Taxes on the import of gold into Switzerland
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The import of gold into Switzerland is usually tax-free
People who wish to import bank gold into Switzerland don’t usually have to pay import taxes. Provided the gold meets the current Federal Office for Customs and Border Security (FOCBS) requirements, it can be imported like cash without declaration or duty.
Note: This article does not claim to be exhaustive, explicitly does not constitute legal advice, and is intended solely for guidance. For definitive information, we recommend contacting a lawyer and obtaining information from regional customs offices, the Federal Office for Customs and Border Security (FOCBS) or the Federal Department of Finance.
Cast or stamped gold bars are tax-free, provided they have an imprinted fineness rating of at least 995/1000. They must also bear the producer’s hallmark, and the producer must be registered either in Switzerland or with the London Bullion Market Association (LBMA).
The following list contains well-known bullion coins which also remain tax-free in Switzerland:
| Gold coin | Country | Fineness | First minted | Weights options in troy ounces | Trivia |
|---|---|---|---|---|---|
|
US
|
916,7
|
1986
|
1, 1/2, 1/4, 1/10 oz
|
|
|
|
AU |
999,9
|
1986
|
10, 2, 1, 1/2, 1/4, 1/10, 1/20 oz and 1 kg
|
The world’s largest coin is the Australian Kangaroo produced in 2011 with a weight of around 1 tonne. |
|
|
Aus. Koala
|
AU
|
999,9
|
2007
|
2, 1, 1/2, 1/4, 1/10, 1/25 oz
|
|
|
GB
|
999,9 (bis 2012 917,0)
|
1987
|
5, 1, 1/2, 1/4, 1/10, 1/20 oz
|
|
|
|
CN
|
999,0
|
1982
|
1, 1/2, 1/4, 1/10, 1/20 oz and 1g, 3g, 8g, 15g, 30g
|
|
|
|
CH
|
900,0
|
1897
|
2,903 g, 5,807 g , 29,032 g |
|
|
|
Helvetia |
CH
|
900,0
|
1883
|
5,807 g
|
|
|
ZA
|
916,6
|
1967
|
50, 5, 1, 1/2, 1/4, 1/10, 1/20, 1/50 oz
|
|
|
|
MX
|
999,0
|
1981
|
1981
1, 1/2, 1/4, 1/10, 1/20 oz
|
|
|
|
AU
|
999,9
|
1996
|
10, 2, 1, 1/2, 1/4, 1/10, 1/20 oz and 10, 1 kg
|
|
|
|
CA
|
999,9 (bis 1981 999,0)
|
1979
|
1, 1/2, 1/4, 1/10, 1/15, 1/20 oz
|
5 pieces of the 100 kg Big Maple Leaf were produced in 2007. One of them was later stolen from the Bodemuseum in Germany. |
|
|
UK
|
916,7
|
1817
|
36,61 g, 14,64 g, 7,322381 g, 3,661 g
|
|
|
|
Wiener Philharmoniker
|
AT |
999,9
|
1989
|
1, 1/2, 1/4, 1/10, 1/25 oz |
The Big Phil is a 1000 oz (31.103 kg) version of the Philharmonic produced in 2004. |
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Unlike countries within the European Union (EU), the following coins are not tax-free in Switzerland because they are restrikes, i.e. replicas of historical originals:
- Austria: One ducat restrike mint (dating from 1915 and the erroneous issue of 1951)
- Austria: Four ducat restrike mint (dating from 1915 and the erroneous issue of 1951)
- Austria: 10 kroner restrike mint (dating from 1912)
- Austria: 20 kroner restrike mint (dating from 1915)
- Austria: 100 kroner restrike mint (dating from 1915)
Further details regarding imports and exceptions can be found below.
Import tax on gold from abroad, VAT exemption
European investors who wish to transfer their investment gold or other valuables to Switzerland and store them there must pay the applicable import tax at the time of import. This import tax is based on the same principles as statutory value-added tax, which must be paid on the net price of every product. While the purchase of gold in one’s home country remains largely VAT-free, this no longer automatically applies when crossing the Swiss border. Fortunately, investment gold qualifies for extensive exemptions from Swiss VAT.
VAT regulations are regulated by each respective country’s VAT laws. In Switzerland, VAT was introduced on all goods in 1995. However, according to Article 107 of the Value Added Tax Act (VAT Act), the Federal Council can issue deviating provisions. For example, the Value Added Tax Ordinance (VAT Ordinance) has, among other things, issued broad exemptions from VAT liability affecting the purchase of investment gold.
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The Value Added Tax Ordinance contains VAT exemptions
These exemptions are summarised in Article 44 of the Value Added Tax Ordinance (VAT Ordinance). The tax exemption primarily applies to sales of government-minted gold coins and gold bars as detailed under customs tariff numbers 7118.9010 and 9705.0000 (see the following section for more information). Gold bars must have a minimum fineness of 995/1000, bear a fineness indication, and carry the hallmark of a recognised assayer-smelter (see the following section).
In addition, gold in the form of granules (granular gold) is also subject to a tax exemption, provided it has a purity of at least 995/1000. It must also have been weighed, packaged, and sealed by a recognised assayer-smelter. Article 44 further regulates other formats such as raw gold or semi-finished products intended for industrial production, which are less relevant to private buyers. This also includes alloys consisting of two or more parts of gold, and where platinum is present, the gold content must predominate.
The VAT Act and VAT Ordinance are supplemented by Directive R-69-02 on tax exemptions for imports. It contains the implementation regulations of the Federal Office for Customs and Border Security (FOCBS, formerly the Federal Customs Administration, FCA) and aims to ensure uniform application of VAT regulations.
What do the customs tariff numbers 7118.9010 and 9705.0000 actually mean?
Article 44 of the VAT Ordinance contains customs tariff numbers intended to clearly define gold coins. For example, tariff number 7118.9010 simply states that the products are gold coins. Customs tariff number 9705.0000, on the other hand, covers: “collections or collector’s items (…) of (…) numismatic value.” This explanation has often led to confusion in the past, as Article 44 does not provide an official definition of the term “state-minted.” Among other things, this led to a legal dispute over the status of the Austrian gold ducat.
- Read the Federal Supreme Court ruling 2C 159/2019 of 23 July, 2019.
The Federal Customs Administration subsequently included the following statement from the Federal Supreme Court in its guidelines:
“State-minted gold coins within the meaning of Article 44, paragraph 1a of the VAT Ordinance are to be understood as pieces of gold whose weight and content are guaranteed by the state through minting, and which are or were intended for payment transactions. Restrikes are not considered coins in the above sense.”
Accordingly, only historic ducats from the years 1872-1915 are considered state-minted, and are now traded more as collector’s items. However, restrikes available since 1961 (starting with the final valid year of 1915) produced by the Austrian Mint for the investment market are an exception to this. It’s worth noting that the Vienna Mint also minted legal tender at the time and, then as now, continues to serve the needs of the state.
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Why do bars and granules require recognised hallmarks?
Before gold bars can be recognised as VAT-exempt, they require the hallmark of a certified assayer-smelter. This requirement is stipulated by the Federal Office for Customs and Border Security (FOCBS) in its document entitled: “Vorschriften über Schmelzen und Prüfen von Edelmetallen” (Regulations about smelting and assaying precious metals).
“Determinations of the fineness of smelted products produced abroad are only recognised in Switzerland if they originate from a recognised assayer-smelter. The relevant lists can be viewed online:”
This means that gold bars listed on the London Bullion Market Association (LBMA) official and its continuously updated “Good Delivery List” are considered exempt from import tax.
The significance of the hallmarks of the authorised assayer-smelter is clarified by a Federal Supreme Court ruling dated 01 November, 2013. The subject of this case was the import of gold bars into Switzerland by a Chinese citizen. Although these bars bore the required fineness data, they lacked the required hallmarks. Because the visitor had used the green gate for “nothing to declare” and the precious metal was subject to import because of the missing stamp, the gold bars were confiscated during an inspection. The Federal Supreme Court confirmed this procedure in its ruling 2C 518/2013.
Do older bars without a current manufacturer's certificate remain tax-free?
Older bars from formerly LBMA-certified producers who no longer have a current certificate are also exempt from import tax. The crucial requirement is that the bars in question were produced at a time when the LBMA certificate was still valid. In cases of doubt, the importer is required to prove that the manufacturer was certified during the production period. However, this could be difficult under certain circumstances, as common investment bars generally do not have a production date or a stamped year of production. However, this information can often be found in the accompanying certificate.
Proof is easier with Good Delivery bars of 1,000 ounces of silver or 400 ounces of gold. Here, the LBMA requires that the minting date appear on the surface. However, this requirement does not apply to bars of other weight units.
The LBMA current list specifies which producers are presently exempt from import tax. This is also stipulated in section 21.3 of the FOCBS guideline R-69-02 on tax exemptions. Gold bars from a producer currently listed on the LBMA Former List are thus not automatically exempt and must generally be taxed until the required proof becomes available.
- Tip: When importing older bars, visitors should provide and carry all documentation proving the goods were manufactured in a certified manner before crossing the border. Alternatively, be sure to only import new bars produced by current LBMA-certified producers.
Buying gold ex-VAT
Investors who wish to store bullion gold in Switzerland have the option of purchasing gold coins or gold bars direct from a specialist dealer in Switzerland. As mentioned at the beginning, the purchase of gold for investment purposes remains exempt from VAT. This allows your available investment capital to be fully utilised.
Instead of exporting your gold purchase to your home country, the precious metal remains in Switzerland and is stored there in a safe deposit box or in segregated storage – for example, at Swiss Gold Safe. This way, you don’t have to worry about import arrangements and can buy gold without paying VAT. You can find out which investment gold is suitable for this purpose together with more information in our article ‘Buying Gold as an Investment’.
FAQ – Importing gold into Switzerland
There are no restrictions on the import of gold into Switzerland. Gold does not have to be declared, except upon request from a customs officer. To prevent money laundering and terrorist financing, the customs do conduct random checks, during which you must provide accurate information about the gold being carried, its origin, and the beneficial owner.
No. Provided it qualifies as investment gold, import tax is generally not payable. In particular, this definition applies to gold bars with a fineness of at least 995/1000 and certain state-minted bullion coins.
Tax-free gold is:
- Gold bars (cast or stamped) with a fineness of ≥ 995/1000 and bearing hallmarks from a recognised assayer
- Certain state-minted gold coins (see below)
Examples:
- Maple Leaf (Canada)
- Krugerrand (South Africa)
- Britannia (UK)
- China Panda
- Vienna Philharmonic (Austria)
- Lunar Series, Birds of Paradise (Australia)
- Goldvreneli, Helvetia (Switzerland)
The following are not tax-free:
Restrikes of historical coins e.g.:
- Austrian ducats (e.g., year 1915)
- 10, 20, and 100 Krone restrikes
- Minimum fineness: 995/1000
- Clearly legible hallmark of a recognised assayer/smelter
- Assayer/smelters listed on the list held by the Federal Office for Customs and Border Security (FOCBS) or on the LBMA “Good Delivery List”
Older bars can also be deemed tax-free if they can be proven to have come from a producer that was LBMA-certified at the time of production (see LBMA Former List). The importer must provide proof of this.
This is not mandatory. Gold is exempt from declaration, but is still subject to random customs inspections. Upon request, the origin, type, quantity, and beneficial owner must be disclosed.
Cash, including precious metals, is exempt from declaration up to a value of €10,000. Values above this amount must be declared to the relevant customs authorities upon export. Depending on the country, such as Italy, additional regulations may apply.
- 7118.9010: Gold coins
- 9705.0000: Collector coins with numismatic value
Only state-minted coins are considered tax-free – not restrike coins.
Yes. The purchase of investment gold in Switzerland (e.g., from Echtgeld AG) is VAT-exempt – an ideal option for investors who wish to store their gold in Switzerland immediately.
If, for example, the required hallmarks are missing, your gold may be considered taxable and even confiscated. This was confirmed by a Federal Supreme Court judgment (2C_518/2013).
Jewellery and medals are not considered investment gold and are thus subject to import tax.