Frequently Asked Questions About Gold and Precious Metals Shipping

Answers regarding the shipping of gold and other precious metals, covering export abroad, import and VAT obligations.

I would like to buy a gold bar from the United States. Do I need to clear customs?

Yes, a gold bar originating from outside the EU must be presented to customs, even though investment gold is exempt from both customs duty and VAT. During the customs process, a VAT deposit may need to be placed, which the importer can later reclaim. A VAT deposit requirement is likely if the manufacturer is not known to the customs authority at the point of entry.

Can I take gold out of Hungary?

Yes, within the EU gold can be transported freely. When shipping outside the EU, the import must be declared to the destination country above a certain value threshold. It is advisable to enquire at the embassy of the country in question. Certain countries (e.g. Russia, India, Vietnam) may impose customs duties on gold, apply import restrictions, or penalise the undeclared importation of larger amounts. For shipping larger quantities, a professional secure transport provider should be asked for a quotation. Assistance with this can be requested from your gold dealer.

Can I bring gold into Hungary?

Yes, within the EU gold can be transported freely. When importing from outside the EU, the goods must be declared and commercially consigned items must be presented to customs (although there is no customs duty or VAT liability).

When is VAT payable on silver, platinum and palladium stored in a free trade zone?

VAT on precious metals stored in a free trade zone that are otherwise subject to VAT (e.g. silver, platinum, palladium) is payable only when the precious metals stock is removed from the free trade zone. Customs clearance can take place in any EU member state. In many cases, precious metals dealers use the services of a customs broker. If the dealer has a tax registration number in the country where customs clearance takes place, they can sell at the local VAT rate; however, if the goods are dispatched to another member state by distance selling, the VAT rate of the receiving country must be applied (provided the dealer has already exceeded the inter-country shipping threshold for the given year).

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