VAT on gold and silver

Investment gold is exempt from VAT in the European Union. The exemption covers gold bars and wafers of at least 995 fine and gold coins minted after 1800 that are or were legal tender, are at least 900 fine and normally sell at no more than 80 % above their gold value. Practically all well-known bullion coins, from the Krugerrand to the Sovereign, qualify.

Silver, platinum and palladium do not fall under that exemption. In the Netherlands and Belgium coins and bars of these metals carry 21 % VAT. Dealers can sell second-hand silver under the margin scheme, charging VAT only on their margin, which makes a considerable difference.

VAT is separate from income tax. In the Netherlands physical precious metal counts as a box 3 asset on 1 January; the gain itself is not taxed. Belgium taxes no gain within normal management of private assets; Germany applies a one-year holding rule. This is information, not tax advice.

Frequently asked questions

Is silver ever VAT-free?

Not as a new product in the EU. A dealer can sell second-hand silver under the margin scheme, and in a sale between private individuals VAT plays no role.

Do I pay tax on gains from gold?

Not on the gain itself in the Netherlands, but gold counts in box 3. Belgium taxes no gain within normal asset management; Germany none after one year of holding. Information, not advice.

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