VAT is an important consideration when purchasing physical precious metals because the tax treatment can differ according to the metal, product classification and destination country. Within the European Union, qualifying investment gold benefits from a specific VAT exemption under the EU VAT Directive. The framework covers qualifying investment-gold bars and wafers and certain gold coins meeting defined purity, age, legal-tender and pricing criteria. The European Commission also publishes an annual list of gold coins that meet the relevant criteria; the 2026 list was published in the Official Journal in November 2025. This means buyers should distinguish investment gold that qualifies for the exemption from other gold products, particularly collectible or numismatic pieces that fall outside the investment-gold regime.

Silver is treated differently. EU-wide VAT legislation does not provide silver with the same special investment-metal exemption that applies to qualifying investment gold, so the VAT position on silver purchases must be assessed according to the applicable rules in the destination market. For European buyers, the practical approach is therefore to evaluate the product price together with any applicable VAT, delivery charges and other transaction costs before comparing offers. Buyers should also distinguish between EU-wide rules and the national tax treatment applicable in their particular country, especially when purchasing across borders or from outside the EU. JM Bullion Europe should present VAT information as a purchasing consideration rather than assume one tax rate or treatment applies uniformly throughout Europe.