Importing gold

[MarkBandits]

Hi. Could anyone tell me if I have to pay any taxes (import tax or any other tax) when bringing over £10000 of gold Brittanias and sovereigns from uk to Europe (Bulgaria). Thanks

[RDHC]

Quite a  tricky question, and, I would guess, a first on this forum. Probably only some one in Bulgaria is likely to be able to provide the answer.

However, depending on the vigilance of Bulgarian customs officers and the rules that they have to obey, what about importing the bullion in a suitcase or on your person? Also depends, I suppose, on your own risk aversion sentiment. Or there any not too difficult mountain passes without customs posts?

Sorry, I don't mean to be flippant, but your forum name is quite suggestive.

[CollectForFun]

As far as I know, investment gold is exempt from both VAT and import duties in the EU in general. So far so good. However, notification obligation will most likely apply if you exceed €10,000 threshold.

Have no idea how this works in Bulgaria but here for illustration is an explanation of the process in Germany:

https://www.zoll.de/EN/Private-individuals/Travel/Entering-Germany/Restrictions/Cash/Entering-Germany-from-non-EU-country/entering-germany-from-non-eu-country_node.html

Most likely similar rules will apply in Bulgaria as they would have most likely been harmonised within the EU.

[LawrenceChard]

8 hours ago, MarkBandits said:

Hi. Could anyone tell me if I have to pay any taxes (import tax or any other tax) when bringing over £10000 of gold Brittanias and sovereigns from uk to Europe (Bulgaria). Thanks

 

4 hours ago, RDHC said:

Quite a  tricky question, and, I would guess, a first on this forum. Probably only some one in Bulgaria is likely to be able to provide the answer.

However, depending on the vigilance of Bulgarian customs officers and the rules that they have to obey, what about importing the bullion in a suitcase or on your person? Also depends, I suppose, on your own risk aversion sentiment. Or there any not too difficult mountain passes without customs posts?

Sorry, I don't mean to be flippant, but your forum name is quite suggestive.

 

2 hours ago, CollectForFun said:

As far as I know, investment gold is exempt from both VAT and import duties in the EU in general. So far so good. However, notification obligation will most likely apply if you exceed €10,000 threshold.

Have no idea how this works in Bulgaria but here for illustration is an explanation of the process in Germany:

https://www.zoll.de/EN/Private-individuals/Travel/Entering-Germany/Restrictions/Cash/Entering-Germany-from-non-EU-country/entering-germany-from-non-eu-country_node.html

Most likely similar rules will apply in Bulgaria as they would have most likely been harmonised within the EU.

I hope you bought, or will be buying your gold sovereigns and Britannias from @ChardsCoinandBullionDealer in Blackpool, and therefore almost certainly got them at the best prices in the UK.

You will surely know that Bulgaria is not in the EU.

As others have already suggested, the best would be for you to check with Bulgarian Customs, or possibly a Bulgarian accountant.

They should be best placed to advise you about importing them into Bulgaria.

😎

Edited September 25, 2022 by LawrenceChard

[CollectForFun]

2 minutes ago, LawrenceChard said:

You will surely know that Bulgaria is not in the EU.

Whaaat?!? 😂

[sixgun]

[Petra]

According to the UK government, Bulgaria is in the EU🤔

[Petra]

Just now, Petra said:

According to the UK government, Bulgaria is in the EU🤔

So you will be importing gold into the EU, so I’m sure there are some rules. Check your government web site?

[LawrenceChard]

43 minutes ago, CollectForFun said:

Whaaat?!? 😂

 

35 minutes ago, sixgun said:

 

28 minutes ago, Petra said:

According to the UK government, Bulgaria is in the EU🤔

 

26 minutes ago, Petra said:

So you will be importing gold into the EU, so I’m sure there are some rules. Check your government web site?

Thanks,  I stand corrected. I was aware it was in the  European Single Market. I should have double-checked instead of relying on "memory"!

A great thing about TSF, is that if I get something wrong, I get to know very quickly!

In which case, importing them into the Bulgaria should be the same as importing them into anywhere else in the EU.

It would still be advisable to check with an official Bulgarian government source (instead of asking dummies like me on TSF who were happily unaware that Bulgaria was a full member).

I notice Wikipedia states:

"Bulgaria ranked as the most corrupt country in the European Union in 2018."

😎

 

[Petra]

7 minutes ago, LawrenceChard said:

 

 

 

Thanks,  I stand corrected. I was aware it was in the  European Single Market. I should have double-checked instead of relying on "memory"!

A great thing about TSF, is that if I get something wrong, I get to know very quickly!

In which case, importing them into the Bulgaria should be the same as importing them into anywhere else in the EU.

It would still be advisable to check with an official Bulgarian government source (instead of asking dummies like me on TSF who were happily unaware that Bulgaria was a full member).

I notice Wikipedia states:

"Bulgaria ranked as the most corrupt country in the European Union in 2018."

😎

 

🤔👍

[Darr3nG]

1 hour ago, LawrenceChard said:

I stand corrected.

Glad that the orthopaedic shoes are working for you...

[MarkBandits]

On 25/09/2022 at 21:48, LawrenceChard said:

 

 

I hope you bought, or will be buying your gold sovereigns and Britannias from @ChardsCoinandBullionDealer in Blackpool, and therefore almost certainly got them at the best prices in the UK.

You will surely know that Bulgaria is not in the EU.

As others have already suggested, the best would be for you to check with Bulgarian Customs, or possibly a Bulgarian accountant.

They should be best placed to advise you about importing them into Bulgaria.

😎

Thanks I'll check out your website. I messaged Bulgarian customs and they just dodged the question so I sent another message and they have ignored me. Not sure about the rules being the same with Bulgaria and EU. They fully join the EU in 2024 but are apparently partially in and the Lev is tied in to the euro and always stays at the same rate. I'll find the customs office and go in personally so I get a direct answer. Thanks for your reply

Edited September 27, 2022 by MarkBandits

[MarkBandits]

On 25/09/2022 at 22:24, Petra said:

So you will be importing gold into the EU, so I’m sure there are some rules. Check your government web site?

I've checked. It just says that over €10000 has to be declared. The customs wont give me any info on it when I've messaged them. Thanks 

[MarkBandits]

On 25/09/2022 at 20:18, CollectForFun said:

As far as I know, investment gold is exempt from both VAT and import duties in the EU in general. So far so good. However, notification obligation will most likely apply if you exceed €10,000 threshold.

Have no idea how this works in Bulgaria but here for illustration is an explanation of the process in Germany:

https://www.zoll.de/EN/Private-individuals/Travel/Entering-Germany/Restrictions/Cash/Entering-Germany-from-non-EU-country/entering-germany-from-non-eu-country_node.html

Most likely similar rules will apply in Bulgaria as they would have most likely been harmonised within the EU.

Thanks. I'll check it out

[LawrenceChard]

2 hours ago, MarkBandits said:

Thanks I'll check out your website. I messaged Bulgarian customs and they just dodged the question so I sent another message and they have ignored me. Not sure about the rules being the same with Bulgaria and EU. They fully join the EU in 2024 but are apparently partially in and the Lev is tied in to the euro and always stays at the same rate. I'll find the customs office and go in personally so I get a direct answer. Thanks for your reply

Typical Customs behaviour.

If they tell you the wrong answer, they might be in trouble, so ignore you or play dumb.

😎

[CollectForFun]

7 hours ago, MarkBandits said:

Thanks I'll check out your website. I messaged Bulgarian customs and they just dodged the question so I sent another message and they have ignored me. Not sure about the rules being the same with Bulgaria and EU. They fully join the EU in 2024 but are apparently partially in and the Lev is tied in to the euro and always stays at the same rate. I'll find the customs office and go in personally so I get a direct answer. Thanks for your reply

Here you go, after short googling, info on the topic directly from the Bulgarian authorities website:

https://customs.bg/wps/portal/agency-en/home/info-citizens/Carrying of cash, precious metals, gems and items containing them or made of them

BTW, there's nothing like "partial" joining the EU. It's binary - either a country is a member, or not.

Edited September 27, 2022 by CollectForFun