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Gold and the anonymous buyer

25/05/2020

Those who are approaching the gold market for the first time have many questions that Golding Life is happy to answer. Our mission is also to spread the culture of gold, the knowledge of the market. We think that the advantages that it offers us should be available to all people. Therefore, one of our most common jobs, and to which we dedicate a lot of time, is to talk with investors who come to us in search of information. In other countries, for example in Germany, the culture of gold as a vehicle for investment and savings is much more widespread.

When you acquire a financial asset such as physical gold, both in coins and in bullion, you may have a very important question: How can I buy gold anonymously and without complications? The answer, before going into details, is that in Spain it’s possible to buy gold anonymously with the limitations that we’re going to explain.

In this article we want to approach from Golding Life the regulation of the purchase of gold, the information requirements that are required of citizens or companies when investing in gold. Each country has its rules. For example, Germany changed theirs on January 1, 2020. The maximum amount of money that can be invested in gold without the need for personal identification, that is, anonymously, was reduced to 2,000 euros.

In Spain the rules are established by the regulator, which is the Bank of Spain. They can be consulted at the online information desk on the Bank’s website. These rules require identification in gold purchase operations of more than 1,000 euros. Below that amount, identification is not required.

But investors may also be required to identify if there is any indication of money laundering through fractional operations. The objectives are set by the Spanish law of 2010 against terrorist financing and money laundering. The European law, to which Spanish legislation is adapted, only sets minimum thresholds, from which each state sets its own policy. The policy of Spain is one of the most restrictive and rigorous.

CIt should be remembered that gold is the only one of the precious metals that is exempt from paying VAT. The purchase and sale operations aren’t tax recorded, and that makes it very attractive for investors and savers. The requirement for that exemption is that bullion must be 99.5% pure, and coins 90%.

At Golding Life we follow a policy of maximum transparency with our customers, of scrupulous respect for the law, and of an open and continuous relationship with investors and savers who seek rigorous information.