Europe has a long tradition of gold investment, with Germany and Switzerland accounting for some of the largest per-capita gold holdings in the world. Major European refiners like Heraeus (Germany) and Umicore (Belgium) produce LBMA-certified bars accepted globally.

Investment-grade gold (minimum 99.5% purity) is exempt from VAT across all EU member states under Directive 98/80/EC — making the eurozone one of the most tax-efficient regions to buy physical gold. Silver and other precious metals are NOT exempt and carry standard VAT (typically 19-21%).

Reputable European gold dealers include Heraeus (Germany), Degussa (Germany, multiple branches), GoldSilver.be (Belgium), Bullion Vault (UK/EU), and Pro Aurum (one of Europe’s largest dealer networks). Many savings banks and private banks also offer gold purchasing.

Switzerland — though not in the EU — is the world’s gold refining capital and home to dealers like Argor-Heraeus and PAMP Suisse. Cross-border purchases require attention to import VAT rules.