TAXATION OF PHYSICAL GOLD AND SILVER

Taxation of Precious Metals

Taxation of precious metals in France primarily concerns gold and silver. However, it is important to distinguish between gold and silver traded on the exchange and other forms of physical gold and silver (jewelry, medals, etc.), as their status entitles them to special treatment under gold taxation laws.

Any bullion or coins that are quoted daily on the CpoR (except on weekends) are considered exchange-traded metals. All exchange-traded coins must have been minted after 1800, and the coin’s premium must not exceed 80% of its intrinsic value; otherwise, the coin will be considered a collector’s coin rather than an exchange-traded coin.

Bullion bars, on the other hand, must have a fineness of more than 995/1000 to be traded at the market price. A 1-kg bullion bar must have a fine gold weight between 995 g and 1,005 g to be exempt from VAT.

The bar must be marked with:

the assayer’s registration number;
its fine gold purity of 995/1000 or higher;
a stamp from a recognized refiner; the assayer’s hallmark.
Finally, the ingot must also be accompanied by a certificate dated and signed by an authorized assayer.

Taxation of Gold

The government levies a tax on gold and silver only upon resale. Furthermore, there are no taxes or declarations required when you purchase gold or silver in France.

The sale of gold or silver is subject, at the time of sale, to a flat-rate tax of 11,50% on the sale price. This tax consists of the 11% Precious Metals Tax plus the CRDS at a rate of 0.5%.

However, in the case of the resale of investment gold or silver (see above), the seller HAS THE OPTION to choose either the Precious Metals Tax as described above, or the tax under the actual capital gains regime (37,60% as of January 1, 2026), for which they may qualify for an exemption based on the length of ownership, provided they can provide proof of the purchase price and date.

The tax is levied on the difference between the resale price and the purchase price, to which the 37,60% rate is applied. However, starting in the third year of ownership, this tax is reduced by 5% per year. And after 22 years of ownership, the investor benefits from a total exemption: the capital gains tax is ZERO.

This highly advantageous provision is specific to the precious metals market.

The tax conditions for gold that allow a seller to benefit from this regime are as follows: provide proof that they personally purchased the gold on the exchange and the date of acquisition (a purchase invoice in their name). They must also prove that they personally resold the same product (a sales invoice in their name).

Gold Taxation: Private Companies

A private company holding physical gold or silver will be exempt from tax (TPV or TMP) upon resale.

Taxation of Gold: The ISF and Precious Metals

Previously, exchange-traded gold had to be reported for ISF purposes unless it consisted of jewelry, gold coins, or gold antiques.

Since the Wealth Tax (ISF) was replaced bythe Real Estate Wealth Tax (IFI), gold is not subject to any taxation while held.

Taxation of Gold: VAT and Precious Metals

Gold and silver are fully exempt from VAT. However, there is a special rule for silver bullion, which is considered an industrial good rather than a precious metal for the purposes of gold taxation. Consequently, it is subject to VAT.