Gold and tax in Denmark – VAT, gains and declaration
The short answer: investment gold is VAT-exempt, and gains on private sales are in principle tax-free. Here are the rules explained — with the exceptions you need to know.
The key rules
VAT on purchase. Investment gold is VAT-exempt under the VAT Act: bars with at least 99.5% purity and coins traded above spot price and struck after 1800 qualify. That's why the price of a bar or a Krugerrand is exactly "spot + premium" with no 25% on top. Silver, platinum and palladium in physical form are subject to VAT.
Jewellery gold is different
Jewellery and other items below 99.5% purity are ordinary VAT-liable goods — the shop price includes 25% VAT. This also means jewellery gold is not "investment gold" for VAT purposes when resold.
Gain on sale
If you sell gold you have owned as a private individual and as private wealth, the gain is in principle not taxable — unlike shares and unrealised gains on securities. That is one of the practical advantages of physical gold in the Danish tax system.
The exceptions: gold bought for resale at a profit, trading through a company's accounts, and renting out or managing gold as an activity, can trigger tax liability. The rules also apply to inheritance and gifts — the recipient's later sale follows the usual rules.
Storage and insurance
Gold in a safe-deposit box or safe is not currently taxable as a declarable asset in Denmark, but keep receipts — they prove lawful ownership on sale and are useful for insurance claims. See also the storage guide.
This page is general information, not tax advice. Rules change — always check the Danish tax authority's guidance or ask an accountant before acting on it.
Questions and answers
Do I pay VAT when I buy gold?
No — investment gold (at least 99.5% pure, as a bar or recognised coin) is VAT-exempt in Denmark and across the EU. Silver VAT, on the other hand, is 25%, and jewellery gold below 99.5% is treated as an ordinary VAT-liable good.
Do I pay tax on the gain when I sell my gold?
As a private individual who has owned the gold as private wealth, the gain on sale is in principle not taxable. The rules differ if the gold was acquired for resale, is rented out as an activity, or is owned through a company — seek advice in those cases.
Do I need to declare my gold to the Danish tax authorities?
Wealth held as gold in a safe-deposit box or at home falls under the general rules on wealth, but Denmark currently has no wealth tax. The gold must, however, be declared if it is held commercially or if special ownership/box arrangements apply — check the Danish tax authority's guidance or ask an adviser.