5 Tips for Buying Silver in Malaysia
Its Friday today and I am going to make this post K.I.S.S.
Here are five quick tips for buying and investing silver in Malaysia:
Tips #1 – Buy Silver Bars
Silver bars are imported under HS-code 7106. Silver coins are under HS-code 7118. HS-code 7118 says, “Coin (other than gold coin), not being legal tender, is subject to import duty of 5% and sale tax of 10%”.
Buy silver bars and skip the 15% import tax premium.
Tips #2 – Go Bigger Oz
Buy 1 x 10 oz bar instead of 10 x 1 oz bar. Buy 1 x 100 oz instead of 10 x 10 oz. The bigger oz you buy, the bigger saving you get on minting. Scottsdale Silver’s 10 oz and 100 oz comes with a cool stacking feature.
Tips #3 – Silver Rounds Are Pretty Too!
If you like coin-looking silver bullion but doesn’t like paying the 15% tax, buy silver bullion rounds. The legal tender guaranteed by the mint means nothing. You are not going to use your American Eagle $1 coin to buy a can of coca-cola. Silver buffalo round is one example of pretty looking bullion.
Tips #4 – Buy Triple 9 or More
For silver coins, firstly make sure its bullion coins and secondly go for at least 0.999 (triple 9) finest. British Silver Britannia is only 0.958 finest. Why pay 1 oz of silver price and short change it for 4.2% less?
14th May 2012 – Correction:
I have been brought to attention that my fact for Silver Britannia is wrong. Silver Britannia is made of alloy consisting of 95.84% silver and 4.16% copper. Britannia coin weighs 32.45g – heavier than the most bullion coins in the market. Of that, 95.84% is silver. To get the actual weight of silver, multiple the weight with the percentage, 32.45g X 95.84% = 31.1g.Therefore, each coin is with precisely 1 troy ounce of silver content. There is no short change for silver.
I apologise for the mistake.
Tips #5 – Smuggle Them!
Buy silver bullion coins in Singapore. Pay the Singapore’s 7% GST and smuggle it back into Malaysia by land. You immediately saves 8% off the import tax. You might risk getting caught by Malaysian Custom but 8% saving might worth the effort *wink*. **Disclaimer, we seriously do not condoned such activity which is against the Law of Malaysia.**
Extra Tips #6! – BuySilverMalaysia.com with 3.5% Rebate
A further 3.5% rebate if you pay by bank transfer! No string attached! Applicable to all silver bullions. Not valid for accessories. Limited time offer.
BuySilverMalaysia.com is the authorized importer of Scottsdale Silver in Malaysia. Prices are qouted live, based on COMEX. Free shipping nationwide (Peninsular Malaysia, Sabah and Sarawak) for orders above RM500. ——!>
That’s it.
Have a good weekend ahead!
Cheers!
(P/S: K.I.S.S. is an acronym for the design principle “Keep it simple, Stupid!”)
There's 11 Comments So Far
August 31st, 2011 at 2:10 pm
Can you tell me where can I buy the scottdales silver bar in Malaysia? or do you know any ways to buy silver from foreign country? Please email some detail, thank.
September 19th, 2011 at 11:00 pm
regarding the HS-Code 7118..
it mentions coins that are not legal tender.. but coins such as canadian maple leaf, american eagle, does have a legal tender.. e.g. canadian maple leaf is of CAD5.00.
which means it’s not subjected to code 7118
maybe i’m reading it wrongly. What do you think?
September 20th, 2011 at 11:30 am
Hi Hasnul, you probably getting the meaning on the wrong direction. Any silver coins with legal tender are subject to tax. Maple Leafs and American Eagles are definitely subjected to taxation.
KY Teng, currently the only way to buy scottdales silver bar in Malaysia is via secondary market. You can scout for it in lelong.my or mudah.
September 21st, 2011 at 1:19 am
this mean if i buy silver coin from foreign country then it will be taxed by IRB?
September 21st, 2011 at 8:10 pm
Hi Seng,
Buying silver coin from foreign country is subject to tax by Jabatan Kastam Diraja Malaysia, not IRB.
August 16th, 2012 at 2:32 pm
how do we know if the silver bars and coins sold in mudah.my and lelong.com are genuine?? … can we spot the difference??
August 16th, 2012 at 2:45 pm
It is difficult to ensure the authenticity of buyer from lelong and mudah. We recommend that you only buy from reputable seller/dealer for long term. Alternatively, you may refer to the seller reviews as reference. All the best in your investment. Cheers.
October 25th, 2012 at 12:27 am
hi
so i wont be taxed if i buy silver bullions from overseas right?
thanks
November 7th, 2012 at 12:20 pm
Legally, silver bullion coins are is taxable. There is a risk. To be on the safe side, buy silver bars instead 🙂
November 12th, 2012 at 12:23 pm
Your tip #1 contradicts with tip #3
#1 You said ” “Coin (other than gold coin), not being legal tender is subject to import duty of 5% and sale tax of 10%”. ..implying legal tender coins are not taxable.
#3 But you also say ” If you like coin-looking silver bullion but doesn’t like paying the 15% tax, buy silver bullion rounds.”….which implies legal tender coins are taxable.
So which is correct?
November 12th, 2012 at 2:16 pm
Dear Dominic,
Both #1 and #3 are correct. #1 legal tender coins has clearly currency figures marked on them. You can find this on your Canadian Maples and American Eagles. Whilst #3 refers to bullion rounds (shaped like coins) with NO currency figures marked on them, thus referring them as bullion rounds. Such rounds, under the Malaysian customs, are not taxable.
Thanks.