EU VAT rules cover qualifying gold bars, wafers and coins. Learn the criteria, exemption and annual coin list.
Investment gold under EU VAT rules
The EU VAT Directive has a specific category called investment gold. It can include qualifying gold bars, wafers and coins. The category determines the VAT treatment of a transaction; it does not, by itself, certify an individual product or guarantee its resale value. Council Directive 2006/112/EC, Articles 344–346
Which bars and coins qualify?
Under Article 344, gold bars and wafers qualify when they have a purity of at least 995 thousandths and a weight accepted by the bullion markets. Member States may exclude small bars or wafers weighing 1 gram or less from this special scheme.
For a gold coin, all of these conditions must be met:
- Purity of at least 900 thousandths.
- Minted after 1800.
- It is or has been legal tender in its country of origin.
- It is normally sold for no more than 80% above the open-market value of the gold it contains.
Legal-tender status is therefore one criterion for a qualifying coin. A bar does not need a face value to qualify as investment gold. The Directive gives different tests for bars and coins; it does not say that every coin, or every gold bar, qualifies. Article 344
VAT treatment
Article 346 requires Member States to exempt the supply, intra-Community acquisition and importation of investment gold from VAT. The exemption concerns gold that meets the Directive's conditions. The Directive also provides for options to tax certain business supplies in specified circumstances; the treatment of a particular transaction should be checked against the applicable rules. Articles 346 and 348–350
The Commission's annual coin list
Member States report qualifying gold coins to the European Commission, which publishes an annual list under Article 345. Coins on the list are treated as meeting the criteria for the relevant year. A coin not on the list can still qualify if it meets the Directive's conditions. The official list valid for 2026 was published on 14 November 2025. Check the year and coin issue when using the list. Article 345
What this does not establish
These VAT rules do not promise that a coin or bar can be sold at any bank, set a buyback price, or guarantee liquidity. Authenticity and product condition require their own checks. The VAT definition also does not determine criminal liability for a counterfeit product. Directive 2006/112/EC, Chapter 5
This page provides general information, not legal or tax advice. The treatment of a specific purchase depends on the product and transaction. Please consult a qualified adviser if you need advice for your circumstances.