The Best & Cheapest Country to Buy Omega Watches 2023
The prices of luxury watches varies between countries, and this can vary a lot, because of the currency exchange rate, current prices, VAT, taxes and other factors that play a role in how much the luxury watch cost.Let's look at the Omega watch cost comparison between the US, Europe, Canada, Japan, and Australia. In this comparison, I will calculate the price difference with the currency exchange, sales tax and the VAT Refund amount.
For example, we will look at the price of Omega Moonwatch Professional, Co- Axial Master Chronometer Chronograph 42 mm. Pricing and exchange rates are as of August 4. 2023.
|Country & Region||Local Price||USD Equivalent Price||General VAT Rates|
0%-9.55%（Sales Tax-different states vary）
Ұ880,000 incl. VAT
Consumption tax: 10%
|Australia||AU$9,750||$6781.66||Goods and services tax: 10%|
|$6400 excl. VAT|
There is no VAT or sales tax in Hong Kong
|13, 9, or 6% depending on the types of goods and services|
Conclusion: As you can see from the table above, the cheapest and best countries to buy Omega watches are in Europe and USA due to VAT refund and tax free. The most expensive country is in China.
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What is Value-added tax (VAT)?
VAT is applicable to general industries. While over 160 countries use a value-added tax, it is most common in the European Union. It can be labelled VAT, TVA, IVA, moms, MwST, and a few others depending on each country. Under the VAT system, each seller collects output VAT from the buyer at the time of sale, deducts input VAT paid on purchases from output VAT, and remits the balance to the tax authority.
What's VAT Rate?
VAT is a tax on consumption rather than income, and it ranges from 5-25%. VAT stands for Value Added Tax, and it is automatically included in the final price of most consumer goods. VAT is commonly expressed as a percentage of the total cost. For example, if a product costs $100 and there is a 15% VAT, the consumer pays $115 to the merchant.
What's a VAT Refund?
If you are a foreign buyer, you do not need to pay VAT. If you pay this tax when shopping abroad, you can often get your money back after you've returned home, since travelers are typically entitled to a refund for the VAT portion of prices for goods.
There are certain rules to this system and certain things you need to remember to do so you receive this refund. First of all, to qualify for this refund, you need to be:
Older than 16 years old;
A non-EU citizen (British citizens are now applicable for this VAT refund as the UK is no longer part of the EU);
You cannot be in EU for longer than six months;
You need to spend more than €100.01 in a single store, in a single day.
It is worth noting that this system is available in all EU countries. However, the UK government has recently removed the VAT refund system in the UK, so this does not apply if you are buying any luxury goods in London.
Are Omega watches cheaper in Switzerland
Yes. One of the countries which are known for being one of the cheapest countries to buy luxury watches in is Switzerland. But, this isn't necessarily a general rule, so don't believe that all luxury watches in Switzerland is cheaper at all times, because a thing such as a stronger Euro can affect the price of the watch negatively.
It would make sense that luxury watches are cheaper in Switzerland due to the fact that the majority of them are manufactured there. This requires minimal transports and no customs which can drive up the prices.
Is it cheaper to buy Omega in Hong Kong?
Hong Kong may be the country that is most known for its cheaper prices when it comes to the cheapest countries to buy luxury watches. It is the number one market for Swiss watch exports, and in theory, this bulk purchasing power can provide some discounts. However, this does not mean that you as a customer get cheapest prices, especially not if the currency is strong compared to yours.
How to get Omega watch duty free and tax-refund in the US?
1) States with no sales tax
A few states in the US do not impose sales taxes, because they want to encourage people to shop. The states that do not have sales taxes are Alaska, Delaware, Montana, New Hampshire and Oregon. If you’re travelling in the US and you're lucky enough to visit these States, make sure you shop until you drop.
2) States with tax refund
There are two states that have a tax refund program for tourists, they're Louisana and Texas. You can claim the sales tax back after shopping. There are rules of course and processes that you need to go follow.
But pay attention: “Duty free” simply means the item is not subject to local taxes levied in the place of purchase. It does not mean there’s no customs duty payable on entry into your home country.
What is the average price of Omega watches?
The average price of an Omega watch is between $5,100 to $7,500 MSRP. This range includes stainless steel references for the Seamaster 300m, Planet Ocean, Aqua Terra, and Speedmaster Professional. Overall the cost of all Omega watches range between $2,000 up to $60,000+.
Is Omega cheaper than Rolex?
Yes. Perhaps the most significant difference between these two brands is their price. In general, Omega watches tend to be about half the price of their Rolex counterparts. Rolex's prices comes in at $6,000- $70,000.
Are Omega watches worth the money?
Though several well-known luxury watch brands are out there, Omegas are always especially desirable for their aesthetic designs, technological innovation, and quality manufacturing. Because they are always in such high demand, these timepieces are typically considered to be quite sound investments.
Best place to buy Omega watches online
Based out of Dubai and founded in 2011, The Luxury Closet is a leading online boutique for buying and selling new and pre-loved luxury items like handbags, clothes, watches and jewelry. With more than 40,000 unique items as part of thier selection, they feature top luxury watch brands such as ROLEX, CARTIE, ROMEGA, TAG HEUER, BAUME & MERCIERBREITLING, AUDEMARS PIGUET, BVLGARI
GIRARD PERREGAUX, JAEGER LECOULTRE, and more. They accept items and deliver globally.
Explore iconic styles for men from renowned collections like Seamaster, Constellation and Speedmaster.
Omega Prices: $598 -$25224
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Watches of Switzerland was founded in Ludgate Hill in 1924. It is a British retailer of Swiss watches, with 16 stores in the United Kingdom. The company headquarters is in Braunstone, England.
Some of their clients have been with them for over 50 years – they like to think of them as‘friends of the business’. There are 7 Watches of Switzerland showrooms in the United States, in addition to dedicated Omega, Rolex, and Breitling boutiques.
Omega Prices: $2900 -$81000
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Watchshopping.com is the online luxury watch store that you have been looking for. Have you been thinking of purchasing a Cartier, Rolex, Omega, Tag Heuer or Seiko? Whether it will be your very first luxury watch or you're adding to your elite collection - they offer 100% authentic luxury watches at unbelievably discounted rates. Each brand new watch comes with their in-house warranty. You can find Omega Speedmaster, Seamaster, Constellation, De Ville, Omega Special, Speedmaster Moonwatch, Specialities, Aqua Terra there.
Omega Prices: $1779 -$49969
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-Free shipping on US order.
-Up to 45% off selected Omega watches.
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Jomashop is a leading fashion retailer in watches, handbags, and sunglasses. They also sell jewelry, crystal, fine writing instruments, apparel, and shoes. Their customer service specialists are always ready to assist, and their state of the art New York City fulfillment center is always capable of swiftly delivering products to over 150 countries. You can buy new and pre-own Omega watches there. From high-performance timepieces like the Seamaster Planet Ocean and to the classic and OMEGA’s exclusive 18K gold alloy Sedna™, Jomashop offers an extensive selection of the iconic label’s most beloved watches.
Omega Prices: $2194-$71450
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-Up to 35% off select Omega watches.
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The Watchmaster Service Center in Berlin ensures that every watch is going through a standardized authentication and refurbishment process. Their professional watchmakers guarantee the authenticity and excellent quality of each watch and, after successful examination, provide it with the Watchmaster certificate and a 24 months warranty.
Omega Prices: €2260 - €22020
Coupon or Discount:
-50 €/£ discount on every watch with the code 50SUMMER22.
-Free Shipping on your order.
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Timepiece is one of the famous watch websites in the United States, selling watches including well-known brands such as Rolex, Hamilton, Daniel Wellington, Omega, Seiko, Citizen, Movado, Gucci, etc., provides competitive prices and advanced services, and has a good reputation in the United States.
Omega Prices: $1296 -$72878
Coupon or Discount:
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-1-5 Year Warranty Included.
-Up to 39% off selected Omega watches.
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Sign up at Extrabux, then you can enjoy up to 7% cashback on your Omega Watches order!
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