In Slovenia you buy investment gold without VAT, and if you later sell it at a profit as a private individual, you pay no income tax on the gain. The biggest cost is therefore the premium the dealer charges above the spot price, and that depends heavily on what you buy. On a one-gram bar you can pay 15% more than the gold is worth, on a 100-gram bar only around 2%. This article covers how to choose a size, where to buy and where to keep your gold so that something is actually left for you at the end.
If you are still deciding whether gold belongs in your portfolio at all, start with is physical gold worth buying?. Here we assume you have already decided to buy and want to do it as cheaply as possible.
What counts as investment gold
The Slovenian VAT Act, which follows EU rules, defines investment gold as:
- gold bars or wafers at least 995 thousandths fine (99.5%), of a weight traded on the precious metals markets,
- gold coins at least 900 thousandths fine, minted after 1800, that are or were legal tender in their country of origin and are sold for no more than 80% above the value of the gold they contain.
In practice this means standard bars from reputable refiners (Argor-Heraeus, PAMP, Valcambi, Umicore, Heraeus) and well-known coins such as the Vienna Philharmonic, the Krugerrand, the Canadian Maple Leaf or the American Eagle are investment gold. Gold jewellery, overpriced collector coins and commemorative medallions are not. With jewellery you pay 22% VAT plus the design, so when you sell it you only get the value of the metal.
VAT and tax when you sell
You pay no VAT when you buy investment gold. That is the main difference from silver, which in Slovenia carries the standard 22% rate. Silver therefore has to rise by more than a fifth just to cover the tax before you start making money.
When you sell, a private individual pays no income tax on the profit. Slovenia’s Personal Income Tax Act taxes capital gains only on securities, shares and fund units, while physical gold is movable property. You also do not need to report the sale to FURS, regardless of the amount or how long you held the gold. It is different if you buy and sell gold through a sole proprietorship or a company, where the profit is taxed as business income.
Note: this applies only to physical gold. If you buy an ETF or ETC that tracks the gold price, it is a security and the gain is taxed the same way as with shares. The details are in our article on how ETFs are taxed in Slovenia. When a gold ETF still makes more sense is covered in physical gold or a gold ETF.
The premium: how much you pay above spot
At the end of September 2026 the spot price of gold is around €3,806 per ounce, or €122 per gram. You will not get that price in a shop, because the dealer adds a premium for manufacturing, transport, insurance and their own margin. The premium in euros is similar across sizes, so in percentage terms it is highest on the smallest pieces.
Indicative premiums at dealers in Slovenia:
| Product | Indicative premium above spot |
|---|---|
| 1 g bar | 10 to 15% |
| 10 g bar | 3 to 5% |
| 1 ounce (31.1 g) or 100 g bar | 1 to 3% |
| 1 kg bar | under 1% |
| 1 ounce coin | 3 to 8% |
The figures vary between dealers and move with demand, so always compare the price per gram at two or three sellers before you buy.
An example: Tina has €8,000 and wants to buy gold. If she buys 62 bars of 1 g, she will pay around €8,500 for 62 grams. If she buys two one-ounce bars, she gets 62.2 grams for around €7,800. For the same amount of gold the difference is almost €700, which is nearly 9% of the money lost the moment she buys.
Buy price and buyback price
The premium is not the only cost. When you sell, the dealer pays you a buyback price that is usually slightly below spot. With larger bars the gap is small, with coins and small wafers it is bigger. The premium plus the buyback gap tells you how much gold has to rise before you break even.
For a one-ounce bar that is roughly 3 to 5%, for a 1 g bar it can be 20%. Gold is therefore an investment for several years, not for quick buying and selling. With silver you add VAT on top: a kilogram of silver worth around €1,840 costs close to €2,470 with the premium and 22% VAT, so silver has to rise by about a third before you can sell without a loss.
Bars or coins
Bars have a lower premium, so you get more gold for the same money. Coins cost a little more, but they are recognised worldwide and easier to sell one at a time.
Most investors choose a mix. If you are buying a larger amount, split it into several smaller pieces, for example bars of 50 or 100 g instead of a single kilogram bar. When you need only part of the money years later, you sell one piece, not everything.
With bars, check that they come with a certificate or serial number and were made by a refiner on the LBMA Good Delivery list. Such a bar is easy to verify at buyback and any serious dealer will accept it.
Where to buy
In Slovenia investment gold is sold by specialised precious metals dealers, in shops and online, and by some banks. When choosing, check:
- whether the dealer clearly publishes both the buy and the buyback price,
- the price per gram for the exact product you want,
- whether they offer buyback and on what terms,
- how long they have been in business and whether the gold is insured during delivery.
Do not buy gold from unknown sellers on classified ad sites or social media. Fakes with a tungsten core (tungsten is a metal almost as dense as gold, so such a fake weighs the same as a real bar) are good enough that you cannot spot them without equipment. For larger amounts a serious dealer will ask for your ID, because anti-money-laundering rules require it.
If you would like an offer, you can send an inquiry at the end of this article. We pass it on to a gold dealer, and you decide whether to accept the offer.
How buying works in practice
Buying is simpler than many people expect. First decide on the amount and the product, then compare the price per gram for exactly that product at a few dealers. Prices move during the day with the spot price, so a dealer usually holds a quote for a short time, often only a few minutes or until the end of the day.
Once you confirm the price, you pay by bank transfer or, for smaller amounts, in the shop. You collect the gold in person, have it sent as an insured parcel, or leave it in custody with the dealer. On collection, check that the weight, fineness and serial number match the invoice, and keep the invoice and the certificate. Without them it is harder to prove what you are selling, and the buyback price may be lower.
Where to keep your gold
You have three options:
- At home: no cost, but the highest risk. Home insurance often covers only a limited amount of cash and valuables, so check your policy.
- Bank safe deposit box: the annual rent ranges from a few tens to a few hundred euros depending on the size. The contents are not covered by the deposit guarantee, so it makes sense to insure them separately.
- Custody with a dealer: the gold stays in a vault and you pay an annual fee, usually set as a percentage of the value. Check that the gold is recorded as your property and not as a claim against the dealer. This is also how monthly gold savings plans work, where you buy gold in small parts.
When you compare returns with ETFs or a deposit, do not forget this cost. Gold pays no interest or dividends, so storage reduces it a little every year.
How much gold to buy
According to our data, gold gained 18.5% over the past year and around 20% a year on average over the past five years. Just as important, it has also lost 37% of its value in the past and took several years to recover. Gold is therefore not a substitute for saving and does not belong in money you will need within a few years.
A common rule of thumb is for gold to make up 5 to 10% of your investments, as a hedge for times when shares fall. This is not advice, just a starting point for thinking it through. You can check how an investment in gold would have performed in the past in the gold and silver calculator, which uses actual historical prices. The gold and silver comparison with ETFs shows how gold has done next to equity funds. If you are still choosing between saving and investing, the article on when to save and when to invest will help.
The most common mistakes
- Buying lots of small wafers, where the premium eats the profit for years.
- Buying silver without accounting for the 22% VAT.
- Mistaking jewellery or collector coins for investment gold.
- Buying after a big price jump out of fear of missing out. For more on how emotions steer our investment decisions, read our article on the psychology of investing.
- Keeping a large amount at home without insurance.
Summary
Investment gold is tax-efficient in Slovenia: no VAT when you buy and no income tax when you sell. You decide most of the costs yourself through the product you choose. Buy bars or coins of at least 20 to 31 grams, compare prices per gram, split a larger amount into several pieces and decide in advance where you will keep the gold. Before you settle on an amount, check in the gold and silver calculator how the gold price has moved over the past years.
