Switzerland

PCeeeee

Can I ask all the knowledgeable people here is there any advantage in being in Switzerland in regards to buying a watch?

hitemfrank

Someone posted a link to an article about a journalist having to pay tax to get his watches into Switzerland for a day, and then an export fee to get them back out again.

So just watch out for that if you are in Switzerland and do buy a watch.

Cyclingtourist

From what I've heard the answer is no. Reputedly one of the most expensive countries to buy a luxury Swiss watch is Switzerland.
Probably to do with local taxes.

PCeeeee

Thanks lads

RMDrive

Well the flag is a big plus.

Fitz II

RMDrive wrote: »

Well the flag is a big plus.

Thirdfox

I hear it's the places that don't have a VAT system that has the best deals for buying new - Middle Eastern countries, Hong Kong etc.

Cyclingtourist

Thirdfox wrote: »

I hear it's the places that don't have a VAT system that has the best deals for buying new - Middle Eastern countries, Hong Kong etc.

The Canary Islands are exempt from VAT but you pay local sales tax of about 7%, so on your next visit to Lanzagrotty you can browse the boutiques and pick up an Omega or a Tudor. Technically you should declare it at customs if you paid more than €440, which I'm sure everyone here would do. :rolleyes:

banie01

Cyclingtourist wrote: »

The Canary Islands are exempt from VAT but you pay local sales tax of about 7%, so on your next visit to Lanzagrotty you can browse the boutiques and pick up an Omega or a Tudor. Technically you should declare it at customs if you paid more than €440, which I'm sure everyone here would do. :rolleyes:

Interestingly, if you live in the Canaries and have residencia and NIF sorted.
You can claim back your VAT on purchases made whilst visiting Ireland.

It's a while since I lived there and long before I ever had any interest in watches, but my business partner over there made quite a few high value purchases from Keane's back in the early noughties and got a lot of VAT back.

I claimed a lot of VAT back myself then too but none on watches or jewellery as I was only a wee pup at the time.

I think when I lived there, the IGIC rate was only 5% and it gave a nice competitive edge on alcohol, jewellery and luxuries to local retailers.
It went up to 7% a while back but still gives a nice bit of advantage to the Canaries.

flanzer

Cyclingtourist wrote: »

The Canary Islands are exempt from VAT but you pay local sales tax of about 7%, so on your next visit to Lanzagrotty you can browse the boutiques and pick up an Omega or a Tudor. Technically you should declare it at customs if you paid more than €440, which I'm sure everyone here would do. :rolleyes:

Does this €440 rule work for online watch purchases too, from outside the EU? For example, if I bought a watch from Gnomon Watches in Singapore, valued at €430, would I have to pay any taxes on arrival?

Thirdfox

There are different rules between importing via post and carrying on person through a port. So buying even a 35 euro watch from outside the EU currently the law provides that you should be paying VAT on import is it is being sent to you.

An Post/Revenue are saying that they will be abolishing the Eur27 VAT exemption in the future too - so that even a Eur10 springbar remover from China will get 2.30 euro VAT imposed on the item...along with a 10 euro collection fee too. I believe it's part of trying to encourage people not to purchase 5-10 euro small items from China etc.

Of course the Chinese suppliers have already set up warehouses within the EU so net effect is that we should get smaller items from Chinese sellers a bit quicker in the future (prices may have a rise a little for that warehousing cost in Poland though)...

blue5000

Best time I found to go to the Canaries is during Ramadan, shop in the evening after dinner before dark. Very easy to haggle then.;)

OldBean

From my experience of working in Geneva, whatever value you might (might!!!) get from buying there, you'll lose on food, drink and accommodation. It's ferociously expensive.

Thirdfox

OldBean wrote: »

From my experience of working in Geneva, whatever value you might (might!!!) get from buying there, you'll lose on food, drink and accommodation. It's ferociously expensive.

I heard busking in Geneva pays well :P

UN internships are unpaid too so you get interns sleeping in tents while working there:
https://www.bbc.com/news/world-europe-33893384