Investment Gold
Also: Bullion Gold, Tax-Free Gold, § 25c UStG
Investment gold is tax-privileged gold (bars and certain coins) whose purchase is exempt from VAT in the EU.
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Investment gold (also bullion gold) is a clearly defined tax category. Throughout the EU, the purchase of investment gold is exempt from VAT — this makes gold particularly attractive compared to silver, platinum, and palladium, where VAT generally applies on purchase.
What Qualifies as Investment Gold
In Germany, the requirements are governed by § 25c of the VAT Act (UStG). Investment gold includes:
- Gold bars and plates with a fineness of at least 995/1000, in weights commonly traded on the market.
- Gold coins that have a fineness of at least 900/1000, were minted after the year 1800, were or are legal tender in their country of origin, and whose selling price does not exceed the material value by more than 80%.
The European Commission publishes an annual list of coins that qualify as investment gold. Classics such as the Krugerrand, Maple Leaf, Vienna Philharmonic, or American Eagle reliably appear on it.
VAT-Free on Purchase — and on Sale?
Two different taxes must be distinguished:
- VAT (sales tax): When purchasing investment gold, no VAT applies. Therefore, you essentially pay only the spot price plus premium.
- Income tax on gains: If you sell physical gold after a holding period of more than one year, the disposal gain is tax-free under § 23 EStG. Within the one-year period, gains are taxable (with a tax-free allowance). A first assessment is provided by the tax estimator.
Investment Gold vs. Collector Coins
Not every gold coin is investment gold. Numismatic collector coins, whose price significantly exceeds the material value, fall outside the definition and may be subject to VAT. For pure wealth accumulation, investors therefore mostly opt for bar-like products and common bullion coins with a low premium.
In Brief
Investment gold combines two tax advantages: VAT-exempt on purchase and — after one year holding period — tax-free on sale. Those who know these rules buy the right bars and coins with purpose and avoid unnecessary levies. (This text is not tax advice; when in doubt, consult a tax advisor.)