Physical gold from Andorra: how it works

What exactly you buy

A gold bar refined to 999.9 fineness at the L’Orfebre, S.A. refinery in Ordino (Andorra), a company with which Okane Group has an alliance. Each bar is stamped with its brand, weight, fineness and serial number, and comes with an assay certificate. Formats range from 50 grams to 12.5 kilos.

It is the purchase of an identified physical asset. It is not a unit in a fund or a contract on the gold price: there is no counterparty that has to honour a delivery promise, because the metal exists and it is yours.

Traceability: where the metal comes from

L’Orfebre buys gold from producing countries with mining operations, as well as recycled jewellery and bullion. The metal enters the refinery, is assayed, refined and leaves as a finished product, with the whole cycle taking place at the Ordino facility. That is why the chain can be traced back piece by piece, and the plant can be visited.

How it is taxed in Spain

• VAT: buying and selling investment gold is exempt. In the EU, investment gold means bars of 995 fineness or more and coins of at least 900 fineness meeting certain conditions. A 999.9 bar comfortably qualifies.
• On sale: if you are a Spanish tax resident, the difference between sale and purchase price is a capital gain taxed in the savings band of income tax, at 19% to 30% in bands.
• Wealth tax: gold counts towards your assets for wealth tax purposes, where applicable.

The exact tax treatment depends on your residence and how the purchase is structured. Review it with your adviser before buying.

Bringing the gold into Spain: what to declare

Andorra is not part of the European Union. Since June 2021, high-purity gold is treated like cash for border controls:

• Anyone entering the EU — for example Spain from Andorra — carrying bars of at least 99.5% purity or coins of at least 90% worth €10,000 or more must declare them at customs when crossing. The threshold applies per person and adds up cash and gold carried.
• In Spain this is done with the official means-of-payment declaration form, through the red “goods to declare” channel.
• Failing to declare, or declaring incorrectly, can lead to the gold being seized and a fine.
• Carry the invoice and certificate for each bar: customs may ask for the origin of the metal.

If you prefer not to move it, it can be kept in custody. Which option suits you depends on your situation and is assessed before buying.

How we work

1. Private conversation: what you are looking for, over what horizon and with what tax position.
2. Visit to the refinery, if you wish: the laboratory, the refining process and where the metal is kept.
3. Full dossier of the transaction, with its terms and figures in writing, to review with your lawyer and adviser. Nothing is signed before.
4. Purchase, delivery or custody, with the documentation for every bar.

As with any precious-metals transaction, you will be asked for identification and evidence of the source of funds under anti-money-laundering rules.

What we do not do

Okane Group is not a financial institution and does not provide investment services. We do not manage portfolios or promise returns: the gold price goes up and down, and whoever buys a bar takes that variation. What we offer is direct access to metal from a refinery you can visit, with its documentation, and one person who coordinates the whole process.

This guide is general information. It is not tax or legal advice for your specific case: figures and rules change, and they should be confirmed before signing anything.