Gold Tax in Germany: Holding Period, Exemption Limit and Inheritance

When is selling gold tax-free in Germany?

Under German tax law, physical gold held as a private asset counts as an ‘other asset’. If you sell it at a profit, this is a private sales transaction under § 22 no. 2 in conjunction with § 23(1) sentence 1 no. 2 EStG – but only if no more than one year has passed between acquisition and sale.

If you hold the gold for more than one year, the gain is tax-free, regardless of its size. This applies equally to bars and coins. What counts are the dates of the purchase contracts, not delivery or payment. So keep your invoices permanently.

Under § 23(1) sentence 1 no. 2 sentence 4 EStG, the period is extended to ten years if the asset was used to generate income in at least one calendar year, for example by lending it out for interest.

The €1,000 exemption limit

If you sell within the holding period, the gain remains tax-free if the total gain from all private sales transactions in the calendar year is less than €1,000 (§ 23(3) sentence 5 EStG). This is an exemption limit, not an allowance: if the gain is €1,000 or more, the entire amount is taxable.

Taxable gains are taxed at your personal income tax rate, not at the flat-rate withholding tax. Losses from such transactions may only be offset against gains from private sales transactions. Under § 23(3) sentences 7 and 8 EStG, they can be carried back to the previous year or carried forward to later years.

VAT on purchase: gold and silver

In Germany, the supply, import and intra-Community acquisition of investment gold are VAT-exempt under § 25c(1) UStG. Investment gold means bars of at least 995 parts per thousand and gold coins of at least 900 parts per thousand that were minted after 1800, are or were legal tender in their country of origin and are normally sold at no more than 80% above their gold value.

Silver and platinum are not covered by this exemption. They are generally subject to the standard rate of 19% under § 12(1) UStG. The margin scheme under § 25a UStG now only applies in special cases, for example to goods from private sellers.

For precious metals in customs warehouses, the German Federal Ministry of Finance amended the VAT Application Decree with a letter dated 9 April 2026. Specialist articles see this as a restriction on models in which silver or platinum is bought VAT-free in a customs warehouse. How this plays out in an individual case depends on the specific arrangement.

Inherited gold: what applies for tax?

With an acquisition free of charge, i.e. by inheritance or gift, the previous owner’s acquisition is attributed to you (§ 23(1) sentence 3 EStG). If the deceased bought the gold more than one year ago, you can sell it without income tax, even immediately after the inheritance.

For German inheritance tax, the value of the gold on the date of death counts. It is added to the rest of the estate. The personal allowances under § 16 ErbStG include €500,000 for spouses, €400,000 for children, €200,000 for grandchildren and €20,000 in tax classes II and III.

Inherited gold without proof

It becomes difficult if you cannot prove when the deceased bought the gold. Legally, the deceased’s acquisition counts. But if the tax office asks, you must be able to show that the holding period has been met.

Any documents that place ownership in time are helpful: old invoices, bank statements, custody or safe deposit box records, photos, the will and the certificate of inheritance. The inheritance itself can also help. If it was more than one year ago, the holding period is met in any case. Dealers also ask about the origin for larger amounts. A certificate of inheritance makes selling easier.

Note

This page gives a general overview of the legal position in Germany in November 2026. It is not tax advice and does not replace a review of your individual case. For specific questions, please contact a tax adviser or your tax office.