The demands of countries confuse the accounts of gold buyers when they travel

Some residents are surprised by some requests when accompanying jewelers and bars abroad when traveling to their homeland during the holidays, most importantly coming with receiving the original purchase invoice stamped with the shop stamp and customs disclosure of those bars and artifacts, in addition to other destination requirements that He varies from country to country worldwide.

The amount of gold allowed to travel from the Emirates varies between people living in the country and non-residents. If the person is a resident and the value of the gold he carries leaving the Emirates is more than 150 grams, he should find out. at the customs inspection first, and then indicate the purchase invoice.

But if the departure from the country is non-resident, he must first obtain a permit when entering the territory of the Emirates with the quantities of gold he possesses, which must not exceed 200 grams, and then show the same permit at the Departure Event airport for the second time.

Last month there was a demand from consumers for the purchase of gold in the category of rods, which is characterized by no increase in commission compared to other gold works, for investment or savings purposes, and some residents are headed towards the deportation of his. in their countries of origin, but gold prices fell over the last three months by almost 3%, the price of an ounce of gold (31.1 grams) yesterday recorded 6,732 dirhams, compared to 6,937 dirhams on February 25, a day after the continuation . the war between Russia and Ukraine.

diversification of savings

The economics specialist, Dr. Salah Al-Halyan, said that people direct all their savings towards gold, but in this case they may face a big problem when prices fluctuate, emphasizing that it is better for the value of personal investment in gold. move between 5 and 10% of the value of capital saved.

He agreed with Al-Halyan, economics specialist, Dr. Jamal Al-Saeedi, that the maximum limit for individuals to invest in gold should not exceed 10% due to fluctuations in gold prices over the past decade, noting that some people tended to buy gold bars in large quantities With the outbreak of the Russian-Ukrainian crisis, As a result, gold prices rose by 10% at the beginning of the crisis, but prices fell rapidly three months after that crisis.

transportation requirements

Jamal Al-Saidi pointed out that the traveler who takes gold with him should be familiar with the procedures of transferring gold bars between the Emirates and the destination, emphasizing that this process is subject to a series of controls from one place to another. the most important of which are: that the quantity transported be for personal use, viz. less than 200 grams approximately, in addition to the Importance of detecting these movable gold items, whether at the point of departure or destination, and subjecting these movables to customs control, with the need to note that some countries collect customs duties if the quantity exceeds 200 grams, sometimes reaching more than 30% of the value of gold.

Change of actions

For his part, one of the workers in the gold market in Abu Dhabi, Muhammad Naji, explained that some consumers raise questions about the manner and mechanism of transportation of gold bars, which weigh mainly from 50 to 150 grams, stressed that the role of the store is to deliver to the buyer an invoice stamped with the seller’s store seal.

Nagy stressed that the procedures for importing gold to other countries are subject to the policies set by each country and there is no single rule, as some Asian countries, for example, prevent the entry of gold bars for individuals, while the weight allowed for some other places is a maximum of 150 to 200 grams.

Egypt

According to Egyptian Customs, customs exemptions for tourists, passers-by and residents when coming to the country include personal jewelry, provided that they are not for commercial purposes. The value of taxes to be imposed on this amount for the release of gold.

According to sources for the “vision”, he asks those coming to Egypt to fill out customs declaration forms before arriving at the airport, in which the traveler must show what he has in his possession of different currencies or quantities of gold and tire. equivalent in value, and in case of failure of disclosure is subject to legal liability.

One of the travelers recounted his experience of submitting to 3 gold bars, each weighing 100 grams, at customs, valued at 20,000 Egyptian pounds.

Saudi Arabia

In Saudi Arabia, gold bars must be discovered, regardless of their number, value or quantity, as well as gold artifacts, jewelry and the like, the value of which exceeds 100,000 Saudi Rials, with passengers departing from the Kingdom.

It is also required to discover gold bars which are more than 3 bars or artifacts and jewelry, the value of which exceeds 100,000 rials with travelers coming to the Kingdom from Saudis and non-Saudis.

iraq

In Iraq, any resident or non-resident Iraqi can bring gold to Iraq, for personal use, weighing not more than 250 grams, and for those who exceed this, a customs fee of 35% of the value of the transferred gold is paid. . .

A non-Iraqi is allowed to enter gold processed for personal use, provided that the weight of gold does not exceed 250 grams per person, provided that it is declared at the entrance and can not be entered into raw gold.

Sudan:

Sudan has set a maximum weight of gold that is allowed to be transported by travelers from Sudan to the rest of the countries, only about 150 grams, and should be handcrafted and used for personal purposes only.

In case this gold is hidden or any other fraudulent method is followed, or the excessive quantities of gold or currencies are not clearly declared, its owner is subject to legal liability and has to pay fines and this can lead to violation and imprisonment.

In the event that a traveler violates these laws and exceeds a quantity of gold that exceeds a certain limit, then the traveler must pay a tax to the Sudanese customs, approximately 5% of the weight of the transferred gold, in addition, he must pay all costs of insurance.

Lebanon

According to the Lebanese Customs Administration’s passenger guide, all passengers leaving and entering Lebanon must declare their gold holdings by submitting a permit application from the customs office at the airport, and the permit includes all precious metals.

Lebanese authorities allow only personal use of gold, as the maximum amount of gold allowed for a Lebanese traveler is estimated to be around 150 grams of gold, as quantities exceeding personal use without the traveler’s declaration may expose the owner to liability and pay fines and issue can even lead to jail.

Tunisia

Tunisia is one of the countries that bans the export and import of gold in its forms, including gold bars, jewelery and jewelry, without obtaining prior security approval and proper permission from official private authorities.

Whatever the amount of gold, the statement is the deciding factor in this matter. If signed with acceptance, the traveler will be allowed to enter the gold and travel with it, but if the permit is signed with refusal, even if the amount of gold is a piece , the matter will be considered contrary to the laws and the traveler will be punished according to the regulations and laws.

Morocco

Similarly, Morocco also requires safety approvals, as if the traveler possesses small or large quantities of gold, he must obtain approval and a permit confirming possession and ability to take the quantities with him, taking care not to pass the weight of the quantities obtained. by approved.

The approval permit is the most important step required to ensure that the required amount of gold is allowed to be obtained, but if the permit is refused, no gold can be obtained and the traveler can be held liable and punished. .

SYRIA

The amount of gold allowed to travel straight to and from Syria is only 200 grams, according to the requirements announced in 2016, as the allowed amount was about 500 grams before that date.

All travelers are allowed to extract personal gold, not more than the amount allowed by the Central Bank of Syria and weighing 200 grams of gold, accompanied by the traveler from Syria.

Every passenger who brings money or gold, whether with hand luggage, backpack or luggage, must show the German customs officers the full amount he has, if the value of what he is carrying is more than 10 thousand euros and more.

In case the gold is transferred within the European Union, the gold is treated as cash, so if the value of the gold is 10 thousand euros or less, there is no need to give permission at the airport. .

The person in question is subject to a violation that can be assessed with an administrative fine of up to one million euros, in one of the cases of non-declaration of gold on demand, false declaration, failure to provide complete information or disclosure. inaccurate information.

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