Physical gold has an obvious advantage as family wealth: it holds value, does not depend on any bank and passes from one generation to the next. But in an inheritance it is treated like any other asset. It must be inventoried, valued and declared, and what you do on inheriting determines the tax when you decide to sell.
Gold is part of the estate
The deceased's bars, coins and jewellery are included in the inventory of the estate and in Inheritance Tax. There is a common confusion with household effects (ajuar doméstico), which the law values automatically at 3% of the estate: investment gold and jewellery of extraordinary value are not covered by that percentage and must be declared separately, at their value.
In the Valencian Community, spouses, children and parents get 99% relief on the tax, so declaring the gold properly rarely means paying much. Hiding it, on the other hand, can be expensive.
How inherited gold is valued
Identify what there is
Weight, purity and format of each piece. A bar certified by a recognised refinery is valued almost directly, as is an investment coin; a piece of jewellery requires separating the metal value from the value of the piece.
Value at the date of death
Market value on the date of death is used, not on the day the inheritance is processed. With the gold price moving, it is worth documenting that date with a professional valuation.
Certify and document
A valuation report detailing each piece protects you in a tax review and, above all, fixes the value that will serve as reference if you sell later. If there is no documentation, physical gold can be certified.
What happens for income tax when you sell
When selling inherited gold, the heir pays income tax (IRPF) on the gain: the difference between the sale price and the value declared for Inheritance Tax. The appreciation during the deceased's lifetime is not taxed in anyone's income tax. That is why undervaluing the gold on inheriting is a bad idea even when there is no tax to pay: whatever you do not declare now will show up as a gain when you sell. The details are in the tax on selling gold.
After a death it is common to sell the gold to the first local buyer to share the money between heirs. Gold buying shops pay by weight at a significant discount and do not recognise the value of investment coins and bars. Before selling, find out what each piece is worth.
Sell, share or keep
You do not always have to sell. Gold is easy to share between heirs when there are standard pieces, and investment gold is VAT exempt, which makes it efficient to hold. If you decide to keep it, storage matters: see where to store physical gold.
How we handle it at Equus Capital
We have both things an heir needs under one roof: the legal team that processes the inheritance and declares the gold with the relief that applies, and the knowledge of the metals market to value it, store it or sell it at its real price. The first consultation is free.
Frequently asked questions
Does gold have to be declared in a Spanish inheritance?
Yes. The deceased's bars, coins and jewellery form part of the estate and are declared for Inheritance Tax at their value on the date of death.
Is gold included in the 3% for household effects?
No. Investment gold and jewellery of extraordinary value are not covered by the 3% for household effects and must be declared separately, at their value.
How much Inheritance Tax is paid on gold in Valencia?
It depends on the relationship. Spouses, children and parents have a 99% relief in the Valencian Community, so the tax is usually very low.
What tax do I pay if I sell inherited gold?
Income tax on the gain: the difference between the sale price and the value declared for Inheritance Tax. Appreciation before the death is not taxed.
Is it a good idea to sell gold to a gold buying shop?
It is usually not the best option for investment gold: they pay by weight at a discount and do not recognise the value of certified coins and bars. Have it valued first.
Risk notice. This content is for information only and is not personalised investment advice. Investing in real assets such as metals, loans or property involves risks, including the possible loss of capital, and past capital gains do not guarantee future results.