In 6.000 euros of silver there are around 958 euros of VAT. In 4.000 euros of gold, none. Two purchases on the same day, with the same provider, out of the same money. That is not a dealer markup, it is written in the Umsatzsteuergesetz (German VAT Act). And it decides where your purchase starts, long before the market plays any part.
The short answer. When you buy silver in Germany, 19 percent VAT applies, because for tax purposes silver is a normal good. Investment gold is explicitly exempt. So in 6.000 euros of silver there are around 958 euros of tax. You will not get that back when you sell. The silver price first has to rise by 19 percent until that amount is made up.
The model case, freely constructed. A practice owner has 10.000 euros sitting in her account, money she paid out of the business to herself long ago and that earns nothing where it is. She wants to move it: 4.000 euros into gold, 6.000 euros into silver. All the figures in this article come from exactly this case. For an employee who wants to invest a bonus payment, the starting point looks identical, the money simply goes by another name.
One thing matters here: this is about private money that has already left the business. If a company buys precious metal into its business assets, different rules apply, among other things for the input VAT deduction. That belongs with your tax advisor.
Why gold is exempt and silver is not
The legislator has explicitly excluded investment gold from VAT (§ 25c UStG): bars and wafers from a fineness of 995 thousandths, as well as gold coins that meet certain criteria. Investment gold therefore sits closer to a financial product than to a good.
Silver does not fall under this. For tax purposes it counts as a normal economic good, like a tool or a piece of furniture. Hence 19 percent. In the model case that means: no VAT on the 4.000 euros of gold, around 958 euros on the 6.000 euros of silver.
The purchase price is not what lies in the safe
Of the 6.000 euros for silver, around 5.042 euros is the net price, everything above that is tax. And the net price is not yet the metal value: the dealer premium comes on top for gold as well as for silver, and much more so for small denominations than for large ones.
In figures from the model case:
- Gold: 4.000 euros purchase price, 0 euros VAT, no tax-related gap to the metal value
- Silver: 6.000 euros purchase price, around 958 euros VAT, around 5.042 euros net price
- For the silver share to be worth 6.000 euros again, the silver price has to rise by 19 percent
- The premium and the spread between the buying and selling price come on top in both cases
With gold the calculation starts at zero, with silver 19 percent in the red. That is not an argument against silver, but one for choosing the share deliberately instead of by gut feeling. Which share belongs in precious metal for you at all, and in which form, is something we work through on your own figures in an initial consultation.
What changed in 2025 for imported silver coins
For a long time there was a detour: silver coins from non-EU countries were imported at the reduced tax rate and then resold under the margin scheme (Differenzbesteuerung). For buyers that looked like silver with noticeably less than 19 percent. That route has been closed since 1 January 2025 (§ 25a UStG, amended by the Jahressteuergesetz 2024 (Annual Tax Act 2024) of 02.12.2024). If you still come across an offer today using the word differenzbesteuert, it is worth looking closely at what it refers to.
The honest perspective: the tax is not the only gap to the metal value, and with silver it is not the whole story either. Silver fluctuates noticeably more in price than gold. Anyone who buys both is not buying the same thing twice in a different color.
Before you buy
When you sell later, the holding period also plays a role, and whether storage outside Germany is an option for you is a question of its own. What follows from that in your case is for your tax advisor to clarify. I do not provide tax advice.
What I can do with you is the step before that: which share of your wealth belongs in precious metal, how it splits between gold and silver, and in which form you buy. How the purchase and storage work is set out on Buy gold and silver. If you want to go through this on your own figures, book a free initial consultation, in Lüdenscheid or via video.
Frequently asked questions about silver and VAT
How much VAT do I pay when buying silver?
In Germany the standard rate of 19 percent applies when you buy silver. In a purchase price of 6.000 euros, around 958 euros of VAT is included, which leaves a net price of around 5.042 euros. The tax is part of the price and is not refunded when you sell later.
Do I get the VAT back when I sell silver?
Not as a private individual. You sell at the market value of the metal, and the tax paid on purchase stays a real disadvantage on your entry price. That is why the silver price has to rise by 19 percent before you are back at your original purchase price, and the premium is not even included in that.
Why is gold exempt from VAT and silver is not?
Investment gold is explicitly excluded in the Umsatzsteuergesetz if it meets the criteria named there, for example bars from a fineness of 995 thousandths. There is no such exception for silver, it counts as a normal good. That is why 19 percent applies when you buy silver and none on investment gold.
Bars or coins: where is the VAT cheaper?
There is no difference in the tax rate, 19 percent applies to both. The difference lies in the premium: coins and small denominations cost proportionally more dealer margin than large bars. So if you go into silver, small units cost you twice over.
Does the margin scheme still exist for silver coins?
For imported silver coins it ceased to apply on 1 January 2025. The margin scheme is ruled out if the reduced tax rate was applied on import. So the full tax rate applies to these coins as well.
Related reading:
- Buy gold and silver: savings plan and one-off purchase via Geiger
- Gold and silver as tangible assets: when precious metals belong in your wealth
- Wealth building for entrepreneurs: how to separate firm and private assets
Eduard Strekert is a financial advisor for Deutsche Vermögensberatung AG (DVAG). This article is general information and does not replace personal advice. It does not constitute investment or tax advice.