Traveling with currency/gold

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Traveling with currency/gold

Postby steveclv » Thu 03 Oct 2013 20:56

Not sure if anyone has any experience of this but we are flying from the US to the UK, transiting the UK and flying to Malta.

Our baggage will be checked through all the way to Malta so we will be clearing customs in Malta.

We will be traveling with a fair amount of currency and gold coins which will be declared when we leave the US and when we enter Malta, however do we have to declare it when we land in the UK?

What the the rules regarding transiting the UK when heading to another EU country?
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Postby Dave » Fri 04 Oct 2013 02:21

You only have to declare it if you're actually entering the UK (ie passing through Immigration and Customs), in which case you'll have to do it on arrival (but not on departure; you don't have to declare it if you're leaving the UK for another EU Member State). If you're only going through the airport's transit channel on your way to Malta, then the question won't arise.

More on the HMRC website: http://www.hmrc.gov.uk/customs/arriving ... g-cash.htm
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Postby steveclv » Fri 04 Oct 2013 04:59

Thanks - that's a big help!

I understand the rules entering Malta with > E10k but I can't seem to find any regulations regarding gold coins and whether there is any import duty. I will declare them but does anyone know if there is any kind of duty or VAT payable on them?
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Postby steveclv » Fri 04 Oct 2013 17:03

I just got a very helpful reply from Malta Customs - worth putting here for all to read. Gold coins will have 18% VAT applied to them so will be changing them for cash before I leave.

Regarding the cash and gold coins, which I presume you will be carrying as accompanied luggage, while there are no charges on the cash amount, gold coins are subject to 18% VAT, but are duty-free.
If the other personal belongings are also being carried as accompanied luggage, and are all used items, then there would be no charges due.
However, if these are being sent as cargo, different customs procedures apply.
Import duty and VAT are charged on the estimated value of the cargo as a deposit, which is then refunded after 12 months upon presentation of proof that you would be still residing permanently in Malta after that period.
Some other documents would be needed for this procedure, which I would then explain in better detail if this applies.
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