4 March 2013

VAT on Silver when importing into the EU & How to get around it

Silver Coins and Bars are subject to VAT in the EU and therefore it is only understandable that the EU investor seeks to buy silver VAT free.

Silver is sold without VAT in countries such as USA, Canada, Norway and Offshore, for example Guernsey one of the British Channel Islands.

Buying silver VAT free brings down the price significantly on average between 5 and 20% depending on which EU country we’re referencing to.

Being excited about the much lower prices many investors then ship silver to their door and find a nasty surprise: VAT charges when importing silver into the EU.

This is explained with the customs declaration form where the content is indexed with so called Customs Tariff Numbers. These Tariff Numbers are organized worldwide and for silver the number is 7106.91.00 for the categorie silver.

As silver coins are not being treated as legal tender in the EU customs charges VAT on the coins when imported into the EU. Generally said it doesn’t matter which country the investor ships to the rules say as soon as the goods cross the outer EU border the imported goods are subject to the defined import duties.

Of course if the package slips through customs inspection things are totally fine. But not declaring and not paying is viewed as evasion of taxes. One can have an own view on this situation but those are the current rules.

The silver lining in this story is to buy through the last VAT free haven inside the EU which is Estonia. Silver Coins that are legal tender in the country they have been issued are sold without Vat in Estonia and you can ship your coins freely within the EU.

VAT free silver coins are sold at Europe’s guaranteed lowest price on www.celticgold.eu

Author: by Stefan Krämer

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