Any major complications for brits in Spain purchasing gold?

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18 Nov 2021 4:58 PM by carlyoung Star rating. 10 posts Send private message

I wanted to buy some gold coins from a supplier (who seem to be based in the UK... their website is bullionbypost.eu ) I was wondering if anyone here (living in Spain) has any experience purchasing gold. As far as I understand I will not have to pay any tax on a purchase of gold coins (vat etc) in Spain.
 any information on Spanish CGT on gold would be helpful. Or any other general info/experiences.



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19 Nov 2021 10:23 AM by baz1946 Star rating. 2300 posts Send private message

Have a good look at the website you mention, they do a good section about Tax Free Gold, I haven't bought from them because I found them to be to expensive and that effects profit, British Gold coins are exempt from CGT. No idea if you would pay Tax on Gold shipped to Spain, have to ask how would they know if it went to Spain from the UK? Would you trust the Mail sending them? Perhaps if opened customs would have a field day when they saw the glint of Gold.



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19 Nov 2021 12:53 PM by GuyT Star rating. 507 posts Send private message

While gold isn't classified as currency by the Spanish and thus does not fall foul of laws relating to how much cash you can take into or out of EU.....I suspect that these days they would like to make a note of it. if given the chance. I've generally carried it in my car and had no problems. 

malcolmelliscoins are very reliable.....he's been going for over sixty years....I've used him for twenty. you'll generally pay about 3% commission when buying or selling. buy coins, eg Krugerrands, not bars, as coins are easy to assay but bars are fiddly to assay and require specialist knowledge and it is a costly and time consuming process.

I am sure that if you declare your gold holdings to the Spanish govt  they will want to know if and when you sell them and levy capital gains. That's the beauty of gold....its anonymity...why would you ever tell anyone? best bet is to buy the gold in UK in small amounts £10k worth at a time and bring it over in your car. £10k weighs about 7 oz and fits in the palm of your hand. Bury it in your garden. 

 





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19 Nov 2021 8:24 PM by Marksfish Star rating in Vera, Almeria. 2602 posts Send private message

Marksfish´s avatar

I buy sovereigns from them in the UK, so a reliable company. Not sure how it will work for you in Spain though. ATS Bullion are reliable too, and sometimes a bit cheaper.

Mark





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26 Nov 2021 6:11 PM by carlyoung Star rating. 10 posts Send private message

Thanks Baz, Guy and Mark for your responses the other day. Very sorry to reply so late.
 I will probably have to declare any gold purchased to the Spanish tax authorities (though I would love not to) I was planning to spend more than £10k and that could trigger an alert with the spanish tax people (I have to disclose my uk and spanish bank statements every year AND worldly assets) I am not planning to travel to the UK also... anyway, no horror stories so far on this post. CGT is royal pain in the rear-end but I can't see any way to avoid disclosure without potentially getting into a lot of trouble.



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