 million.

  675]

  675]Form N.E.P. must be completed in duplicate and signed by the owner of the goods

  in question prior to attestation by an Authorised Dealer. Branches should be instructed to retain a

  copy of the attested Form N.E.P. for a period of five years to facilitate Financial

  Surveillance Department inspections. Applications

  for the export of the emigrants household and personal effects in excess of R2

  million must be referred to the Financial Surveillance Department.

675]Authorised

Dealers may also authorise the export, on Form N.E.P., of any household and

personal effects, motor vehicles, caravans, trailers, motorcycles, stamps,

coins and minted gold bars (excluding coins that are legal tender in the

Republic) per family unit or single person, within the overall insured value of

R2 million.

675]Form N.E.P. must be completed in duplicate and signed by the owner of the goods

in question prior to attestation by an Authorised Dealer. Branches should be instructed to retain a

copy of the attested Form N.E.P. for a period of five years to facilitate Financial

Surveillance Department inspections. Applications

for the export of the emigrants household and personal effects in excess of R2

million must be referred to the Financial Surveillance Department.

7]

I formally emigrated from South Africa in 2008 and did exactly as per in my previous post (through my own bank's foreign exchange branch). Completed a form NEP as per my bank's instructions - thus my advice to see the bank's foreign exchange branch to help with the process. I didn't want to make the process seem more difficult than it is.

My 2c worth....

[Izzy]

Hi all

Just an update in case someone else has this problem.

I have had to do a letter and supply a valuation for 15 gold coins to my bank. The bank will send this with an application to Foreign Exchange/ Reserve Bank who will then tell me if I can take them with me or whether I must sell them in SA. Apparently takes 4-6 weeks to get a reply. Costs R450.00.

If you are taking 2 coins (R30 000.00 worth)as agift then you do the NEP form with your bank and you are allowed to take them out of SA as a gift. This is under the new laws.

[WayneAndMel]

Resurrecting an old thread but I have 4 questions on stamps and collectible coins that are related and I couldn't find another appropriate thread:

 

• Do the above rules still apply if one had won in a raffle a collectible gold coin that is not South African in nature? Must we just estimate it's value e.g. relative to a krugerrand and declare it via the above?

• What about rare stamps, some of which I inherited and keep for prosperity and others I added to the collection myself - bearing in mind these are more than just a schoolboy collection?

• What about sentimental bank notes e.g. old 19-voetsak R2 notes, notes collected on our travels e.g. $2 US Dollar notes..... or even Zim$100 billion notes?

• What about coins from all over the world collected just for fun and which are probably only worth their weight in silver (from being heavily used and scratched)?

[RedPanda]

Well, I have a collection of coins from around the world, general usage, not very old, not really collectables. I just put them in the container with the rest of our stuff. If I remember I'll update you on what happens at customs. Although I doubt it will make ripples.

[Cramer]

I saw this thread was recently resurrected:

 

May be visiting SA in October and have been gifted some Kruger Rands, so what's the process of getting these out. Some advice would be great and is a gift different to an inheritance. I know this sounds like a strange question but if the gift was future inheritance from someone still alive.

 

[Deezo]

I would also like to know about old coins/notes and currency from around the world that i have collected over the years...

 

Anyone know what the process is to take this and is it even worth taking or should i try sell to a collector in SA before we leave?

 

 

[RedPanda]

All my coins came through, no ripples.

But like I said, it's not really a valuable collection.

[WayneAndMel]

In retrospect we also got our coins, notes and rare stamps into Oz easily.

 

The SA officials just didn't seem interested.