How Much Gold Can Tourists Carry From Dubai to UK?
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Are you looking to invest in some gold? If you are, Dubai may be the next vacation destination for you to visit. Boasting fantastic shopping opportunities, various tourist attractions, and luxurious accommodation options, Dubai is the perfect place to combine a holiday with investment.
So, how much gold can tourists carry from Dubai to the UK? Tourists can carry up to 10kg of gold from Dubai to the UK. There is no limit on the amount of gold you can bring into the UK. However, the UAE enforces a limit of 10 kilograms of gold per person when individuals leave the country.
Throughout this article, we will take a look at everything you need to know about purchasing gold in Dubai and carrying it back to the UK.
What do I need to know about taking gold out of Dubai?
Dubai is a popular destination for gold investment. Travelers from around the globe visit the city with the sole purpose of purchasing gold. They do this is for a range of reasons, primarily the booming gold market that is present in the UAE. Other reasons include the prevalence of gold, its accessibility, and the simple purchasing process.
While it is easy for tourists to purchase gold, there are a couple of things to keep in mind when buying gold and transporting it out of the UAE.
All gold must be declared at customs
It is a legal requirement that all gold be declared as you pass through customs on your way out of the UAE. If you fail to do so, you are likely to face legal consequences.
Always retain your proof of purchase
When passing through customs, you will be asked to present your proof of purchase documentation. Make sure that you retain this paperwork and have it easily accessible to avoid any issues at customs.
What are the restrictions for taking gold out of Dubai?
Each individual is only allowed to take up to 10 kilograms of gold out of the UAE. This is a combined total for any gold items, including pieces of jewelry and gold bars.
What fees will I have to pay when taking gold out of the UAE?
While the legal limit for taking gold out of the UAE is 10 kilograms, tourists are required to pay a customs fee for any weight over 1kg. For this reason, many travelers opt to stick to 1 kilogram of gold purchases.
What are the restrictions for taking gold into the UK?
There is no specific limit on the value of gold that can be taken into the UK. Therefore, there is no legal restriction on the amount of gold (whether that be in bar or jewelry form) that an individual can carry with them from overseas into the UK.
Depending on the value of the gold, you will be required to declare it at customs. If in doubt, it is always safer to declare the gold unnecessarily than suffer the legal consequences of trying to ‘smuggle’ gold into the country and being caught.
What fees will I have to pay when bringing gold into the UK?
Even though there is no limit to the amount of gold a tourist can bring into the UK, there are fees associated when entering the country with this special metal. These fees include Customs Duty and Import Vat.
Every individual has an allowance of £390 for the value of goods they can bring into the country. If a single item is worth more than £390, it must be declared, and it will attract a Customs Duty fee of 2.5% for items valued between £390 and £630.
For items with a net worth greater than £630, you will need to consult the VAT, Customs, and Excise Helpline for advice. The percentage of Customs Duty is applicable to the overall value of the item, not just the value over the allowance amount.
Import VAT may also apply to valuable gold items. This fee will be added at the standard rate of 20%.
Note: A VAT is a tax tacked on at each stage of the supply chain. This includes all steps in the creation of the product from production to sale. It exists in most European countries.
How much gold can tourists carry into the UK from Dubai?
An individual is legally allowed to take a maximum of 10 kilograms of gold from Dubai into the UK. The UK has no restriction on weight; however, this is the maximum amount a traveler can take out of the UAE.
What is the difference between bringing gold bars or gold jewelry into the UK from Dubai?
Gold jewelry brought into the UAE attracts both the Customs Duty (2.5% for items worth between £390 and £630, more for items with greater value) and VAT (20%). However, gold bars are exempt from these fees.
If you are looking to maximize your gold investment, opt for the bars, and avoid paying taxes! While the bars may be more simplistic than the jewelry, the increased profit makes buying them worth it.
Where can I buy gold in Dubai?
When it comes to gold shopping in Dubai, you typically have two options: souks or shopping malls.
Souks are traditional Arab marketplaces that consist of a variety of small, independent stores. If you are willing to brave the crowds and the heat, they provide an authentic local experience. You will be able to get a taste of life in the UAE and also pick up some real bargains. The Dubai Gold Souk is a popular place for tourists hoping to obtain some gold.
The other option for purchasing gold is in standard shopping malls. These offer a more relaxed shopping experience in an air-conditioned environment, something that people from western cultures might be more familiar with.
The Dubai Shopping Mall is a popular choice that offers a range of gold jewelry stores as well as automated machines from which you can purchase gold bars.
The opportunities to purchase gold are endless in Dubai, and you will have no trouble finding high-quality pieces to invest in. It is worth noting that whether you choose to shop at a souk or a shopping mall, you will be required to haggle to buy your gold.
Haggling is standard practice in the UAE, and the first price presented by a shop owner will always be overpriced with this in mind. Remember to negotiate to find a fair price and be willing to talk away if the price does not meet your budget.
To recap, here are the main points you should take away from the article:
- There is no limit on the amount of gold a tourist can bring into the UK. There are, however, customs fees and taxes that apply for items with a value of over £390.
- Tourists bringing gold into the UK from Dubai are limited by a 10-kilogram cap. While there are no limits for the amount of gold an individual can bring into the UK, there is a 10 kilogram per person limit for taking gold out of the UAE.
- Gold jewelry attracts a Customs Duty and VAT when entering the UK, but gold bars do not. You will pay a 2.5% Customs Duty and 20% VAT on gold pieces of jewelry, but gold bars are exempt from these fees.