Switzerland
Switzerland offers one of Europe's most favorable frameworks for buying, holding, and reselling physical gold, with VAT exemption on investment gold and no tax on private capital gains.
VAT on gold in Switzerland
Investment gold (bars from 995‰ fineness, recognized coins) is VAT-exempt in Switzerland under Art. 23 para. 12 of the VAT Act. This exemption already applies on purchase within Switzerland: no additional VAT is due on this gold, whether it stays in the country or is exported.
Customs declaration
Switzerland does not set a systematic written-declaration threshold, but requires you to provide information if asked by the Federal Office for Customs and Border Security (FOCBS).
| Amount | Requirement | Form |
|---|---|---|
| Any amount | No written declaration required at the border | — |
| CHF 10,000 or more, or on suspicion | You must state your identity and the origin and purpose of the funds orally | FOCBS – transporting cash ↗ |
Resale
For an individual holding gold privately, the gain on resale is not taxed at the federal level. This exemption assumes ordinary private wealth management, frequent or large-scale trading can change how a sale is classified.
| Scenario | Tax treatment |
|---|---|
| Private individual, occasional sale | 0% federal tax on the capital gain, full exemption, no minimum holding period |
| Frequent or professional-style trading | Cantonal authorities may reclassify gains as self-employment income, taxable at ordinary income rates |
| Documentation | No proof of purchase is required for the exemption, but keeping it supports your position if classification is ever questioned |
What is investment gold?
In Switzerland, gold qualifies as VAT-exempt investment gold under Art. 23 para. 12 of the VAT Act when it takes the form of bars or wafers of at least 995‰ fineness accepted by the bullion markets, or coins of at least 900‰ fineness that are or were legal tender and trade at a price closely tied to their gold content. This is broadly the same category used across the EU, so investment gold bought in Switzerland generally keeps its VAT-exempt status when it enters an EU country, provided it also meets that country's own criteria. Jewelry, medals, and numismatic coins outside this definition are taxed differently.