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Buying Gold & Silver in Hawaii

Many Americans consider the United States to consist of the lower 48 states only, not really considering the other two states, along with numerous territories around the world. On Election Day, we see the map of the United States, with a small smattering of islands off the coast of California, and we remember that Hawaii is part of our country. This is the view of the ignorant. For anyone who has travelled to Hawaii, or dreamed of paradise, they will never forget to include this as a vibrant state in our nation.

Hawaii is made up entirely of islands. It has perfect weather year round, friendly natives, and gorgeous landscape to explore. The beaches are exotic and beautiful, and the water is clear, blue, and warm. Tourism is a huge part of the economy along with the production of pineapples. There are plantations all through the islands of Hawaii, producing copious amounts of delicious pineapples. Along with pineapples, the fresh fruit and melons are irresistible when staying in Hawaii. Unfortunately, Hawaii is not a collection of islands just off the coast of America. It is a 6-7 hour flight from the country, at a minimum. It is isolated from the rest of the United States separated by a vast ocean, and many time zones. Most of the country is conducting business while the residents of Hawaii sleep. This makes it difficult to conduct world wide business, forcing the locals to adapt and alter how they transact business. This leads to majority of smaller business operating specifically within the shores of the islands of Hawaii.

This applies to investment and arranging for your economic future. When determining how best to save your money for retirement, you could invest in a pineapple plantation, but those are hard to infiltrate and become involved with. You could invest in the stock markets, but you are caught between Wall Street and Japan. It is hard to decide from such a remote location where to invest your money. Gold may be the answer. You could buy large amounts of gold from other regions in the country, but what better way to invest not only in your economic future, but the economic future for the state you live in than to buy your gold in Hawaii.

Bullion Sales Tax in Hawaii

If you transact business in Hawaii, you may be subject to a tax for your purchases or sales. In Hawaii, the local state government imposes a General Excise tax, similar to a sales tax in other states. The basic difference is that it must be paid by the seller of goods, and can be included in the price or as a separate line item on your bill. In other words, in most states, an item listed as costing $10.00, with a 5% sales tax, would cost you in total $10.50. In Hawaii, the price listed on the product can be $10.50, which would include the General Excise Tax. It is crucial that when you buy goods in Hawaii you inquire as to whether the General Excise Tax is included in the price or will be separately charged.

This is especially important when buying precious metals and gold. Hawaii has a statewide General Excise Tax of 4%, with local municipalities adding additional 1% to 2%. When you get a quoted price, always ask if the General Excise Tax is included and if not what would be the additional expense.

Golden Eagle Coins, being an out of state retailer, does NOT have to charge sales tax to Hawaii residents. Browse our selection of tax-free gold and silver products. Please take note that we are not experts on tax issues, and you may be liable to pay local Use tax. Please contact your local tax professional for more information.