Investment Gold
Also: investment-grade gold, VAT-exempt gold, monetary gold
Investment gold is a fiscally privileged category of gold (bars and certain coins) whose purchase is exempt from VAT across the EU.
Investment gold (also investment-grade gold) is a clearly defined fiscal category. Across the entire EU, the purchase of investment gold is exempt from VAT — this makes gold especially attractive compared with silver, platinum and palladium, where value-added tax is generally charged on purchase.
What qualifies as investment gold
In Malta, the exemption follows the EU-wide definition set out in Council Directive 2006/112/EC, transposed into Maltese law through the VAT Act. Investment gold comprises:
- Gold bars and wafers with a fineness of at least 995/1000, in weights accepted on the bullion market.
- Gold coins with a fineness of at least 900/1000, minted after 1800, which are or have been legal tender in their country of origin, and whose selling price does not exceed the market value of the gold 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 and American Eagle appear on it reliably.
Tax-free on purchase — and on sale?
Two separate matters must be distinguished:
- VAT: No VAT is charged on the purchase of investment gold in Malta. You therefore pay essentially only the spot price plus a premium.
- Capital gains on private disposals: Malta levies no capital gains tax on private disposals of movable assets such as precious metals. Maltese capital gains tax applies only to specific assets (immovable property, securities, business interests), so a private sale of investment gold generally triggers no CGT. A first estimate is offered by the Tax Estimator.
Investment gold vs. collector coins
Not every gold coin is investment gold. Numismatic collector coins, whose price lies far above their material value, fall outside the definition and may be subject to VAT. For pure wealth accumulation, investors therefore usually opt for bar-like products and common bullion coins with a low premium.
In brief
Investment gold combines two advantages in Malta: it is VAT-exempt on purchase and, on private disposal, generally free of capital gains tax. Anyone who knows these rules buys the right bars and coins deliberately and avoids unnecessary charges. (This text is not tax advice; when in doubt, consult a tax adviser.)