Is storing silver in a Swiss bonded warehouse really VAT-free?

While the metal is inside an open customs warehouse, Swiss customs states that the assessment of import duties, including import tax, does not apply. The liability is suspended rather than removed: at the end of storage the import duty assessment can be carried out on site. Switzerland's standard VAT rate is 8.1%.

What is the difference between Singapore's GST exemption and Swiss bonded storage?

Singapore's exemption attaches to the metal itself: qualifying Investment Precious Metals are GST-free whether vaulted or taken home. Swiss bonded storage attaches to the location: import duties and import tax are suspended while the metal stays in the warehouse and are assessed when it leaves.

Does Singapore charge GST if I collect my bullion from the vault?

No. Singapore's exemption covers the metal on the basis of purity, form and refiner accreditation, not where it is stored, so collecting a qualifying bar does not create a GST charge.

Singapore's GST exemption vs a Swiss bonded warehouse

Both are described as tax-free storage. One removes the liability; the other defers it for as long as the metal never leaves the warehouse. That difference decides what you can do with your own gold.

Last checked 23 September 2026. Rules change — every figure below links to its primary source so you can confirm it yourself. How this site sources figures.

Singapore mechanism: Outright GST exemption for qualifying IPM
Swiss mechanism: Import duties and tax suspended while in an open customs warehouse
Swiss standard VAT: 8.1%
Singapore condition: Purity, form and accredited refiner
Swiss condition: The metal stays in the warehouse
On taking it out: Singapore: nothing changes · Switzerland: assessed on removal

The two regimes are not the same shape

Both Singapore and Switzerland are described, accurately enough, as places you can hold bullion without paying tax on it. They get there by different routes, and the difference only shows up at the moment you want your metal in your hands.

Singapore: the exemption removes the liability

Singapore does not charge GST on Investment Precious Metals. Singapore Customs and the IRAS e-Tax Guide set the test: at least 99.5% pure for gold (99.9% silver, 99% platinum), in bar, wafer, ingot or coin form, from an accredited or endorsed refiner where it is a bar, and bearing an internationally accepted quality mark. Coins must also be on the IPM Qualifying Coin List and be legal tender where issued.

The condition attaches to the metal, not to where it sits. A qualifying bar is GST-free in a vault, GST-free when you collect it, and GST-free in a drawer at home in Singapore. Nothing is waiting to be assessed later.

Switzerland: the warehouse suspends the liability

Switzerland’s standard VAT rate is 8.1%, per the Federal Tax Administration.

An open customs warehouse changes when that is charged, not whether it exists. The Federal Office for Customs and Border Security states that for goods in such a warehouse, the assessment of import duties — customs duties, import tax and so on — does not apply, and that “at the end of storage, the warehouse operator can also carry out the import duty assessment directly on site.”

So the liability is not removed. It is deferred, and it is waiting at the exit. That is the whole mechanism behind “VAT-free silver in Switzerland”: the silver is untaxed for exactly as long as it stays in the warehouse.

What we could not confirm

Swiss bullion dealers state that investment gold is exempt from Swiss VAT outright, with silver, platinum and palladium taxed at the standard rate. That is very widely repeated, and it may well be correct — but we could not confirm it from the Federal Tax Administration, and the VAT-rates page above does not mention precious metals at all. We are not going to state a tax rule on the authority of the people selling the metal. If you are deciding on the basis of it, confirm it with the Federal Tax Administration first.

Which difference actually matters to you

If you will never take delivery, the two look alike. Metal sitting in a vault is untaxed under either regime, and you are really comparing storage fees, jurisdiction and access.
If you might take delivery, they diverge sharply. In Singapore a qualifying bar simply leaves with you. In Switzerland, removing metal from the warehouse into Switzerland is the event that triggers assessment.
If you are buying silver, this is the whole decision. Silver is the metal where the deferred amount is large relative to its value — and Singapore exempts silver at 99.9% purity on the same outright basis as gold.

This page describes rules, not a recommendation, and neither jurisdiction is “better” — they are differently shaped. Your own position depends on your residency and tax domicile. See our position on advice.