Germany
Germany offers one of Europe's most attractive tax exits: after a one-year holding period, the gain on physical gold is fully tax-exempt.
VAT and import to Germany
Investment gold (bars ≥995‰, eligible coins) is exempt from German VAT (§25c UStG) on import, including from Switzerland, under the same conditions as the rest of the EU.
Customs declaration
The German-Swiss border is an external EU border: unminted gold of at least 99.5% fineness is treated as cash by German customs (Zoll).
| Amount | Requirement | Form |
|---|---|---|
| Under €10,000 | No declaration required | — |
| €10,000 or more | Written declaration required via the customs portal before crossing | Zoll-Portal – Barmittelanmeldeerklärung (form 040000_1) ↗ |
Resale
In Germany, the resale gain is fully tax-exempt once you've held the gold for more than one year (§23 EStG). Sell before that, and the gain is taxed at your marginal rate, subject to an annual exemption threshold for small sales.
| Scenario | Tax treatment |
|---|---|
| Held over 1 year | 0%, gain fully exempt under §23 EStG |
| Held under 1 year | Taxed at your marginal personal income tax rate, unless the year's total gain stays under the €1,000 Freigrenze (as of 1 January 2024, Wachstumschancengesetz), a threshold, not an allowance: once exceeded, the entire gain becomes taxable, not just the excess. |
| Documentation | Keep the purchase date as your proof of holding period, it's what determines which regime applies |
What is investment gold?
Under §25c UStG, investment gold covers bars and ingots of at least 995‰ purity, and coins that are at least 900‰ pure, minted after 1800, are or have been legal tender in their country of origin, and are normally sold at no more than 80% above the value of the gold they contain, the same standard used across the EU under Directive 98/80/EC. The European Commission publishes an annual list of coins meeting this last condition, including the Krugerrand, the Vreneli, and the American Eagle. Only gold that fits this definition qualifies for the VAT exemption described below; jewelry and coins outside the published list are taxed as ordinary goods.