Within the eurozone, gold is exempt from VAT, provided it concerns gold bars with a purity of 24 karats and gold coins with a purity of at least 90%. The reason for this is that EU member states and the ECB classify gold as a form of financial asset that must remain freely tradable, similar to stocks and bonds.

Do I pay VAT on silver, platinum, and palladium?

Bars

Within the eurozone, silver, platinum, and palladium bars are not exempt from VAT and are therefore subject to 21% VAT. These metals have an industrial character and are considered raw materials. When purchasing silver, platinum, or palladium bars, you therefore pay 21% VAT, which cannot be reclaimed upon resale. However, we also offer silver, platinum, and palladium bars that are VAT-free. These are sold in combination with insured storage in Switzerland or Singapore — the most cost-effective option for both private and business investors.

Coins

For coins, there are two applicable VAT schemes: the margin scheme and the standard 21% VAT rate. Under the margin scheme, the dealer only charges VAT on the profit margin the difference between the selling price and the purchase price of the goods.

Platinum and palladium coins fall under the margin scheme. For silver coins, both schemes apply. From 2025 onwards, new silver coins will be subject to 21% VAT, as European VAT regulations are being harmonized. Older silver coins (from before 2025) remain under the margin scheme, making them cheaper than new coins.

Read more here about how to recognize the difference between these coins.

Precious Metals Account

Physical silver, platinum, and palladium purchased through the precious metals account on the website or via the Holland Gold App are always VAT-free. This is because the metals you purchase are securely and fully insured while stored in Switzerland.

Buying silver, platinum, and palladium with storage outside the EU

The most cost-effective option for both private and business clients is to purchase silver, platinum or palladium in combination with storage outside the EU, such as in Switzerland or Singapore. Because these bars are stored in bonded warehouses, no VAT is charged, meaning these bars are completely VAT-free!