Germany import taxes on Silver from GoldMoney

Hi community, I am a Portuguese living in Germany. I recently opened an account in GoldMoney and I am loving it! But I don't know if I will have some surprise if I redeem lets say 10 x 1oz Silver Maple Leaves. Will the German customs ask me for import taxes? I know that for Maple Leaves there is no VAT in Germany. What about Gold? Anyone has experience redeeming metal to Germany? Thank you very much in advance.

Comments

  • GoldStandardCanadianGoldStandardCanadian Posts: 148 Bronze ✭✭✭
    edited February 2017
    From what I could find, with a 2014 reference, it seems in Germany there's a 19% VAT on non-EU Silver purchases. So I would imagine if you import that silver you'll be paying for it. I don't see any VAT for gold, however. And I would assume if you buy EU silver you'll be ok.

    It's a bit of a catch 22 that when you buy silver through goldmoney you aren't paying 19% VAT on it within the Goldmoney system, but only when you redeem (take ownership of it), unless it happens to be EU silver.

    http://preciousmetaltax.com/taxes/

    This is a bit unfortunate, as silver probably has the most room to grow versus gold. 19% VAT tax is a good bit for a monetary instrument... in a better world it would be treated as money itself and not taxed as a commodity.
  • vfrsilvavfrsilva Posts: 2 Tin ✭
    Hi @GoldStandardCanadian, thank you very much for this information!
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