Businesses and corporations that are subject to taxation in Greenland are taxed on realized gains from investments – including those in accumulating investment funds.

• Gains are taxed as ordinary income.
• Losses can be deducted from taxable income.

This makes investment an active part of the company’s capital management, where both risk and return can be managed professionally.

As a private individual, you are not taxed on returns from accumulating investment funds unless the investment is considered speculative or part of a business activity.

• Capital gains are tax-free
• Capital losses are not deductible unless you are considered a speculator
• Upon emigration from Greenland, exit taxation applies

GrønlandsBANKEN, as a company domiciled in Greenland, is subject to taxation in Greenland in accordance with the Greenlandic Income Tax Act.

Pursuant to Section 86 of the Act, GrønlandsBANKEN is required to withhold tax on dividends at the total municipal tax rate set by Kommuneqarfik Sermersooq for the calendar year in which the dividend is paid.

The dividend tax is a final tax and may only be reclaimed by individuals or entities that are either exempt from tax liability under Section 3 of the Act or are residents of a country with which Greenland has a double taxation agreement.

If you reside abroad, you must contact the Greenland Tax Agency to determine whether you are covered by a double taxation agreement. You must also include documentation of the dividend payment from GrønlandsBANKEN in order to apply for a refund of the dividend tax in accordance with the tax rules of your home country.
The Greenland Tax Agency can be contacted at tax@nanoq.gl or by phone at +299 34 50 00.

At GrønlandsBANKEN, we collaborate with Sparinvest and BankInvest to offer you responsible and sustainable investment solutions – with respect for both returns and tax considerations.