Council Directive 2006/112/EC, Articles 344 to 356, sets a common special regime for investment gold across the 27 member states. Investment gold, and therefore exempt from EU VAT, is gold in bars or wafers of .995 fineness or higher and of weights accepted on the bullion markets, and gold coins of .900 fineness or higher, minted after 1800, that are or have been legal tender in their country of origin and whose usual selling price does not exceed the market value of the gold they contain by more than 80%. The European Commission publishes the list of coins that meet these requirements every year. The exemption does not extend to silver, platinum or palladium, which are taxed at the standard VAT rate of each member state.
When buying
Investment gold, bars from .995 fine and coins that meet the three criteria of the Directive, is exempt from VAT throughout the Union. Silver, platinum and palladium in any form, and gold that does not meet the investment criteria, are bought at the standard VAT rate of the country of sale, with no reduction of any kind. For that reason, the tax burden on silver in the European Union is one of the highest among the zones of the world.
Because physical silver has no special regime, the rate you pay depends on the member state. These are the standard VAT rates in force in 2026 in nine countries of the Union.
| Country | Standard VAT rate |
|---|---|
| Germany | 19% |
| France | 20% |
| Austria | 20% |
| Belgium | 21% |
| Netherlands | 21% |
| Italy | 22% |
| Ireland | 23% |
| Poland | 23% |
| Estonia | 24% |
When selling
There is no common capital gains regime for private individuals in the Union, and each state applies its own rules. Two examples show the diversity.
- Germany. Private sales of movable property, including gold and silver, are exempt from income tax if the metal has been owned for more than a year. Within that period, the gain is taxed as general income if it exceeds a tax-free threshold of 1,000 euros a year, in force since 2024.
- France. The sale of precious metals by a private individual bears a flat tax of 11% on the price, plus a 0.5% social contribution, unless the seller opts for the capital gains regime by providing the purchase date and price. Under that regime, more than 22 years of ownership leave the gain exempt.
Most of the other member states include the gain in general income, with no specific treatment for precious metals.
Reporting and limits
The new European anti-money laundering regulation (Regulation (EU) 2024/1624) sets a single limit of 10,000 euros on cash payments across the Union, applicable from July 2027. Until then, several member states maintain lower limits of their own on cash between a merchant and a resident private individual, in some cases between 1,000 and 3,000 euros.
Precious metals dealers, like any entity bound by anti-money laundering rules, must identify the customer and report suspicious transactions regardless of the amount.
When importing
Within the European Union there are no duties or customs formalities between member states, and metal moves like any other good in the single market.
When receiving metal from a country outside the Union, such as the United States, unwrought gold and silver bars and coins normally enter at zero duty under the common tariff classification. VAT is settled at customs in the country of destination, unless it is investment gold, which is also exempt on import under Article 346 of the Directive. Imported silver, platinum and palladium pay the VAT of the country of arrival at clearance.
Other zones
- United States ·
/en/inversion/fiscalidad/estados-unidos - United Kingdom ·
/en/inversion/fiscalidad/reino-unido - Switzerland ·
/en/inversion/fiscalidad/suiza - Canada ·
/en/inversion/fiscalidad/canada - Australia ·
/en/inversion/fiscalidad/australia - Asia ·
/en/inversion/fiscalidad/asia
Consulted on September 27, 2026.
- European Commission (EUR-Lex), summary of the special VAT regime for gold, 2026.
- EUR-Lex, consolidated text of Directive 2006/112/EC, 2026.
- Tax Foundation, VAT rates in Europe in 2026, 2026.
- Lohnsteuer kompakt, tax-free threshold of 1,000 euros for private sales since 2024, 2026.
- French Ministry of the Economy, sale of precious objects, 2026.
- EUR-Lex, summary of Regulation 2024/1624, 2026.
- EVZ, Cash Payment Limits in Europe, 2026.
This is general information, not a tax service. Consult a tax professional in your country. Figures reviewed on September 27, 2026.