Guide · 14/10/2026 · 6 min read

Buying Gold as a Company or an Individual in Estonia

Anyone weighing a gold purchase who also owns a company eventually asks the same question: buy the coins personally, or let the business pay for them? On the VAT side the answer is reassuringly dull — investment gold is exempt either way. The real differences surface later: when you sell, when your accountant books it, and when the gold or the money it fetched has to leave the company.

VAT: no difference for investment gold

Sales of investment gold are exempt from VAT in Estonia and across the European Union. The basis is the special scheme for investment gold in the EU VAT Directive, transposed into the Estonian Value Added Tax Act. Each year the European Commission publishes a list of gold coins meeting the criteria in the Official Journal of the European Union — the 2026 list was published on 14 November 2025 and applies for the whole calendar year. Coins with a fineness below 900 thousandths fall outside the exemption.

In practice, neither an individual nor a company pays VAT when buying a gold coin or a gold bar. A VAT-registered company gains nothing here either: if there is no VAT on the invoice, there is no input VAT to reclaim. On purchase price alone, the two routes are identical.

Silver is a different story

Silver does not fall under the special scheme. It carries Estonia’s standard VAT rate, which according to the Estonian Tax and Customs Board has been 24% since 1 July 2025. A VAT-registered company may deduct that input VAT only if the purchase is connected to its taxable business activity. Buying silver coins simply to park company cash usually fails that test — the next section explains why.

Buying through a company: the business-purpose test

The decisive question for a company purchase is not VAT but whether the purchase relates to the business at all. Per guidance from the Estonian Tax and Customs Board, an expense is business-related if it is incurred to earn taxable business income, or if it is necessary or appropriate for maintaining or developing the business and the connection to the business is clearly justified (Income Tax Act § 32(2)).

An expense unrelated to business is taxed at a resident company at the rate of 22/78 (Income Tax Act § 51(1)). Where an expense is only partly business-related, only the unrelated portion is taxed. It is declared on TSD annex 6 by the 10th day of the month following the expense, and the tax falls due on the same date.

So “I bought gold with company money because the bank account earns nothing” is not, by itself, a tax-free arrangement. Whether a specific purchase passes the test depends on what the company actually does and how the purchase is justified. That conversation belongs with an accountant or tax adviser — and, where certainty matters, in an advance ruling from the tax authority — not in a blog post.

On sale: 22% for individuals, 22/78 for companies

For an individual, a gain on selling gold is taxable income. Per the tax authority’s guidance, a gold sale is declared in table 6.3 of the income tax return, “Transfer of other property”. The personal income tax rate for 2026 is 22%. The gain is the sale price minus the acquisition cost, which is a good reason to keep your purchase invoices — you can check the current gold price any time, but only what is written on the invoice counts for tax purposes.

A company owes nothing at the moment of sale. Estonia taxes corporate profit only when it is distributed: if the gold sells for more than it cost, the difference sits in the company untaxed until it is paid out as a dividend or another distribution. Only then does the corporate rate of 22/78 apply. The former reduced rate of 14/86 on regularly distributed dividends was abolished on 1 January 2025, so there are no exceptions left here.

One caveat worth stating plainly: this is not a tax break, it is a difference in timing. The tax does not disappear, it is deferred — and only on condition that the purchase passes the test described above.

Losses: an asymmetry most people miss

Here is the difference that usually goes unnoticed. The tax authority states outright that only profitable sales need to be declared, because gold sales offer no way to account for a loss. An individual who sells one coin at a profit and another at a loss pays tax on the full gain — the loss does not reduce it. With securities you can offset losses against gains within the year; with gold you cannot.

Inside a company, the accounting runs through the profit and loss statement: a loss-making trade reduces that period’s profit, which is what the distribution tax is eventually calculated on. For a portfolio with several transactions, that is a substantive difference rather than a formality.

Other things to weigh on the company side

• Assets do not move for free. Company gold does not quietly become the owner’s personal gold. Transferring it to the owner is a separate taxable event — a dividend, a fringe benefit, or a non-business payment.
• Bookkeeping. The gold goes on the balance sheet, gets counted in stocktakes and appears in the accounts. An individual has no such obligation.
• Storage and possession. If company property sits in the owner’s home safe, it raises a fair question about who actually holds it. A documented storage arrangement keeps the line clear.
• Winding up. On liquidation, assets and distributions need their own plan — this is not a transaction you can simply re-paper after the fact.

The short version

Buying as an individual is simpler: no VAT on purchase, storage entirely your call, and tax handling limited to the sale year’s return at 22%, with no loss relief. Buying through a company brings one advantage (profit is taxed only on distribution) and several obligations (justifying the business connection, bookkeeping, and a taxable event whenever the asset leaves). Which route suits whom depends on what the company does and what the plan is — a question for a tax adviser rather than a general article.

Frequently asked questions

Can a company reclaim VAT on a gold coin purchase?
No, because no VAT is added to a sale of investment gold in the first place. There is nothing to reclaim. Silver invoices do carry 24% VAT, but deducting it requires a connection to taxable business activity.

Is a company’s gold purchase automatically a non-business expense?
Not automatically, in either direction. What decides it is the test in Income Tax Act § 32(2) and a clearly justified connection to the business. Where you need certainty, an advance ruling from the tax authority gives an official answer before the transaction.

Can gold bought personally later be transferred to the company?
Technically that is a sale between an individual and a company, with consequences on both sides — a potentially taxable gain for the individual, and the burden of justifying the business connection for the company. In a related-party transaction, market price matters too. Get advice before, not after.

This article is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell precious metals. Precious metal prices fluctuate. Before making any investment decision, consider your own circumstances and consult a specialist if necessary.

Goldman & Sons editorial team