In Austria, the limit is still 10,000 euros
Anyone wishing to buy gold in Germany in the future will only be able to purchase gold coins and gold bars up to an equivalent value of €1,999 without having to deposit their personal data.
The latest Money Laundering Act - the German implementation of the European Money Laundering Directive - has been in force since January 1, 2020. Accordingly, for so-called "table transactions" with a monetary value of € 2,000 or more, the gold dealer must record and retain the personal data of the business partner.
Until now, the purchase of gold, silver and other precious metals in Germany and Austria was still possible up to € 9,999 anonymously. Now this limit falls in Germany on evenly only 1,999 €. In the meantime, the German Bundesrat had even demanded that the anonymity limit for gold purchases in Germany be lowered to just €1,000.
Germany thus joins the list of European countries that are imposing ever stricter restrictions on anonymous payment transactions - and thus also on the purchase of gold, silver, and the like. Some other European countries already have a general (!) cash limit. In France, for example, only 1,000 euros, in Spain a maximum of 2,500 euros, and in Italy a maximum of 3,000 euros may change hands in cash and thus without identity verification.
Buy gold in Austria: Anonymous & without cash limit
Currently, gold and other precious metals up to €9,999 can still be purchased anonymously in Austria without providing personal data. This limit for anonymous cash transactions was last lowered in Austria in 2015 from €15,000 to €10,000.
Bei Gold Transaktionen die diesen Schwellenwert überschreiten, sind Goldhändler wie Gold&Co. gesetzlich dazu verpflichtet die Daten ihrer Kunden aufzunehmen. Diese Daten müssen dann in Folge sieben Jahre aufbewahrt und auf behördliche Anfrage ausgehändigt werden.
So far, the Austrian draft legislation implementing the EU Money Laundering Directive does not mention any further reduction of the threshold amount for gold sales or gold purchases. However, we cannot rule out the possibility of a further reduction in the anonymity threshold in Austria. According to the current status, the limit of €10,000 for anonymous gold purchases is likely to remain in place at least in 2020.
How the anonymity limit for the purchase of gold and silver in Austria will continue will probably only be decided once the new government has fully taken up its work.
However, in the past, Austria was often an eager model pupil when it came to implementing EU directives, even overfulfilling regulations required by Brussels (this is called "gold plating"). In addition, Austria has often followed the example of its "big brother" Germany when it comes to implementing EU directives.
With gold over the border to Germany: What you have to watch out for
Is it possible to continue to buy gold anonymously in Austria up to €9,999 and then export this gold to Germany. In short, yes. Because when entering Germany from an EU member state, precious metals must be declared to customs only as soon as they exceed a monetary value of €10,0000.
This is because gold, silver and other precious metals are considered by law to be "means of payment equivalent to cash". However, this only applies to bullion coins and bars, not to jewelry made of gold.
Caution. When crossing the border, the total value of "cash and equivalent means of payment" must not exceed the 10,000 euros. So if you have €300 in cash in your wallet in addition to gold worth €9,999, you must declare this because the total amount then just exceeds the €10,000.
It is also important to know that for the calculation of the value of coins in any case the actual material value is calculated (which is based on the current gold price) and not the nominal value stamped on the coins. Therefore, always inform yourself about the current gold price at short notice!
Buy or sell gold discreetly & anonymously at Gold&Co.
Whether gold bars, silver coins or other precious metals - with our many years of experience we stand by our customers in Vienna and throughout Austria. Before visiting one of our branches, you are welcome to contact us anonymously and obtain further information on buying or selling gold by e-mail or telephone. Of course, you can also come directly to one of our branches at any time without an appointment.
As a reputable dealer, we show you what options are available and what advantages precious metals offer investors today. In addition, we guarantee you a fair and discreet transaction when buying gold or silver. Up to the currently legally prescribed limit of 10,000 euros, we are happy to do so anonymously.
Benefit not only from friendly and customer-oriented advice, but also from attractive conditions so that you can profit from the currently valid gold price.
