Getting it through customs seems like it would be an issue. Would you ship it? Would it be in your suitcase? I mean you bring in postcards and cookies and they have to be declared with a value and you get what like $800 before they go after you for customs/duty?
There is no duty on gold coins, medals or bullion but these items must be declared to a Customs and Border Protection (CBP) Officer.
What form would the silver get here in? Like if I bring a $2000 solid silver teapot to the US I am getting taxed. Would the silver from Somalia be melted into bars? Just be blobs? Lol sorry it is early and my mind isn’t wrapping around things of this complexity yet.
I think customs is going to err on the side of taking money from you if there is any debate about what is coming into the country. I don’t know. ☺️
I don't see any issues with U.S. customs. They simply require you to fill out an IRS form, who then want an accounting when any of it is transferred to another owner (in amounts greater than $10,000) or sold and converted into U.S. Dollars - because any gains in value would then be subject to the standard 28% tax rate for collectibles.
To the best of my knowledge, they would be 1 kilo hand-poured bars. Probably pretty rough. My estimate would be they'd fall into the 90% range of purity, give or take a couple of points - but I'm not experienced with pouring melted silver or gold.
The guy did come at me later, wanting help with his ticket costs/travel expenses. Through the interpreter, I was very clear that would be a complete non-starter on the first trip. If he actually can show up with 15 kg of silver &/or gold bullion, I made it clear I'd have no problems finding buyers for all of it - within a reasonable amount of time. He seemed less interested after learning there was no help with a plane ticket to Somalia. And, we have a date set up to meet and talk about setting up a State business license and Tax ID #, tomorrow, actually. We'll see if he shows up, or not.
The logistics, on his end, seem risky. He's got to go from Somalia, by bus to Ethiopia, fly to London, then on to the U.S. There's a lot of customs between here and there - which I know nothing about. He seemed to think it would be an easier ordeal if he had an actual business already set up in the U.S. before he attempts to personally carry bullion through all of those checkpoints. Admittedly, the bus-ride through Somalia is the most dangerous part - and then customs in Eithiopia would also probably require some "fees." IDK. I honestly do not expect this guy to show up with anything.
I straight up told him that we weren't buying him a ticket to Somalia so he could go back to live with his family and we'd never see him again. So, if he does show up with some goods, we can do some serious business. Otherwise, it seems like the guy has an idea, but the world is frought with risk - which I am not personally assuming, ahead of time.