In Germany, investment gold is exempt from VAT under §25c UStG — silver is not. New silver coins and silver bars have carried the full 19 percent since 2025. That difference explains why silver looks considerably more expensive relative to its metal value than gold does.
The exemption is tied to clear criteria. §25c UStG, together with the EU directive, defines investment gold by fineness and trading form — not by the buyer's intention.
Every bar and bullion coin in our range meets these criteria. That is why no VAT is itemised on your invoice for gold.
There is no comparable exemption for silver. Historically, dealers could apply the margin scheme under §25a UStG to imported silver coins, where only the trading margin is taxed. That practice ended for new stock in 2025.
The result is a noticeable difference in the premium. On a silver coin with €30 of metal value, around €5.70 of VAT is added before minting costs and the dealer's margin are even counted. With gold that block disappears entirely.
If you buy silver mainly for the metal weight, larger units work out cheaper: on a kilo bar the tax is spread across considerably more fine silver than on a one-ounce coin.
VAT acts like an additional premium that you do not get back when you sell. So build it into your expectations: silver has to rise further than gold to deliver the same return.
Selling as a private individual, no VAT arises — you are not a trader in the legal sense. Only income tax then matters: after a twelve-month holding period, gains are tax-free under §23 EStG; before that, the €1,000 per year exemption limit applies across all private disposals combined.
Yes, provided it is investment gold. Bars must have a fineness of at least 995/1000, coins at least 900/1000, be minted after 1800 and be legal tender in the country of origin. The exemption under §25c UStG then applies.
New silver coins and silver bars carry 19 percent VAT in Germany. The margin scheme previously used for imported coins ended for new stock in 2025.
No. Jewellery, dental gold and granulate do not meet the criteria for investment gold and are fully subject to VAT.
Because investment gold is exempt from VAT. No tax amount is itemised; instead the invoice refers to §25c UStG.
Legal position for Germany as at July 2026. General information, not tax advice. Have it reviewed and signed off by a tax adviser before going live.