When someone compares the price of gold and silver for the first time, they are usually in for a surprise: gold is bought at practically the value of the metal plus a small premium, whereas silver starts with a noticeable extra cost. The reason is not the market but tax. Investment gold is VAT-exempt in Spain and throughout the European Union; silver is not.
This exemption exists because, for tax purposes, investment gold is treated in a way similar to a financial asset rather than a consumer good. It is one of the reasons it remains the benchmark metal for protecting wealth.
In this article
The short answer
Investment gold carries no VAT in Spain or anywhere else in the European Union. But not all gold is investment gold: an 18-carat piece of jewellery, a 1-gram bar or an expensive collector's coin pays 21%. Silver, in any form, also pays 21%. And no VAT on the purchase does not mean no tax at all: if you sell at a profit, the gain is taxed.
What counts as investment gold
It is defined in article 140 of the Spanish VAT Act. There are two categories:
Bars and wafers
Fineness of 995 thousandths or more and, in addition, one of the weights listed in the Act's own annex, in a form accepted by the bullion markets:
| In grams or kilos | In ounces and other units |
|---|---|
| 12.5 kg · 1 kg · 500 g · 250 g · 100 g · 50 g · 20 g · 10 g · 5 g · 2.5 g · 2 g | 100, 10, 5, 1, ½ and ¼ ounces · 10, 5 and 1 tael · 10 tolas |
Watch out for 1-gram bars: even at 999.9 fine, they are not on the list, so they do not count as investment gold for VAT. A bar from a recognised refinery with a certificate is very advisable if you want to resell it easily, but it is not what the law requires for the exemption.
Coins
Fineness of 900 thousandths or more, minted after 1800, being or having been legal tender in their country, and normally sold for no more than 80% above the value of the gold they contain. The European Union publishes a list of coins that meet these requirements every year; the one for 2026 was published in November 2025 and includes, among others, the Krugerrand, the Maple Leaf, the American Eagle, the Buffalo and the Philharmonic. A coin that is not on the list is also exempt if it meets the requirements.
What does pay VAT
- Jewellery of any carat: 21%.
- Bars in weights not on the list, such as 1 gram, or under 995 fine: 21%.
- Coins that do not meet the requirements, for example collector coins sold well above the value of their gold: 21%.
- Silver, bars or coins: 21%. Spain has no exemption for silver.
- Storage of the gold: the exemption covers buying and selling the metal, not services. If you pay to have it stored, that service carries VAT.
VAT on silver is not recovered
A private buyer of silver pays 21% and does not get it back when selling. That VAT is part of your cost, so at least it reduces the gain you will declare. For silver to give you back what you paid, its price has to rise by at least that 21%, and a little more once you count the premium and the resale spread. We compare it with figures in silver versus gold.
If a company buys
One of the questions we see most is what happens when the gold is bought by a company. This is what the rules say:
- VAT. The exemption is the same: it depends on the gold, not on who buys it. A company buying investment gold pays no VAT, just like an individual.
- Corporate tax. The gain on sale goes into the company's profit and is taxed at its rate. In 2026 the general rate is 25%. Companies with turnover under one million euros the previous year pay 19% on the first €50,000 and 21% on the rest.
- Beware of holding companies. If more than half of the company's assets are not used in a business activity, for example because almost everything is stored gold, the law treats it as an asset-holding entity and it loses those reduced rates.
- Cash. When a business is involved in the transaction, you cannot pay €1,000 or more in cash.
How to book it in the accounts (as stock or as an investment) depends on why the company buys it. That is something to go through with the company's accountant.
Between businesses: waiving the exemption
There is a little-known case. A business that regularly produces investment gold, or turns other gold into investment gold, may waive the exemption when selling to another business. Then there is VAT, but the buyer accounts for it. It does not affect private buyers: if you buy for yourself, investment gold always comes without VAT.
When you sell, the gain is taxed
The exemption only covers VAT on the purchase. If you sell for more than you paid, the difference is a capital gain for income tax, at rates from 19% to 30%. There is no tax-free amount. We explain it in how much gold you can sell without declaring it.
At Equus Capital, as official SilverGold consultants in Valencia, we explain before you buy which format fits what you are looking for and exactly what you pay. The first consultation is free: buy physical gold and silver in Valencia.
Frequently asked questions
Does investment gold pay VAT in Spain?
No. Supplies, intra-EU purchases and imports of investment gold are VAT-exempt in Spain and throughout the European Union.
Are 1-gram bars VAT-exempt?
No. The VAT Act only accepts as investment gold bars of the weights listed in its annex, and the smallest is 2 grams. A 1-gram bar pays 21%.
Does gold jewellery carry VAT?
Yes, 21%, whatever its carat. Only investment gold is exempt.
Does a company pay VAT when buying investment gold?
No. The exemption depends on the gold, not on the buyer, so a company pays no VAT either.
How is a company taxed when it sells gold?
The gain goes into its profit and pays corporate tax: in 2026, 25% as a general rule, or 19% and 21% if turnover was under one million euros. A company that is mostly gold may count as an asset-holding entity and lose the reduced rates.
Do coins that are not on the EU list pay VAT?
Not necessarily. The list makes things easier, but an unlisted coin is also exempt if it meets the requirements of article 140.
What VAT does silver carry?
21%, in any form. Spain has no exemption for silver and a private buyer does not recover that VAT when selling.
Does storing gold carry VAT?
Yes. The exemption covers buying and selling the gold, not related services such as storage.
Does VAT-exempt mean gold is never taxed?
No. If you sell at a profit, the gain is taxed for income tax at 19% to 30%.