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Calculate the exact impact of VAT by product type under Swiss law.
Considered a currency, it is VAT-exempt in Switzerland (purity >995 for bars, or >900 for coins).
Considered industrial metals, they are subject to the standard VAT rate (8.1%).
The Swiss VAT regime for precious metals is atypical compared to the European Union. Investment gold (bars ≥ 995‰, FOCBS-listed coins) is VAT-exempt under Art. 18 para. 2 let. i VATA. However, silver, platinum, palladium, and jewellery are subject to the standard rate of 8.1% (since 2024).
This difference creates a major competitive advantage for physical gold investment in Switzerland compared to neighbouring European countries. In Germany, you pay 19% Mehrwertsteuer on silver; in France, 20% TVA. In Switzerland, 'only' 8.1%. On a CHF 10,000 purchase of physical silver, that's savings of CHF 1,100 to CHF 1,190 versus France or Germany.
The legal trick of the Zollfreilager (bonded warehouse) allows deferring VAT payment on silver and platinum. As long as the metals remain in the warehouse, no VAT is due. Upon physical withdrawal, VAT applies. Several Swiss providers (Swiss Gold Safe, Philoro) offer this service — relevant for positions > CHF 50,000.
Prices shown are indicative (LBMA mid-market). They do not constitute investment advice.