Nanoq account allows you to build savings with a favorable interest rate if you save for housing, business, or education. t's a smart way to secure your future. You are required to deposit a minimum of DKK 100 per year, and the maximum allowed is DKK 100,000.
Housing savings
- Construction or purchase of your own home (including cooperative housing)
- Deposit or advance rent payment (max. 3 months' rent)
- Purchase of appliances, furniture, or carpets when changing homes (not TV/Radio)
Business savings
- Establishing an independent business in Greenland when the purchased assets exceed DKK 40,000 (excluding passenger cars)
- Purchase of shares and stakes in Greenlandic businesses (excluding Grønlandsbanken shares)
Education savings
- Education in Greenland or outside of Greenland. Education refers to "educational programs" outside of and after primary school (10th grade must be completed), which are nominated for at least 1 year in duration. It does not matter whether the student receives educational support, educational salary, or not. Boarding school/AFS is approved.
If you use your savings for a legally defined purpose, you’ll receive tax-free interest and a tax-free subsidy from the Government of Greenland.
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