Storing Gold in Singapore: A Precious Metals Hub
Storing gold in Singapore appeals to many investors because the city state has exempted investment precious metals from Goods and Services Tax (GST) since 1 October 2012. This applies not only to gold but also to silver and platinum, which in Germany are subject to 19% VAT.
What does the GST exemption since 2012 mean?
Singapore announced the exemption in its 2012 Budget, and it has applied since 1 October 2012. Since then, the import and sale of Investment Precious Metals (IPM) have been exempt from GST.
The tax authority IRAS explains it as follows: investment precious metals are essentially financial assets, similar to shares and bonds, whose trading is also tax-exempt. The exemption was also intended to promote precious metals trading and refining in Singapore.
Which metals count as investment precious metals?
Purity is decisive. Gold must be at least 99.5% pure, silver at least 99.9% and platinum at least 99%.
Bars must be tradable on the international market. As a rule, this means they come from a refiner on the LBMA Good Delivery List for gold and silver, or the LPPM list for platinum. Decorative bars and collectibles are excluded.
Coins must be or have been legal tender in their country of origin and appear on a specified list. Proof and numismatic issues are not covered by the exemption.
How does Singapore differ from Germany?
In Germany, only investment gold is exempt from VAT under Section 25c of the German VAT Act (UStG). Silver and platinum bars are subject to 19%. In Singapore, all three metals are exempt as long as they meet the purity thresholds.
A bonded warehouse in Germany used to offer a similar effect for silver. Since a letter from the German Federal Ministry of Finance (BMF) dated 9 April 2026, however, this is hardly possible any more for private investors. You can read the details on our page about bonded warehouses.
Which vaults are there in Singapore?
Le Freeport, formerly Singapore Freeport, opened in May 2010 near Changi Airport. It is a high-security warehouse for art, valuables and precious metals, modelled on the freeports in Geneva and Luxembourg. It has been owned by the company Bitdeer since 2022.
The Reserve in eastern Singapore is a private precious metals vault covering 17,000 m². The building was bought in 2020 and converted by 2024. It is operated by Silver Bullion. Its security features include airlocks, laser, motion and vibration sensors and almost 500 cameras. The building is designed for about 500 tonnes of gold and 10,000 tonnes of silver. At the latest audit by Bureau Veritas on 26 October 2026, Silver Bullion customers held 283,601 troy ounces of gold (about 8.8 tonnes), 18.83 million troy ounces of silver (about 586 tonnes) and 32,892 troy ounces of platinum (about 1 tonne) there. Silver Bullion publishes these audit reports every quarter. Holdings of other tenants in the building are not included. Spargold also stores its customers’ metal here. According to Spargold, customers acquire full ownership of physical bars, the metal is fully insured and it is regularly audited by independent third parties such as Bureau Veritas.
Banks and precious metals dealers also offer their own storage. As with any vault, you should check whether you own specific bars, who provides the insurance and who audits the holdings.
How does a vault differ from a safe deposit box?
With a safe deposit box, you rent a box. The bank does not know the contents and only looks after the container. Whether and to what extent the contents are insured depends on the contract and on separate insurance.
A precious metals vault such as those in Singapore is designed for bars. Here the metal is usually registered, weighed and assigned to an owner. With allocated storage, bars are individually assigned to the customer. With unallocated storage, there is only a claim to a quantity from a shared pool.
What should you consider when storing abroad?
Anyone storing precious metals abroad should know their tax obligations in their home country. The exemption in Singapore only concerns the local GST. It does not replace checking how a purchase, sale or later delivery to Germany is treated for tax purposes.
If in doubt, ask a tax adviser. When metal is imported into Germany, import VAT may be due on silver and platinum.
