gold bullion dealers in EU report purchases to home country?
- Thread starter charlemagne
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Yes they will know it, since the tax office will have access to your bank account and if they will see large transaction where you have bought Gold they can start asking questions.
In most countries in the EU Gold is not taxed, so there can be exceptions.
In most countries in the EU Gold is not taxed, so there can be exceptions.
The home country tax authorities do not have access to the bank to see the transactions. Bank account is in another country EU country.
Bank transfer from offshore company account in Cyprus.
Gold bullion dealer in Germany.
Shipping address to another EU country (not Cyprus, not Germany).
My home country does not have access to the bank account since it is a company account in another EU country.
Of course with CRS they will find out that I am the beneficial owner but that does not automatically send information about which transactions have been made on the account (or will it?).
The question is if the gold bullion dealer reports anything to my home country?
Example: charlemagne bought 10 oz coins and shipped them to EU country X. Is this reported?
Correct, not︀ VAT on gold so this should not matter.
Gold bullion dealer in Germany.
Shipping address to another EU country (not Cyprus, not Germany).
My home country does not have access to the bank account since it is a company account in another EU country.
Of course with CRS they will find out that I am the beneficial owner but that does not automatically send information about which transactions have been made on the account (or will it?).
The question is if the gold bullion dealer reports anything to my home country?
Example: charlemagne bought 10 oz coins and shipped them to EU country X. Is this reported?
Correct, not︀ VAT on gold so this should not matter.
Yes correct. I know that if they really want to find out they will.
But the question is if the bullion dealer automatically reports the purchase to my home country?
But the question is if the bullion dealer automatically reports the purchase to my home country?
There's no requirement to do so and it would be an extra (non-competitive) cost for the dealer.
Regarding the CRS and transactions, the answer is no. That's out of scope. But the statements can be obtained from a foreign bank of a friendly nation if there's an investigation.
Regarding the CRS and transactions, the answer is no. That's out of scope. But the statements can be obtained from a foreign bank of a friendly nation if there's an investigation.
On these matters, it's better to be needlessly careful than a little bit sorry. You can get a VAT trail to your tax office although VAT itself is not owed on investment gold purchase. They may check for VAT compliance on gold imports precisely because not all gold is exempt.
Hypothetically.
Gold package arrives at the toll. The toll agent documents that no VAT is owed under EU directive which exempts investment gold of 995 purity and higher. And he also documents who and when imported the package.
Rather bring in the gold in person on a travel route that involves no toll/post office/luggage checks.︀ For this, car/ferry/bus/train are the best options.
Hypothetically.
Gold package arrives at the toll. The toll agent documents that no VAT is owed under EU directive which exempts investment gold of 995 purity and higher. And he also documents who and when imported the package.
Rather bring in the gold in person on a travel route that involves no toll/post office/luggage checks.︀ For this, car/ferry/bus/train are the best options.
I just read they do not need to report but need to keep transaction details for 7 years in case of...
ID also required.
In Germany you can buy for up to 2000 euro in one transaction without ID or anything. Just be a few guys and you can easily buy for 10K on a day. Some shops will even allow you to come back after a few hours, so you can double this amount per day.
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