Owning bullion, such as gold and silver, is legal in most countries around the world. However, there are a few countries where it is illegal for citizens to own bullion or where there are restrictions on bullion ownership. Here are some of the countries where it is illegal or restricted to own bullion as a citizen.
Iran: In Iran, it is illegal for citizens to own gold bullion or coins. This law was put in place in the 1930s to prevent the outflow of gold from the country.
Venezuela: In Venezuela, citizens are allowed to own a limited amount of gold and silver bullion, but there are restrictions on the amount they can own. In 2011, the Venezuelan government passed a law that required citizens to sell their gold to the government, but this law was later repealed.
North Korea: In North Korea, the government has a monopoly on the ownership and sale of gold and silver. Citizens are not allowed to own bullion, and any attempts to do so can result in severe punishment.
India: In India, it is legal for citizens to own gold and silver bullion, but there are restrictions on the amount that can be owned. In 2013, the Indian government introduced a limit on the amount of gold that could be imported into the country in an attempt to reduce the country’s current account deficit.
China: In China, citizens are allowed to own a limited amount of gold and silver bullion, but the government controls the sale of these metals. Citizens are required to purchase gold and silver from authorized dealers, and there are restrictions on the amount that can be purchased.
It is important to note that while there are some countries where it is illegal or restricted to own bullion, these laws are not always strictly enforced. In some cases, citizens may be able to own bullion by purchasing it on the black market or through other means. However, it is always important to be aware of the laws and regulations surrounding bullion ownership in a particular country and to comply with them to avoid legal issues.
In conclusion, while it is legal to own bullion in most countries around the world, there are a few countries where it is illegal or restricted. It is important to be aware of the laws and regulations surrounding bullion ownership in a particular country and to comply with them to avoid legal issues.