Where To Buy Panerai Watches The Cheapest In 2024? (Cheapest Country, Discount, Price, VAT Rate & Tax Refund)

The Cheapest Country to Buy Panerai Watches 2024 

Panerai is owned by a wholly owned subsidiary of Compagnie Financière Richemont S.A. and offers a full line of watches based in varying degrees on its historic models. While the Luminor and Radiomir remain the core genus of each variant, Panerai has expanded its product scope to encompass precious metals, high horology complications, and case sizes that have ranged from 60 to 40mm.

Panerai watches are made using some of the finest materials available, including gold, titanium, and leather. While Panerai is considered a high-end luxury brand, it is also relatively affordable compared to some of the other top luxury watch brands. This makes Panerai a great choice for beginners who want a high-quality watch without breaking the bank.

The cost of Panerai watches is various by country, so many are wondering the cheapest country to buy Panerai watches. Let's look at the Panerai cost comparison between the US, Canda, Europe, HK, Australia, Japan, Singapore, Malaysia, UAE and China. 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 Panerai Submersible Quarantaquattro Carbotech Blu Abisso (PAM01232 - 44mm). Pricing and exchange rates are as of September 27. 2024.

What is VAT?

The value-added tax (VAT) along with the goods and services tax (GST) is a consumption tax, which means it is paid by the private consumer. It is not a revenue tax. 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.

• VAT Rates: 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.
  

• Vat Tax Refund: It is a tax on consumption rather than income, and it ranges from 5-25%. 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.

Conclusion:

As you can see from the table above, if you are going to purchase the Panerai watches, then you should definitely purchase it in Japan or Europe (Finland, Ireland, Italy, France, Germany, or other EU countries) due to VAT refund. If you are a visitor and normally reside outside of the Japan or European Union, you may be entitled to a VAT refund. However, the most expensive place to buy a Panerai watches is in Singapore.

Buying Panerai watches in Janpan & Europe is about 10% cheaper than buying it in the United States, and with the tax rebate amount, it will be even more cheaper! 

The UK was originally a good place to buy Panerai watches, but now it does not support airport tax refund. You can buy duty-free products in the UK, but you cannot take them out of the country. You need to send them to your country, which is a bit troublesome!

Note:

• If you’re shopping in other EU countries that do not use Euros (such as Denmark, Sweden & Poland) it’s important to check the exchange rate on the day that you are shopping to make sure you’re getting a good deal.

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How Does the VAT Tax Refund Work in the EU? 

1. How much is the VAT in Europe?

When you travel to Europe and purchase goods and services, the price you pay generally includes this tax on the added value that is provided at each step of the supply chain, from production to sale.

In the European Union, the VAT rate generally ranges from 5 to 25%, depending on the country. Some of them apply different rates of VAT according to the type of product or service, generally categorized as “standard”, “reduced”, and “super-reduced”.

If you're travelling to France, for example, some products include a 20% VAT while it amounts to 5.5 or 10% on others. It can go as low as 2.1% for super reduced VAT.

2. When can you get a VAT refund?

In European countries, most downtown department stores, large shopping centers, brand stores, factory stores, specialty stores, etc. can get tax refunds, and you must look for the "VAT Refund" and "Tax Refund" signs. Within 3 months before leaving the country and returning to China, tax rebates can be obtained for clothing, cosmetics, luggage, electronic products, handicrafts and other items that can be carried out of the country purchased in these places.

3. Can I get a VAT refund on online purchases?

Yes, you can get a VAT refund even for your online purchases. The same rules apply: you must be a permanent resident in a non-EU country and the amount you paid must be above the minimum prescribed by the country of the online store.

4. Can I get a VAT refund on hotels?

If you're not a business traveller, no. VAT refund schemes don't apply to hotel stays because those are regarded as services consumed on-site rather than exported goods.

Companies that often resort to business travel may submit a VAT refund claim, but this is the only exception.

5. Is It Worth Claiming a VAT Refund?

It depends. If you're a problem-solver and frequent traveller, it's probably worth it. But there is no denying that since a lot of paperwork is involved, it's a tedious process. 

How To Acquire Tax-refund? 

1) Purchase Your Items

Go to the merchant and purchase your Panerai watches.

2) Get Your Passport Ready

In order to get your tax-refund, you will need to prove that you are a tourist from another country. 

3) Receive Proper Documents from Retailer

The merchant will need to create a special tax-free form for your Panerai watches purchase. Most of the time, sales assistants will automatically fill in the paperwork for your refund, but make sure to double-check so you don’t miss out.

4) Get Documents Stamped

Your document will need to be stamped at customs before you can apply and return home.

5) Get Your Refund

It's very important you remember to drop your tax refund paperwork off at the airport. You need to find the tax refund desk, scan the document, and pop it into a mailbox.

You can receive this VAT sales tax back immediately in cash or receive the refund via your credit card.

Note:

• Don’t think you can complete your tax refund in a few minutes. If you’re flying internationally, it’s best to arrive at the airport three hours in advance. There are usually a lot of people applying for tax refunds, so reserve enough time and don’t delay your flight.
  

The tax refund process for buying Panerai watches in Japan is the same as tax refund in Europe. If you are preparing to travel Japan, it is about 10% cheaper to buy Panerai watches in Japan than in Europe. 

Where to buy Panerai watches cheapest in the USA? 

You can buy your Panerai at the tax-free states in the USA. If you buy Panerai watches in a tax-free state, the price will generally be cheaper.

In the United States, the tax paid at the time of shopping and checkout is usually a comprehensive consumption tax, namely Combined Sales Tax, which is composed of the fixed state consumption tax (State Sales Tax) of each state + the local consumption tax (Local Sales Tax) of different regions , which results in different consumption taxes in different regions even within the same state.

Among the states in the United States, there are 5 tax-free states (Alaska is free of State Sales Tax, and some areas charge Local Sales Tax): Oregon, Delaware, Montana, New Hampshire, Alaska (part).

Where To Buy Panerai Watches The Cheapest Online in 2024? 

If you’re not going to Europe or Japan any time soon, then you can check out these online sites to buy new & used Panerai watches. It is very convenient to buy online, and it will be delivered directly to your door. And there are deals, as these retailers occasionally have promo codes where Panerai watches is included.

1. Watches of Switzerland

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. Watches of Switzerland offers a comprehensive range of Panerai watches. Whether you are looking for Panerai Radiomir collection, Luminor collection, Luminor Due collection, or Submersible collection, Watches of Switzerland can meet your needs. Explore Panerai's diverse range of exceptional timepieces, all available to purchase at Watches of Switzerland.

Panerai Prices: $4900-$29400

Coupon or Discount: 

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2. JomaShop 

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 Panerai watches there. Jomashop offers an extensive selection of the iconic label’s most beloved watches.

Panerai Prices: $3695-$47131

Coupon or Discount: 

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-Spin to get up to $20 off.

-Up to 80% off select Breitling watches.

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3. Burdeen's

Burdeen's Jewelry is a retail company specializing in high-end jewelry and watches. They are authorized dealers of Panerai, Breitling, IWC, Lange, Omega, JLC, UN & more. There are a large selection of panerai watches for everyone to choose from.

Panerai Prices: $4900-$33300

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4. Crown & Caliber

An exclusively online marketplace for pre-owned luxury watches, Crown & Caliber is dedicated to taking the fear and skepticism out of the watch buying & selling process. They'll help you find something new for your wrist or help you leave behind something that you just aren't that into anymore.

They are extremely proud to be the No. 1 online marketplace for buyers and sellers of luxury pre-owned watches. Discover your next model with the collection of exceptional used Panerai watches for sale at Crown & Caliber.

Panerai Prices: $3550-$10900

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5. Bob's Watches

Founded in 1999, Bob's Watches is the leading online marketplace for buying, selling and trading used Rolex watches for men and women. With over 20 years of experience, and thousands of satisfied customers, they carry the world's largest selection of used Rolex watches for sale as well as other top brands like Omega, Panerai, Patek Philippe and more. All watches listed on their site are in stock and immediately available for free overnight shipping. Their selection is meticulously inspected and authenticated by third-party experts, ensuring every luxury watch listed on their store is 100% certified authentic.

Panerai Prices: $6695-$16995

-Sign up and get $100 off on any order greater than $2,000.

-Free overnight shipping on your orders.

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6. WatchBox

Fueled by technology, innovation, and unmatched global experience in the high-end watch market, WatchBox is the world’s leading platform for buying, selling, and trading pre-owned luxury watches. With offices in the United States, Hong Kong, Switzerland, Singapore, Dubai, and plans to expand beyond, they are the trusted destination for watch enthusiasts worldwide.

Every one of their pre-owned watches are evaluated, authenticated, and brought to manufacturer operating standards without compromising value or provenance. Plus, each pre-owned watch they sell is backed by a 2-year WatchBox Global Warranty with additional coverage options available. There are a large selection of certified pre-owned panerai watches for everyone to choose from.

Panerai Prices: $4450-$74950

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7. SwissWatchExpo

SwissWatchExpo is the leading online retailer of authentic, pre-owned luxury watches. Established in 2009, and headquartered in Atlanta, they are a family owned business serving a global clientele. They proudly offer a curated selection of watches from top brands such as Panerai, Rolex, Cartier, Omega, Breitling and Patek Phillipe. 

Panerai Prices: $4590-$20990

-Up to 60% off sale;

-Free same-day shipping on your order;

-Sign up at SwissWatchExpo for $100 off.

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8. Tourneau

Tourneau has over a century of expertise as the preeminent purveyor of fine watches, striving to deliver a first class customer experience. As the largest authorized watch retailer in the United States, Tourneau has stores nationwide and welcomes 4 million plus visitors annually. Their unmatched selection of over 8,000 styles from nearly 100 brands, offering of the largest certified pre-owned watch collection, stellar watchmaking craft, and expert service & repairs have earned their reputation as the Watch Authority. Click here to purchase pre-owned Panerai watches.

Panerai Prices: $4800-$34000

Coupon or Discount: 

-Complimentary 2-Day shipping is applicable for all online orders.

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9. eBay

eBay is an American multinational e-commerce company based in San Jose, California, that facilitates consumer-to-consumer and business-to-consumer sales through its website. eBay was founded by Pierre Omidyar in 1995, and became a notable success story of the dot-com bubble. At eBay, they create pathways to connect millions of sellers and buyers in more than 190 markets around the world. eBay is also a great place to buy used Panerai watches.

Panerai Prices: ----

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26 Best Sites to Buy and Sell Used Stuff 2024

Q&A 

1. Do Panerai watches hold their value?

Created in true Italian style, a Panerai watch retains value thanks to its larger-than-life look that truly captivates. The classic dials, for example, appeal to a large demographic and have helped the brand become an extremely popular investment option.

2. Should I buy a Panerai or Omega?

If you want a classic, masculine watch with a simple, bold design, and you're willing to pay a premium for exclusivity, then Panerai might be the way to go. If you're looking for a wider range of designs and materials, exceptional accuracy, and excellent value for money, then Omega is definitely worth considering.

3. Why do people love Panerai?

The cushion-shaped case, the protective bar around the crown and the overall size of the cases give these wristwatches from Florence a powerful and thoroughly self-assured appearance. When wearing a Panerai on your wrist, you also assertively display your confidence to the world.

4. Which one is special editions from Officine Panerai?

Panerai's connection to the military is also evident in its collaboration with a British manufacturer of fine hunting and sporting rifles. The special editions of the Luminor Marina, made in collaboration with Purdey, feature a metal cover customary to pocket watches, which display ornate decorations similar to those on Purdey's rifles. However, you'll find more than just pheasants and water buffalo on these protective covers of the Luminor models. In honour of the Chinese zodiac signs, there are also editions with signs for the year of the pig, the rat and many others. These special limited-edition Panerai watches have enjoyed great popularity among collectors and definitely draw extra attention.

5. History of Panerai Watches

Founded in Florence in 1860 as a workshop, shop and school of watchmaking for many decades Panerai supplied the Italian Navy specialist diving corps with precision instruments. Originally created to be used deep underwater, Panerai watches are known for their unparalleled legibility and luminosity in the dark. In 1997 the brand was acquired by the Richemont Group and launched on the international market. Today Panerai develops and crafts its movements and watches at its Neuchâtel manufacturer, combining Italian design flair and history with Swiss horological expertise.

6. Is a Panerai watch better than a Rolex?

Both Panerai and Rolex offer quality craftsmanship. One is not better than the other. It all depends on the individual's preferences. For those who are more invested in military watches, Panerai might be a better option. But for those who enjoy a more luxurious feel, Rolex would definitely offer that. Choosing between the two brands should come down to what the individual is looking for in a watch as their prices sit in almost the same range.

7. How can I tell if a Panerai watch is real?

Original or authentic Panerai watches feature a clear logo, caliber engravings, and other unique identifier stamps on their movement. A Panerai watch has a serial number encrypted as well as a water resistance indication. Another thing to look at is the lugs. An authentic piece has a slightly angled lug while fake piece’s lugs are usually flat.

8. How often should I service my Panerai watch?

You should service your Panerai watch every four to five years and maintenance every two to three years. Depending on the condition of your Panerai watch, it might just need a routine checkup or a complete service which will require the watch to be disassembled, cleaned, and lubricated.

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