Category: French Bullion & Coin Dealers
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Monnaies d’Antan
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Buying Bullion In France
France is Europe’s second richest country and home to the fourth highest household wealth in the world. This coupled with a long-time use of “Rabbit Gold” (the French name for gold buried in the garden as a means of wealth preservation in times of unrest) means France as a whole knows the use and value of gold as a hedge.
France is steeped in history and as such is a numismatic hotspot with coin dealers and collectors keen to trade in this history, buying and selling everything from the truly ancient to more modern coins. This has given France an enviable network of coin dealers and numismatic specialist resources.
According to the World Gold Council (WGC) the French state owns 2436 Tonnes of gold as of October 2017, or an incredible 64.9% of it’s national reserves. Whilst this is down from the 3024 Tonnes held in 2004, France is still one of the world’s biggest holders of gold reserves, dwarfing the Russian state’s 1838 Tonnes and the UK’s 310 Tonnes.
The French people have endured a number of great upheavals and have traditionally used gold as a store of wealth through these times, most recently during the Second World War where families would convert their assets into gold before hiding it ahead of fighting – the “Rabbit Gold” mentioned above.
Are Bullion Sales Taxed in France?
Like all countries in the European Union, France subjects precious metals to Value Added Tax (VAT) – in France’s case at 20%. Similarly investment gold is rated for VAT at 0% provided it meets certain standards, being a bar or wafer in standard weights and of a purity greater than 995, or a post-1800 legal tender coin of a purity over .900 and a sale price no greater than it’s intrinsic gold weight plus up to 80%.
Silver, Platinum and Palladium bars and coins are not exempt and are therefore rated at 20% for VAT.
France is well known for it’s highly complex tax system and unusually for Europe, investment gold is taxed at 8% – 10.5% on resale or is subject to Capital Gains Tax at 34.5% of the gain – however this is only if the seller has full paperwork from the time of initial purchase as well as certification of the bars or coins, otherwise CGT is payable on the whole sale amount at 34.5%.
Unsurprisingly many French bullion owners make use of the open borders to neighbouring countries with a more gold-friendly tax setup when it comes time to sell. Alternatively larger investors opt to buy and hold their gold offshore.
Despite these obstacles, French retail gold investment stands at an average of 2 Tonnes per year.
IMPORTANT: The above tax details are listed for information purposes only and are believed correct at time of publication. Bullion.Directory are not tax experts. All enquiries about French taxes should be addressed to the appropriate local body. Taxes and taxation are subject to change.
GoldenCrest Metals
