It is the most ductile and malleable of metals, but it is also a solid and safe shelter for investors, especially in times of uncertainty. Gold has not stopped climbing in recent years and has already exceeded $ 3,000 per ounce. Its appeal has increased in parallel and the interest in acquiring it in physical format, in the form of ingots, coins and ounces, but also through specialized funds or ETF (Exchange Traded Funds) grows. From the legal point of view, at the tax level it has some peculiarities. And it never hurts to acquire it at the right time, looking for maximum profitability with guarantees about its origin and characteristics. There are several factors that explain that gold is in the clouds, although it still lacks to reach the 1980 record, when the ounce was put in equivalent to $ 3,400 today. Its climbing is based on the classic law of supply and demand: now there are more interested in protecting their purchasing power against the volatility of markets and international tensions. In addition, their behavior is usually inverse to that of real interest rates: if they rise, the demand for the low metal because investors bet on assets that provide them with direct profitability. But if the real types are trimmed, gold offers a shielding against the loss of value of other investments and rises. The already high gold fever continues to rise and relates to the increase in the reserves of the central banks, seasoned with a touch of geopolitics: there is uncertainty about certain war conflicts; Russia, whose reservations in dollars are blocked, has bought more metal in response to sanctions for the invasion of Ukraine; and China's appetite seems insatiable. Inverting in gold it implies a series of legal obligations. The VAT Law contemplates a special regime and defines what the investment gold is: it is billets or gold sheets equal to or greater than 995 thousandths, which must have a specific weight. In this category, the law currencies equal to 900 thousandths, coined after 1800, that are or have been legal tender in their country of origin and that are marketed for a price that do not exceed 80% the gold market value. “Investment gold is exempt from VAT if you buy ingots, sheets or coins. As for the sale, if you are an individual and sell investment gold or jewels, the acquirer must pay the property transmissions tax (ITP). The increase in assets does pay in the IRPF, ”explains Carlos Cruzado, president of Gestha, who emphasizes that the houses of sale are subject to the Law of Planning Prevention. On the type of lien applicable between individuals, there was a controversy on the imposition of the sale of gold of investment that reached the Court of Justice of the European Union (TJUE). “The typical massive verification occurred and there began to exist ITP settlements. It was discussed in the courts, he arrived at the Supreme Court, which raised a consultation to Luxembourg. In the STS1694/2019 judgment, he clarified that paying patrimonial transmissions was not contrary to the VAT Directive, ”recalls prosecutor Esau Alarcón, partner of the Gibernau firm. On people who bring gold bullion from other countries, it clarifies that there is no obligation to declare it in the 720 model of goods abroad. «You should declare it in the Patrimony Tax if you are declarant and there are important differences between autonomous communities,» he concludes.
Golden funds
As the objective is to obtain maximum long -term profitability, detecting the right time to invest is key. According to rent 4 Bank, it is necessary to be attentive if inflation is expected to drop the value of the currency, taking into account factors such as social and political instability, the fall of the stock market or if the central banks announc more dynamic purchase and sale. There are also funds that invest in directly or indirectly linked companies to the golden element, for example, by acquiring shares of companies dedicated to mining and extraction. In all these cases, the risk is there and the investment will be conditioned by other factors outside the price of metal, such as the management of the miners, their results, their debt levels, etc. As for tax treatment, there is no difference. “The underlying product does not affect what the product itself is. It is like real estate funds, they invest in real estate, but they are investment funds, ”says Esau Alarcón. If they continue to bet on physical format and want to accumulate tangible gold, it is not convenient to store it at home as the grandmothers did with their jewels. Ángel Luis Valverde, of the Spanish Association of Fiscal Advisors (AEDAF), points out that “it is usual to deposit it in specialized entities with guarded warehouses that facilitate a document where it is accredited how much gold you have” and warns: “You have to use serious channels, which give guarantees that the origin is legal and have precautions. If there is traceability and control, it is a good investment. ” As the site saying, more gold, less rest.
Fulgor in hypermarket
Sugar, oil, meat … and gold. All of that can be bought in Costco in the US. The giant of the distribution achieved a great impact with the sale of ingots in its hypermarkets. But how to prevent possible fraud or scams when acquiring metal? With certifications. One of the most recognized is the one issued by the London Bullion Market Association (LBMA), an international organization that sets transparency standards on what is being purchased: it establishes the characteristics of the ingots in terms of form, weight and purity and issues a “Good Delivery” certification.