Gold Trading License Switzerland: Rules (2026)

Switzerland is one of the world’s leading centres for gold trading, refining, and storage — and operating a gold trading business here requires specific regulatory compliance from day one. There is no single “gold trading licence” in Switzerland; the obligations depend on the nature of your activity. Physical spot trading requires SRO membership under the Anti-Money Laundering Act. Asset management or derivatives trading triggers FINMA oversight. This guide sets out exactly which rules apply to which activities, and how to structure your Swiss gold operation correctly.

Image: 1200×630px hero — Swiss gold trading regulatory framework

Types of Gold Business in Switzerland

Image: 800×450px — regulatory matrix by business type

Anti-Money Laundering (AML) Requirements

Image: 800×450px — AMLA obligations for precious metals dealers

The most important compliance requirement for gold traders is the Anti-Money Laundering Act (AMLA / GwG). Gold trading is classified as a “financial intermediary” activity under AMLA because gold is a high-risk money laundering instrument.

Who is subject to AMLA:

• Any business that buys or sells gold (in physical form) from or to clients on a commercial basis
• Precious metals dealers who accept payment in cash or cryptocurrency for gold

AMLA obligations for gold traders:

• SRO membership: Gold dealers must be affiliated with a FINMA-approved Self-Regulatory Organisation (SRO) — e.g., VQF, OAR-G, or sector-specific SROs
• Client identification (KYC): Identify and verify clients for transactions above CHF 25,000 (or lower threshold if suspicious)
• Beneficial owner identification: Identify the ultimate beneficial owner of the purchasing entity
• Cash transaction limits: Cash purchases above CHF 100,000 require written identification; some cantons and banks have lower de facto thresholds
• Suspicious activity reporting: Report suspicious transactions to MROS (Money Reporting Office Switzerland)
• Record keeping: Maintain records of all transactions for 10 years

FINMA Boundary Cases That Catch Gold Dealers

The line between “SRO-only” and “FINMA-regulated” is thinner than it appears. Three scenarios where gold dealers unexpectedly trigger FINMA oversight:

1. Allocated gold accounts with redemption features. If clients can deposit cash, receive allocated gold, and later redeem for cash — this starts to resemble deposit-taking in economic substance, regardless of how the contract is labelled.
2. Gold-backed token issuance. Issuing tokens representing fractional gold ownership makes you a securities issuer under FINMA’s token classification framework. The gold is irrelevant to the regulatory analysis; the token is what matters.
3. Managed gold portfolios. If you buy and sell gold on behalf of clients based on your own discretion (rather than executing client orders), you are conducting asset management and need a FinIA licence.

SRO options for gold dealers:

• VQF (Verein zur Qualitaetssicherung von Finanzdienstleistungen): Most commonly used; broad membership base, accepts precious metals dealers. Application assistance typically costs CHF 10,000 in legal fees, with total costs (including regulatory retainer) running to CHF 25,000+ for complex business models.
• OAR-G: SRO specifically for the gem and precious metals sector. Smaller, more specialised, potentially faster onboarding for straightforward physical trading businesses.

A critical post-approval obligation: three months after SRO membership is granted, a mandatory audit takes place. If the appointed AML compliance officer or responsible director cannot demonstrate competence, the SRO can revoke the membership. This is not a formality — revocations happen. Budget for a qualified AML officer before applying.

Precious Metals Control Act (PMCA / EMKG)

Image: 800×450px — Swiss hallmarking and assay requirements

Switzerland’s Precious Metals Control Act (Edelmetallkontrollgesetz) governs:

• The marking and fineness of gold, silver, and platinum articles
• The use of precious metals hallmarks in Switzerland
• Requirements for gold refineries and assay offices

Gold assay and hallmarking:

• Gold articles sold commercially in Switzerland must bear hallmarks indicating fineness
• The Federal Precious Metals Control Office (EZV / Schweizerische Edelmetallkontrolle) oversees hallmarking
• Refineries must be authorised to operate assay facilities

For gold bullion trading (bars and coins at standard fineness), hallmarking requirements are less burdensome than for jewellery.

VAT Treatment of Gold in Switzerland

Image: 800×450px — VAT exempt vs taxable gold categories

Switzerland applies special VAT rules to gold, following the EU model:

Investment gold — VAT exempt:

• Gold bars and wafers with a purity of at least 995/1000 (99.5%) and standard weights
• Gold coins with purity of 900/1000+ that are or have been legal tender
• No VAT charged on purchase or sale of investment gold

Non-investment gold — standard VAT applies:

• Jewellery, watches, industrial gold, gold alloys below investment purity
• Standard Swiss VAT rate: 8.1% (from 2024)

The VAT exemption for investment gold is a significant commercial advantage for Swiss gold traders — buyers do not bear VAT costs that they would face in many other jurisdictions. See our VAT Switzerland guide for registration requirements and thresholds.

Gold Import and Export

Image: 800×450px — customs declaration and responsible sourcing obligations

Import:

• Gold imported for investment purposes: generally no import duties (Switzerland has zero tariffs on gold)
• Gold from conflict zones / OECD Responsible Sourcing: Swiss refineries must conduct supply chain due diligence under the responsible gold sourcing frameworks (LBMA Responsible Gold Guidance)

Export:

• No Swiss export restrictions on gold per se
• Anti-money laundering controls apply: large gold shipments trigger MROS / customs reporting
• Export to sanctioned countries is prohibited under Swiss sanctions law (mirroring UN and EU sanctions)

Customs declaration:

• Gold imports/exports above CHF 10,000 must be declared at Swiss customs
• Physical gold crossing borders must be declared to customs regardless of form

Operating a Swiss Gold Refinery

Image: 800×450px — refinery authorisation and LBMA Good Delivery standard

Switzerland’s major gold refineries operate under:

• Federal Precious Metals Control Office (EZVO) authorisation
• LBMA (London Bullion Market Association) Good Delivery accreditation — the global standard for gold bar quality accepted in international markets
• Responsible sourcing certification: Responsible Jewellery Council (RJC), OECD Due Diligence Guidance compliance

Starting a new gold refinery in Switzerland is capital-intensive and requires LBMA accreditation for access to international markets. Existing Swiss refineries (Valcambi/Mendrisio, PAMP/Castel San Pietro, Argor-Heraeus/Mendrisio, Metalor/Neuchâtel) collectively process approximately 2,000–2,500 tonnes of gold annually.

Swiss Free Ports and Gold Storage

Image: 800×450px — freeport structure and AML obligations

Geneva’s freeport (Ports Francs) and Zurich freeport are internationally known gold storage locations. Gold stored in Swiss freeports:

• Is outside Swiss customs territory (import duties and VAT are suspended)
• Can be traded and transferred without triggering customs clearance, as long as the gold remains in the freeport
• Is subject to enhanced AML requirements following international pressure on freeport opacity

Establishing a gold storage operation in a Swiss freeport requires:

• Freeport operator agreement
• AML compliance programme (SRO membership or direct FINMA supervision if deposit-taking)
• Customs authorisation for freeport storage activity

Setting Up Your Swiss Gold Trading Company

To operate legally as a gold trader in Switzerland, you need a properly formed Swiss entity before applying for SRO membership. The typical structure is an AG or GmbH registered in a low-tax canton such as Zug. See our guides on company formation in Switzerland and FINMA licensing Switzerland for the full process.

Once incorporated, you apply to your chosen SRO (VQF or OAR-G), submit your AML compliance programme, appoint a compliance officer, and undergo an initial review. SRO membership typically completes within 4 to 8 weeks of a complete application.

The Banking Problem for Gold and Crypto Combined

If your gold trading business also touches cryptocurrency — accepting crypto payments for gold, tokenising gold, or combining precious metals with digital assets — expect enhanced KYC scrutiny from every Swiss bank. A recent client operating a crypto mining operation (mining privacy coins) paired with physical gold trading needed an all-in formation package (CHF 9,000 to CHF 11,000) but spent an additional three months developing a banking strategy specifically because the privacy coin element triggered every AML red flag. The company formation was straightforward; the bank account was not.

Standard all-in formation cost for a gold trading entity: registration CHF 1,900 to CHF 2,500 + registered address CHF 2,400 + nominee director CHF 5,900 + accounting CHF 1,800 = approximately CHF 12,000 in the first year, excluding share capital.

If your gold business involves managing client assets or trading derivatives, a FINMA licence or crypto licence may also be required.

Do You Need a FINMA Licence or SRO Membership for Gold Trading?

VQF vs OAR-G for Gold Dealers

For businesses combining gold trading with cryptocurrency activities, VQF is the standard choice because it covers both activities under a single SRO membership. OAR-G is more appropriate for pure physical gold dealers without crypto exposure.

Request a Free Assessment

Morgan Hartley Consulting (Morgan Hartley Consulting) advises Swiss gold trading businesses on AML compliance, SRO membership, corporate structure, and banking. We have structured financial intermediary businesses in Switzerland for clients from over 40 countries.

Request a Free Assessment to discuss your gold trading structure.

• Phone: +41 44 51 52 592
• Email: [email protected]
• Address: Baarerstrasse 135, 6300 Zug, Switzerland

For a broader overview, see our guide to Industry-Specific Licences.

Frequently Asked Questions

Do I need a FINMA licence to trade gold in Switzerland?

A FINMA licence is only required if gold trading activities involve accepting deposits (banking), managing client gold portfolios on a discretionary basis (asset management), or trading gold derivatives for third parties (securities dealer). Physical gold spot trading requires SRO membership under AMLA, not a FINMA licence.

What is the cash transaction limit for gold in Switzerland?

Cash payments for gold above CHF 100,000 trigger mandatory written identification. However, Swiss banks and AML regulations make large cash transactions difficult in practice — most commercial gold trading is conducted by bank transfer.

Is Swiss gold trading anonymous?

No. The Swiss AML Act requires identification of clients above the relevant thresholds. Anonymous gold purchasing in Switzerland ended with the tightening of AMLA and OECD/FATF pressure on Switzerland’s AML framework.

What is an SRO and why must gold dealers join one?

A Self-Regulatory Organisation (SRO) is a FINMA-approved body that supervises financial intermediaries — including precious metals dealers — for AML compliance. Swiss gold dealers must affiliate with an SRO such as VQF or OAR-G, or come under direct FINMA supervision.

Is investment gold VAT-exempt in Switzerland?

Yes. Gold bars and wafers with purity of at least 995/1000, and qualifying gold coins, are exempt from Swiss VAT. Non-investment gold (jewellery, industrial gold, alloys below investment purity) is subject to the standard 8.1% VAT rate.

What are the import/export rules for gold in Switzerland?

Switzerland imposes no import duties on gold. Gold imports and exports above CHF 10,000 must be declared at customs. Exports to sanctioned countries are prohibited under Swiss sanctions law. Swiss refineries must comply with responsible sourcing frameworks (LBMA Responsible Gold Guidance).

What is the LBMA Good Delivery standard?

The LBMA Good Delivery standard is the global benchmark for gold bar quality accepted in international markets. Swiss refineries require LBMA accreditation to participate in the international wholesale gold market.

Can I store gold in a Swiss freeport?

Yes. Geneva and Zurich freeports allow gold storage outside Swiss customs territory. Gold can be traded and transferred within the freeport without triggering customs clearance. Freeport operators must comply with AML requirements and hold customs authorisation for storage activity.

Do Swiss gold dealers need to report suspicious transactions?

Yes. Gold dealers subject to AMLA must report suspicious transactions to MROS (Money Reporting Office Switzerland). Failure to report is a criminal offence under Swiss law.

How do I set up a gold trading company in Switzerland?

You first need a Swiss legal entity (typically an AG or GmbH), then SRO membership, a compliant AML programme, and appropriate bank relationships. Company formation takes 2–4 weeks; SRO membership typically adds 4–8 weeks.

Morgan Hartley Consulting (Morgan Hartley Consulting) | Baarerstrasse 135, 6300 Zug | +41 44 51 52 592 | [email protected]