OK to take 12oz of Silver Bars to Peru?

[rudder]

I have one 10oz silver bar and two 1oz silver bars right now in the USA. I'm leaving for Peru in two weeks and wondering what I should do with this silver.

My options are:
1) Cash it in here for the low spot price ($20.12 as of this posting). That would give me about $240 dollars of spending money to travel with.

2) Take the bars with me and carry them in my torso passport pouch, and then cash them in somewhere in Peru when silver prices go back up again.

3) Leave the silver bars with a family member in the USA, and then have them cash in the silver bars in a few months, and then deposit the money into my bank account.

For Option number 2...Has anyone ever carried silver bullion into Peru? Is it necessary to declare the amount I plan to take (12oz)? Will the customs officials in the airport arrest me, steal my silver, and/or charge me some exorbitant tax or any other unfortunate scenario?

[craig]

For Option number 2...Has anyone ever carried silver bullion into Peru? Is it necessary to declare the amount I plan to take (12oz)? Will the customs officials in the airport arrest me, steal my silver, and/or charge me some exorbitant tax or any other unfortunate scenario?

I don't really know but I would like to. I can tell you the following.

1) Precious metals are sometimes stolen by US officials when you exit the US. There is nothing illegal about taking the metal out but they can do anything they want, there is no way to tell what they will do and there is no effective recourse.

2) Importing silver, in any form, into Peru is supposed to be subject to 24% tax. IVA: 18%, excise duty: 6%. In such a small quantity, it might be exempt as personal effects; I don't know.

That said, I have brought silver coin (more than 12 ounces) from the US to Peru without declaring it and without any problem happening. That does not guarantee that there will not be a problem next time.

I have thought of bringing in some silver (or gold) and declaring it as an experiment just to see what would happen. But I am afraid doing so it might just attract attention and cause problems.

You will have a hard time finding any place to sell silver in Peru that will give you a decent price. You might have to take 30% below spot. Your best bet might be to find an expat who would like to buy a little silver.

[CH2408]

hi,

My husband and I just went through Lima Airport this past December with 60oz. silver coins without a problem ( in our carry on) they only kept scanning our bag at -xray machine. We have traveled with them through mexico, Ecuador and Peru in the past. The only thing we notice is that they always scan several times (x-ray machine) they ask us what it is , or if we could open bag. We calmly explain silver coins use as money. (monedas de plata) We have never declared ( you must declared if over $10,000USD). Good Luck!

[inscop]

If you're smart (and you can live without the extra cash), you'll hang on to your silver and try to accumulate even more when it bottoms out soon. Within a year or two, it is going to skyrocket, as will gold.

Or, if you are in So California, we can meet up and I'll pay you spot for it.

[rudder]

So is Peru a good place to buy silver bullion?

[craig]

So is Peru a good place to buy silver bullion?

Officially, no, you are supposed to pay an 18% VAT on it.

In practice, you may be able to find sources who will not charge you the tax. However, it may be difficult to be sure of the purity of such silver.

In spite of the fact that Peru is the 1st or 2nd largest producer of silver in the world, there is comparatively little silver available in the country. It is nearly all exported.

[james]

I entered Peru recently with 574 ounces of silver bullion, mostly one ounce rectangles in sheets of 20. Customs found half of it and he let me through after wanting me to remove one from the plastic it came in. If anyone wants to buy some, let me know. I may be moving to Argentina by bus and I don't think I want to carry it. I will also trade for gold, as it is easier to carry around. I think silver will go up more than gold percentage wise in the big move coming.

[craig]

I entered Peru recently with 574 ounces of silver bullion, mostly one ounce rectangles in sheets of 20. Customs found half of it and he let me through after wanting me to remove one from the plastic it came in. If anyone wants to buy some, let me know. I may be moving to Argentina by bus and I don't think I want to carry it. I will also trade for gold, as it is easier to carry around. I think silver will go up more than gold percentage wise in the big move coming.

Super! 574 ounces (36 pounds!) or grams?

How did customs find it, and find only half? By the X-ray machine, undeclared?

They knew it was silver and didn't want to collect IGV and the excise tax?

Amazing!

[panman]

I entered Peru recently with 574 ounces of silver bullion, mostly one ounce rectangles in sheets of 20. Customs found half of it and he let me through after wanting me to remove one from the plastic it came in. If anyone wants to buy some, let me know. I may be moving to Argentina by bus and I don't think I want to carry it. I will also trade for gold, as it is easier to carry around. I think silver will go up more than gold percentage wise in the big move coming.

Super! 574 ounces (36 pounds!) or grams?

How did customs find it, and find only half? By the X-ray machine, undeclared?

They knew it was silver and didn't want to collect IGV and the excise tax?

Amazing!

Absulutely incredible.
I got charged $60 duty when I brought in my old i mac. On the grounds of what I am reading, maybe I should go and ask for a refund.

[danjaker]

I have brought those items ... why wouldnt you be able to? Just bring them.

[panman]

I have brought those items ... why wouldnt you be able to? Just bring them.

The law states that, as a tourist, you are only allowed to enter Peru with a computer that has an independent power supply, ie a laptop with a battery. Also, I was not entering as a tourist so the money was rightfully due.

[danjaker]

Interesting, I brought 3 computers, a bunch of silver, some gold, other cash. All kinds of things, was obvious I was moving there, and was only on a tourist visa, no one said anything, I have done that for years too.

[panman]

Interesting, I brought 3 computers, a bunch of silver, some gold, other cash. All kinds of things, was obvious I was moving there, and was only on a tourist visa, no one said anything, I have done that for years too.

There are people who have been smuggling cocaine out of the coutry for years and not been caught, but likewise it's still illegal. Just be prepared to pay the duty if you get stopped as there is no argument.
I entered throught the green channel, with my fingers crossed, but got caught out So it does happen. That aside I was quite happy to pay the $60 and have the computer here with me, rather than it be in storage back in the UK.
http://goperu.about.com/od/planningandp ... Basics.htm