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Trade in investment gold is permitted by law in Serbia and is regulated by several regulations. It differs from the trade in other types of precious metals. Investment gold has a special tax status, and its possession and trade are legal under certain conditions.
What is investment gold?
According to the Law on Value Added Tax (VAT), investment gold includes:
– Gold bars and ingots (gold in physical form) with a fineness of at least 995/1000.
– Gold coins that:
Have a purity of at least 900/1000.
Are or were legal tender in their country of origin.
Are typically sold at a price not exceeding 80% of the value of the gold they contain.
Legal Framework in Serbia
1. Value Added Tax (VAT) Law
– VAT Exemption:
The sale of investment gold is exempt from VAT.
This exemption applies to both natural and legal persons, provided that the gold qualifies as investment gold (as defined).
2. Law on Foreign Exchange
– Natural persons are allowed to freely own and trade gold.
– Importing and exporting investment gold is subject to foreign exchange and customs controls.
3. Law on Trade
– Legal persons and entrepreneurs involved in the trade of investment gold must meet the following requirements:
They must have a registered activity for trading precious metals.
They are required to maintain accurate records of the origin of the gold.
They must comply with regulations to prevent money laundering and terrorist financing, especially for larger transactions.
Where can I buy or sell investment gold in Serbia?
– At authorized dealers and money changers, such as exchange offices licensed by the National Bank of Serbia (NBS) or those that collaborate with international refineries.
– At companies that specialize in investment metals.
– Directly from manufacturers or through banks, as some banks offer the sale of gold bars and coins.
How can companies legally trade in investment gold?
1. Register a company with the appropriate business code.
2. Fulfill the requirements for:
Trading in precious metals,
Maintaining business records and fiscal compliance,
Reporting according to the Law on the Prevention of Money Laundering, particularly for transactions exceeding EUR 10,000.
3. Engage in business with both domestic and foreign buyers, ensuring proper documentation of the gold’s origin.
Advantages of Investing in Gold in Serbia
Investment gold is exempt from VAT.
Both individuals and legal entities can legally own and trade gold without restrictions.
Investors have the option for physical delivery or can choose to store their gold in a vault or business premises.
Investing in gold allows for portfolio diversification and serves as protection against inflation.
If you need help with gold investments in Serbia, feel free to reach out to us.
