Investment gold VAT exemption remains in place in 2022

If you are planning to buy gold in the form of bars, coins or jewellery while on holiday abroad this summer, you should not only get familiar with the possibilities of checking authenticity, but also the applicable import regulations of your home country. As an EU citizen, you will benefit from special status particularly exempting investment gold with a high fineness from VAT or import tax when crossing a border within the EU.

Why does gold actually enjoy a special status?

In 1998, the EU decided with Directive 98/80/EC to exempt so-called investment gold from VAT. The EU Commission cited the promotion of gold as a financial instrument as the main reason for this ruling. Investment gold is defined as gold bars or wafers with a purity of at least 995/1,000 as well as gold coins with a purity of at least 900/1,000, provided they were minted after 1800 and their commercial value does not exceed the value of the gold by more than 80 per cent. Investment gold defined accordingly must only be declared when crossing the border within the EU if its value exceeds €10,000.

Caution with gold purchases outside the EU

Investment gold purchased in non-EU countries is also exempt from VAT or import tax. However, since June 2021, if the €10,000 limit is exceeded, the import must be declared in writing to customs in advance. The case is completely different with gold jewellery and other objects containing gold. For them, a maximum duty-free limit of €430 applies. Also, many gold coins are not tax-exempt, e.g. if their purity is less than 900/1,000 or if they are extremely rare and their commercial value therefore differs greatly from their material value. To be safe, it is thus advisable to consult the gold coin list published by customs authorities in your home country, usually accessible online.